Company: ADAMM
Filing Date: 2025-06-13
Form Type: 424B5
Source: 0001104659-25-059349
Chunk: 28

Company: ADAMAS TRUST, INC.
Filing Date: 2025-06-13
Form: 424B5
Chunk 28
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 daily changes in comparable benchmark or market rates, and SOFR over time may bear little or no

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relation to the historical actual or historical indicative data. The return on and value of the SOFR-linked Preferred Stock, may fluctuate more than floating rate securities that are linked to less volatile rates. In addition, the volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repurchase agreement (“repo”) market. The FRBNY has at times conducted operations in the overnight U.S. Treasury repo market in order help maintain the federal funds rate within a target range. There can be no assurance that the FRBNY will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be materially adverse to investors in the Series D Preferred Stock, Series E Preferred Stock or Series F Preferred Stock.

Changes in SOFR could adversely affect the dividend that accrues on the SOFR-linked Preferred Stock, and the trading prices for the SOFR-linked Preferred Stock.

Because SOFR is published by FRBNY based on data received from other sources, we have no control over its determination, calculation, publication, revision or availability. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the SOFR-linked Preferred Stock. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the dividends that accrue on the SOFR-linked Preferred Stock, which may adversely affect the trading prices of the SOFR-linked Preferred Stock. In addition, FRBNY may withdraw, modify or amend published SOFR data in its sole discretion and without notice. The dividend rate on the SOFR-linked Series F Preferred Stock for any day will not be adjusted for any modification or amendment to SOFR for that day that FRBNY may publish if the dividend rate for that day has already been determined prior to such publication. Further, if the Benchmark rate (as defined in “Description of the Offered Stock — Our Series F Preferred Stock — Dividends”) on the SOFR-linked Series F Preferred Stock during the Floating Rate Period for any Dividend Period (as defined in “Description of the Offered Stock — Our Series F Preferred Stock — Dividends”) declines to zero or becomes