Company: ADAMM
Filing Date: 2025-07-01
Form Type: 424B5
Source: 0001104659-25-064730
Chunk: 11

Company: ADAMAS TRUST, INC.
Filing Date: 2025-07-01
Form: 424B5
Chunk 11
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 March 31, 2025, and as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are incorporated by reference into this prospectus supplement.

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TABLE OF CONTENTS

### RISK FACTORS
Investing in the notes involves risk. Please see the risks described below in addition to the risk factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and as updated by those risks described in our subsequent filings with the SEC under the Exchange Act. Such risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect us and the market value of the notes. The risks described could affect our business, financial condition, liquidity, results of operations, prospects, and the market value of the notes. In such a case, you may lose all or part of your original investment. You should consider carefully the risks described below and in these reports, as well as other information and data set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before making an investment decision with respect to the notes.

#### Risks Related to the Notes and to this Offering
The effective subordination of the notes may limit our ability to satisfy our obligations under the notes.

The notes will be our senior unsecured obligations and will rank equally with all of our other unsecured and unsubordinated indebtedness. However, the notes will be effectively subordinated to all of our secured indebtedness, which includes our repurchase agreements, securitized debt, mortgages payable on real estate, net, liabilities of disposal group held for sale, and other financing arrangements, to the extent of the value of the collateral securing such indebtedness. As of March 31, 2025, our total consolidated indebtedness was $8.6 billion, of which approximately $3.2 billion was in the form of securitized debt, $4.5 billion was in the form of repurchase agreements and $0.5 billion was in the form of mortgages on multi-family properties. As of March 31, 2025 we had approximately $242.5 million of senior unsecured indebtedness, represented by our 5.75% Senior Notes due 2026,