Company: ADAMM
Filing Date: 2025-07-01
Form Type: 424B5
Source: 0001104659-25-064730
Chunk: 19

Company: ADAMAS TRUST, INC.
Filing Date: 2025-07-01
Form: 424B5
Chunk 19
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able for, our common stock or any other securities. The indenture will not contain any financial covenants and will not restrict us from paying dividends or issuing or repurchasing any of our other securities. Other that the restrictions described under “Description of Debt Securities — Consolidation, Merger and Sale of Assets” in the accompanying prospectus, the indenture will not contain any covenants or other provisions designed to afford holders of the notes protection in the event of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

#### Ranking
The notes:

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will be our senior direct unsecured obligations;

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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;

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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

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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.

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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.

Our subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any amounts due on the notes or to make any funds available to us for payment on the notes, whether by dividends, loans or other payments. In addition, the payment of dividends and