Company: ADAMM
Filing Date: 2025-07-01
Form Type: 424B5
Source: 0001104659-25-064730
Chunk: 42

Company: ADAMAS TRUST, INC.
Filing Date: 2025-07-01
Form: 424B5
Chunk 42
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 TBAs or a sufficient portion of our income consists of income or gains from the disposition of TBAs. See “— Failure to Qualify” in the accompanying prospectus.

THE PRECEDING DISCUSSION OF ADDITIONAL MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. WE URGE YOU TO CONSULT YOUR TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING, AND DISPOSING OF THE NOTES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGES IN APPLICABLE LAWS.**

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TABLE OF CONTENTS

UNDERWRITING Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering and as representatives of the underwriters named below. Subject to the terms and conditions stated in the underwriting agreement, dated the date of this prospectus supplement, each underwriter named below has severally and not jointly agreed to purchase, and we have agreed to sell to that underwriter, the principal amount of the notes set forth opposite that underwriter’s name.

| Underwriters                  | ​ | ​ | PrincipalAmount |   |            |   | ​ |
|:------------------------------|:--|:--|:----------------|:--|-----------:|:--|:--|
| Morgan Stanley & Co. LLC      | ​ | ​ | ​               | $ | 14,166,750 | ​ | ​ |
| Keefe, Bruyette & Woods, Inc. | ​ | ​ | ​               | ​ | 14,166,650 | ​ | ​ |
| Piper Sandler & Co.           | ​ | ​ | ​               | ​ | 14,166,650 | ​ | ​ |
| RBC Capital Markets, LLC      | ​ | ​ | ​               | ​ | 14,166,650 | ​ | ​ |
| UBS Securities LLC            | ​ | ​ | ​               | ​ | 14,166,650 | ​ | ​ |
| Wells Fargo Securities, LLC   | ​ | ​ | ​               | ​ | 14,166,650 | ​ | ​ |
| Total                         |