Company: ADAMM
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081920
Chunk: 40

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-22
Form: 424B5
Chunk 40
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 binding on the IRS, and no assurance can be given that the IRS will not successfully challenge the conclusions set forth in such opinion. In addition, it must be emphasized that V&E’s opinion is based on various assumptions relating to our TBAs and is conditioned upon fact-based representations and covenants made by our management regarding our TBAs. No assurance can be given that the IRS would not assert that such assets or income are not qualifying assets or income. If the IRS were to successfully challenge V&E’s opinion, we could be subject to a penalty tax or we could fail to remain qualified as a REIT if a sufficient portion of our assets consists of TBAs or a sufficient portion of our income consists of income or gains from the disposition of TBAs. In the event that our TBAs were determined not to be qualifying assets for the 75% asset test, and/or such income were determined not be qualifying for the 75% gross income test, we could be subject to a penalty tax or we could fail to qualify as a REIT. 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

### PLAN OF DISTRIBUTION
We are offering $25,000,000 aggregate principal amount of our 9.875% Senior Notes due 2030 in a registered direct offering to the Investors pursuant to this prospectus supplement and the accompanying prospectus and a securities purchase agreement, dated as of the date hereof, between us and the Investors (the “securities purchase agreement”). The notes offered hereby will be part of the same series of securities as the $90 million aggregate principal amount of initial notes that we issued on July 8, 2025.

The securities purchase agreement contains customary representations, warranties and covenants for transactions of this type.

The notes will be sold by us to the Investors at the purchase price set forth on the cover of this prospectus supplement. We established the purchase price