Company: ADAMM
Filing Date: 2025-07-01
Form Type: 424B5
Source: 0001104659-25-064730
Chunk: 17

Company: ADAMAS TRUST, INC.
Filing Date: 2025-07-01
Form: 424B5
Chunk 17
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                                                                                                                                                                                                                   | ​ | ​ | ​                               | ​ |  2,284,569 | ​ | ​ | ​ | ​                               | ​ |  2,284,569 | ​ | ​ |
| Accumulated other comprehensive loss                                                                                                                                                                                                         | ​ | ​ | ​                               | ​ |          — | ​ | ​ | ​ | ​                               | ​ |          — | ​ | ​ |
| Accumulated deficit                                                                                                                                                                                                                          | ​ | ​ | ​                               | ​ | -1,418,973 | ​ | ​ | ​ | ​                               | ​ | -1,418,973 | ​ | ​ |
| Company’s stockholders’ equity                                                                                                                                                                                                               | ​ | ​ | ​                               | $ |  1,401,946 | ​ | ​ | ​ | ​                               | $ |  1,401,946 | ​ | ​ |
| Total capitalization(3)                                                                                                                                                                                                                      | ​ | ​ | ​                               | $ |  6,171,510 | ​ | ​ | ​ | ​                               | $ |  6,256,510 | ​ | ​ |

S-13

TABLE OF CONTENTS

(1)

The as adjusted amount reflects the net proceeds to us from the sale of $85.0 million aggregate principal amount of the notes in this offering and the receipt of the total estimated net proceeds of approximately $81.7 million, after deducting the estimated offering expenses payable by us (assuming no exercise of the underwriters’ option to purchase additional notes to cover over-allotments).

(2)

Excludes Consolidated SLST CDOs amounting to $805.3 million, residential loan securitization CDOs amounting to $2,312.0 million, a non-Agency RMBS securitization amounting to $69.5 million and mortgages payable on real estate, including mortgages payable on real estate of disposal group held for sale, totaling $ 454.8 million, as such amounts are non-recourse debt for which we have no repayment obligation. Our pro rata portion of such mortgages payable, including mortgages payable of the disposal group, based on our equity interests in entities that own the properties securing such mortgages payable, is $162.7 million, net of deferred loan costs.

(3)

Total capitalization does not include non-controlling interest in Consolidated VIEs.

<div align='center'>S-14</div>

TABLE OF CONTENTS

### DESCRIPTION OF THE NOTES
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