Company: ADAMM
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001104659-25-059349
Chunk: 27

Company: ADAMAS TRUST, INC.
Filing Date: 2025-06-13
Form: 424B5
Chunk 27
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ed Stock — Our Series F Preferred Stock — Effect of Benchmark Transition Event; Determinations and Decisions”) have occurred, in which case the dividend rate will be based on the next-available Benchmark Replacement (as defined in “Description of the Offered Stock — Series F Preferred Stock — Effect of Benchmark Transition Event; Determinations and Decisions”)). In the following discussion of SOFR, when we refer to SOFR-linked Series D Preferred Stock, we mean the Series D Preferred Stock at any time when the dividend rate on the Series D Preferred Stock is or will be determined based on SOFR, including the Three-Month CME Term SOFR, when we refer to SOFR-linked Series E Preferred Stock, we mean the Series E Preferred Stock at any time when the dividend rate on the Series E Preferred Stock is or will be determined based on SOFR, including the Three-Month CME Term SOFR, when we refer to SOFR-linked Series F Preferred Stock, we mean the Series F Preferred Stock at any time when the dividend rate on the Series F Preferred Stock is or will be determined based on SOFR, including Three-Month Term SOFR, and when we refer to the SOFR-linked Preferred Stock, we mean, collectively, the SOFR-linked Series D Preferred Stock, SOFR-linked Series E Preferred Stock and SOFR-linked Series F Preferred Stock.

SOFR is published by the Federal Reserve Bank of New York (“FRBNY”) and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities. FRBNY states on its publication page for SOFR that use of SOFR is subject to important disclaimers, limitations and indemnification obligations, including that FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice. FRBNY started publishing SOFR in April 2018, and, therefore, it has a limited history. FRBNY also began publishing historical indicative SOFRs dating back to 2014, although this historical indicative data inherently involves assumptions, estimates and approximations. The future performance of SOFR cannot be predicted based on this limited historical performance, and you should not rely on this historical indicative data or on any historical changes or trends in SOFR as an indicator of the future performance of SOFR.

SOFR may be more volatile than other benchmark or market rates.

Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than