Company: ADAMM
Filing Date: 2025-01-10
Form Type: 424B5
Source: 0001104659-25-002551
Chunk: 16

Company: ADAMAS TRUST, INC.
Filing Date: 2025-01-10
Form: 424B5
Chunk 16
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 accounts or (interest or non-interest bearing) checking (or escrow) accounts that are consistent with our intention to maintain our qualification as a REIT. These investments may include, for example, government securities other than agency securities, certificates of deposit and interest-bearing bank deposits. These investments are expected to provide a lower net return than we will seek to achieve from our targeted assets.

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TABLE OF CONTENTS

CAPITALIZATION The following table sets forth our cash and cash equivalents and total capitalization as of September 30, 2024 (1) on an actual basis and (2) on an as adjusted basis to give effect to the consummation of this offering. This table should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and the notes thereto incorporated by reference in this prospectus supplement.

| ​                                                                                                                                                                                                                                              | ​ | ​ | As of September 30, 2024(unaudited) |   |            |   |   |   |                                 |   |            |   | ​ |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--|:------------------------------------|:--|-----------:|:--|:--|:--|:--------------------------------|:--|-----------:|:--|:--|
| ​                                                                                                                                                                                                                                              | ​ | ​ | Actual                              |   |            |   | ​ | ​ | As Adjusted forThis Offering(1) |   |            |   | ​ |
| ​                                                                                                                                                                                                                                              | ​ | ​ | -Dollars in thousands               |   |            |   |   |   |                                 |   |            |   | ​ |
| Cash and cash equivalents                                                                                                                                                                                                                      | ​ | ​ | ​                                   | $ |    195,066 | ​ | ​ | ​ | ​                               | $ |    267,104 | ​ | ​ |
| Debt:                                                                                                                                                                                                                                          | ​ | ​ | ​                                   | ​ |          ​ | ​ | ​ | ​ | ​                               | ​ |          ​ | ​ | ​ |
| Repurchase agreements                                                                                                                                                                                                                          | ​ | ​ | ​                                   | $ |  3,611,115 | ​ | ​ | ​ | ​                               | $ |  3,611,115 | ​ | ​ |
| Subordinated debentures                                                                                                                                                                                                                        | ​ | ​ | ​                                   | ​ |     45,000 |