Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 381

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 381
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, as of June 30, 2025, the floating rate for each of the Company's subordinated debentures is equal to three-month CME Term SOFR plus both a tenor spread adjustment of 0.26161% per annum and the applicable spread. The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2025 and December 31, 2024 (dollar amounts in thousands):NYM Preferred Trust INYM Preferred Trust IIPrincipal value of trust preferred securities$25,000 $20,000 Interest rateThree-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.75%, resetting quarterlyThree-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.95%, resetting quarterlyScheduled maturityMarch 30, 2035October 30, 2035As of August 1, 2025, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures.Mortgages Payable on Real EstateAs of June 30, 2025 and December 31, 2024, the Company owned joint venture equity investments in entities that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. The Company also owned a preferred equity investment in a VIE that owns a multi-family apartment community and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the respective VIEs into its condensed consolidated financial statements (see Note 7).During the three months ended June 30, 2024, two entities in which the Company held joint venture equity investments entered into debt restructuring agreements with the respective senior lender for their mortgages payable.  As part of the agreements, a portion of interest payments were deferred until the maturity date. The restructurings did not result in a change in the carrying amount of the mortgages payable and no gains were recorded. During the year ended December 31, 2024, the Company sold its joint venture equity investments in these entities, which resulted in the de-consolidation of the mortgages payable subject to the debt restructuring agreements as of December 31, 2024.During the six months ended June 30, 2024, one entity in which the Company held a joint venture equity investment entered into a debt restructuring agreement with