Company: ADAMM
Filing Date: 2025-07-01
Form Type: 424B5
Source: 0001104659-25-064730
Chunk: 16

Company: ADAMAS TRUST, INC.
Filing Date: 2025-07-01
Form: 424B5
Chunk 16
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 likely to fluctuate in the future, which could have an adverse effect on the market price of the notes.

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### USE OF PROCEEDS
We estimate that the net proceeds of this offering will be approximately $81.7 million (or approximately $94.1 million if the underwriters exercise their over-allotment option in full), after deduction of underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering for general corporate purposes, which may include, among other things, acquiring our targeted assets and various other types of mortgage-, residential housing- and credit-related assets that we may target from time to time and general working capital purposes.

Pending these uses, we intend to maintain the net proceeds from this offering in interest-bearing, short-term, marketable investment grade securities or money market accounts or (interest or non-interest bearing) checking (or escrow) accounts that are consistent with our intention to maintain our qualification as a REIT. These investments may include, for example, government securities other than agency securities, certificates of deposit and interest-bearing bank deposits. These investments are expected to provide a lower net return than we will seek to achieve from our targeted assets.

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CAPITALIZATION The following table sets forth our cash and cash equivalents and total capitalization as of March 31, 2025 (1) on an actual basis and (2) on an as adjusted basis to give effect to the consummation of this offering. This table should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and the notes thereto incorporated by reference in this prospectus supplement.

| ​                                                                                                                                                                                                                                            | ​ | ​ | As of March 31, 2025(unaudited) |   |            |   |   |   |                                 |   |            |   | ​ |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--|:--------------------------------|:--|-----------:|:--|:--|:--|:--------------------------------|:--|-----------:|:--|:--|
| ​                                                                                                                                                                                                                                            | ​ | ​ | Actual                          |   |            |   | ​ | ​ | As Adjusted for ThisOffering(1) |   |            |   | ​ |
| ​                                                                                                                                                                                                                                            | ​ |