Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 126

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 126
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 Notes" and, together with the aggregate principal amount of Unregistered Notes that remain outstanding, the "2026 Senior Notes") for an equal principal amount of Unregistered Notes.The 2029 Senior Notes and the 2026 Senior Notes (collectively, the "Senior Unsecured Notes") are senior unsecured obligations of the Company that are equal in right of payment to each other and structurally subordinated in right of payment to the Company's subordinated debentures. No sinking fund is provided for the Senior Unsecured Notes.The following table presents a summary of the Senior Unsecured Notes as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Outstanding Face AmountCarrying ValueOutstanding Face AmountCarrying Value2029 Senior Notes at fair value$60,000 $60,310 $— $— 2026 Senior Notes at amortized cost, net100,000 98,886 100,000 98,111 Total Senior Unsecured Notes$160,000 $159,196 $100,000 $98,111 2029 Senior NotesThe 2029 Senior Notes bear interest at a rate equal to 9.125% 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, 2024, and mature on July 1, 2029, unless earlier redeemed. The Company may redeem the 2029 Senior Notes, in whole or in part, at any time at the Company’s option on or after July 1, 2026, at a redemption price equal to 100% of the outstanding principal amount of the 2029 Senior Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. The Company has elected the fair value option with respect to the 2029 Senior Notes. None of the change in the fair value of the 2029 Senior Notes for the year ended December 31, 2024 was due to instrument-specific credit risk.  Accordingly, the Company recognized $0.3 million in net unrealized losses on the 2029 Senior Notes, which are included in unrealized (losses) gains, net on the accompanying consolidated statements of operations for the year ended December 31, 2024.2026 Senior NotesAs of December 31