Company: ADAMM
Filing Date: 2025-01-10
Form Type: 424B5
Source: 0001104659-25-002551
Chunk: 17

Company: ADAMAS TRUST, INC.
Filing Date: 2025-01-10
Form: 424B5
Chunk 17
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 to us from the sale of $75.0 million aggregate principal amount of the notes in this offering and the receipt of the total estimated net proceeds of

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approximately $72.0 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 $845.8 million, residential loan securitization CDOs amounting to $1,956.5 million, a Non-Agency RMBS securitization amounting to $72.6 million and mortgages payable on real estate, including mortgages payable on real estate of disposal group held for sale, totaling $662.6 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 $301.5 million, net of deferred loan costs.

(3)

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

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### DESCRIPTION OF THE NOTES
We will issue the notes under an indenture, which we refer to as the base indenture, dated as of January 23, 2017, between us and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee, which we refer to as the trustee, as supplemented by a supplemental indenture establishing the terms of the notes, which we refer to as the supplemental indenture. We refer to the base indenture and the supplemental indenture, collectively, as the indenture. The terms of the notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act.

You may request a copy of the indenture from us as described below under “Where You Can Find More Information.”

The following description is a summary of the material provisions of the notes and (solely as it applies to the notes) the indenture and does not purport to be complete. This summary is subject to, and is qualified by reference to, all the provisions of the notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents