Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 416

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 416
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 of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Outstanding Face AmountCarrying ValueOutstanding Face AmountCarrying Value9.875% 2030 Senior Notes at fair value$115,000 $115,745 $— $— 9.125% 2030 Senior Notes at fair value82,500 82,121 — — 2029 Senior Notes at fair value60,000 59,724 60,000 60,310 2026 Senior Notes at amortized cost, net100,000 99,275 100,000 98,886 Total Senior Unsecured Notes$357,500 $356,865 $160,000 $159,196 9.875% 2030 Senior NotesThe 9.875% 2030 Senior Notes bear interest at a rate equal to 9.875% per year, payable in cash quarterly in arrears on January 1, April 1, July 1, and October 1 of each year, beginning on October 1, 2025, and mature on October 1, 2030, unless earlier redeemed. The Company may redeem the 9.875% 2030 Senior Notes, in whole or in part, at any time at the Company’s option on or after October 1, 2027, at a redemption price equal to 100% of the outstanding principal amount of the 9.875% 2030 Senior Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

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The Company has elected the fair value option with respect to the 9.875% 2030 Senior Notes. None of the change in the fair value of the 9.875% 2030 Senior Notes for the three and nine months ended September 30, 2025 was due to instrument-specific credit risk.  Accordingly, the Company recognized $0.7 million in net unrealized losses on the 9.875% 2030 Senior Notes, which are included in unrealized gains (losses), net on the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025.9.125% 2030 Senior NotesThe 9.125% 2030 Senior Notes bear interest at a rate equal to