Company: ADAMM
Filing Date: 2025-01-10
Form Type: 424B5
Source: 0001104659-25-002551
Chunk: 9

Company: ADAMAS TRUST, INC.
Filing Date: 2025-01-10
Form: 424B5
Chunk 9
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;

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will be effectively subordinated in right of payment to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and

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will be structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) and (to the extent not held by us) preferred stock, if any, of our subsidiaries and of any entity we account for using the equity method of accounting.

As of September 30, 2024, our total consolidated indebtedness was approximately $7.4 billion, of which approximately $2.8 billion was in the form of securitized debt, $3.6 billion was in the form of

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repurchase agreements and $0.7 billion was in the form of mortgages on multi-family properties.

As of September 30, 2024 we had approximately $160 million of senior unsecured indebtedness, represented by our 5.75% Senior Notes due 2026 and 9.125% Senior Notes due 2029, which ranks equal in right of payment to the notes offered hereby.

The indenture governing the notes will not limit the amount of debt that we or our subsidiaries may incur and will not include any financial covenants, including covenants restricting us from paying dividends or issuing or repurchasing our other securities.

Events of Default

The notes will contain certain events of default as described in the accompanying prospectus, or each, an Event of Default, the occurrence of which may, and in certain cases shall, result in the acceleration of our obligations under the notes. See “Description of Debt Securities — Events of Default” in the accompanying prospectus.

Book-Entry Form

The notes will be issued in book-entry form and will be represented by one or more permanent global certificates deposited with, or on behalf of, The Depository Trust Company (or DTC) and registered in the name of a nominee of DTC. Beneficial interests in any of the notes will be shown on, and transfers will be effected only through, records maintained by DTC or its nominee and any such interest may not be exchanged for certificated securities, except in limited circumstances.

Listing

No current market exists for the notes. We have applied to list the notes on Nasdaq under the symbol “NYMTG”. If approved for listing, trading on Nasdaq is expected to begin within 30 days of January 14