Company: ADAMM
Filing Date: 2025-07-01
Form Type: 424B5
Source: 0001104659-25-064730
Chunk: 9

Company: ADAMAS TRUST, INC.
Filing Date: 2025-07-01
Form: 424B5
Chunk 9
---
 a Change of Control Repurchase Event” occurs, we must offer to repurchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the repurchase date. See “Description of the Notes — Offer to Repurchase Upon a Change of Control Repurchase Event” in this prospectus supplement.

Ranking

The notes:

•

will be our senior direct unsecured obligations;

•

will rank equal in right of payment to any of our existing and future unsecured and unsubordinated indebtedness that is not so subordinated, including our 5.75% Senior Notes due 2026, 9.125% Senior Notes due 2029 and 9.125% Senior Notes due 2030;

•

will be effectively subordinated in right of payment to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and

•

will be structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) and (to the extent not held by us) preferred stock, if any, of our subsidiaries and of any entity we account for using the equity method of accounting.

<div align='center'>S-6</div>

TABLE OF CONTENTS

As of March 31, 2025, our total consolidated indebtedness was approximately $8.6 billion, of which approximately $3.2 billion was in the form of securitized debt, $4.5 billion was in the form of repurchase agreements and $0.5 billion was in the form of mortgages on multi-family properties.

As of March 31, 2025 we had approximately $242.5 million of senior unsecured indebtedness, represented by our 5.75% Senior Notes due 2026, 9.125% Senior Notes due 2029 and 9.125% Senior Notes due 2030, which ranks equal in right of payment to the notes offered hereby.

The indenture governing the notes will not limit the amount of debt that we or our subsidiaries may incur and will not include any financial covenants, including covenants restricting us from paying dividends or issuing or repurchasing our other securities.

Events of Default

The notes will contain certain events of default as described in the accompanying prospectus, or each, an Event of Default, the occurrence of which may, and in certain cases shall, result in the acceleration of our obligations under the notes. See “