Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 283

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 283
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2029 Senior Notes were issued at par, bear interest at a rate equal to 9.125% per year and mature on July 1, 2029, unless earlier redeemed. 

2026 Senior Notes

As of September 30, 2025, the Company had $100.0 million aggregate principal amount of its 5.75% Senior Notes due 2026 (the "2026 Senior Notes") outstanding. The 2026 Senior Notes were issued at par and carry deferred charges resulting in a total cost to the Company of approximately 6.73%. The Company's 2026 Senior Notes, which mature on April 30, 2026, contain various covenants including the maintenance of a minimum net asset value, ratio of unencumbered assets to unsecured indebtedness and senior debt service coverage ratio.  In addition, the 2026 Senior Notes limit the amount of Company leverage, net of cash held by the Company, to no more than eight times its equity and limit the Company's ability to transfer its assets substantially as an entirety or merge into or consolidate with another person. 

Subordinated Debentures

As of September 30, 2025, certain of our wholly-owned subsidiaries had trust preferred securities outstanding of $45.0 million with a weighted average interest rate of 8.24% which are due in 2035. The securities are fully guaranteed by us with respect to distributions and amounts payable upon liquidation, redemption or repayment. These securities are classified as subordinated debentures in the liability section of our condensed consolidated balance sheets.

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Balance Sheet Analysis - Company's Stockholders’ Equity

The following table provides a summary of the Company's stockholders' equity at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

September 30, 2025December 31, 20248.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock$148,585 $147,745 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock180,453 177,697 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock 139,792 138,418 7.000% Series G Cumulative Redeemable Preferred Stock71,642 71,585 Common stock903 906 Additional paid-in capital2,279,204 2,289,