Company: ADAMM
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081920
Chunk: 11

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-22
Form: 424B5
Chunk 11
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30, 2025, and as updated by those risks described in our subsequent filings with the SEC under the Exchange Act. Such risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect us and the market value of the notes. The risks described could affect our business, financial condition, liquidity, results of operations, prospects, and the market value of the notes. In such a case, you may lose all or part of your original investment. You should consider carefully the risks described below and in these reports, as well as other information and data set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before making an investment decision with respect to the notes.

#### Risks Related to the Notes and to this Offering
The effective subordination of the notes may limit our ability to satisfy our obligations under the notes.

The notes will be our senior unsecured obligations and will rank equally with all of our other unsecured and unsubordinated indebtedness. However, the notes will be effectively subordinated to all of our secured indebtedness, which includes our repurchase agreements, securitized debt, mortgages payable on real estate, net, liabilities of disposal group held for sale, and other financing arrangements, to the extent of the value of the collateral securing such indebtedness. As of June 30, 2025, our total consolidated indebtedness was $9.2 billion, of which approximately $3.4 billion was in the form of securitized debt, $4.9 billion was in the form of repurchase agreements and $0.5 billion was in the form of mortgages on multi-family properties. As of June 30, 2025 we had approximately $242.5 million of senior unsecured indebtedness which ranks equal in right of payment to the notes offered hereby. Our senior unsecured indebtedness as of June 30, 2025 does not include the $90 million aggregate principal amount of the initial notes issued on July 8, 2025. The indenture governing the notes will not prohibit us from incurring additional secured indebtedness in the future. Consequently, in the event of a bankruptcy, liquidation, dissolution, reorganization or similar proceeding with respect to us, the holders of any secured indebtedness will be entitled to proceed directly against the collateral that secures such secured indebtedness. Therefore, such collateral will not be available for satisfaction of any amounts owed under