Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 142

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 142
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 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025December 31, 20248.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock$147,745 $147,745 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock177,697 177,697 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock 138,418 138,418 7.000% Series G Cumulative Redeemable Preferred Stock71,585 71,585 Common stock905 906 Additional paid-in capital2,284,569 2,289,044 Accumulated deficit(1,418,973)(1,430,675)Company's stockholders' equity$1,401,946 $1,394,720 

125

Liquidity and Capital Resources

General

Liquidity is a measure of our ability to meet potential cash requirements.  Our short-term (the 12 months ending March 31, 2026) and long-term (beyond March 31, 2026) liquidity requirements include ongoing commitments to repay borrowings, fund and maintain investments, comply with margin requirements, fund our operations, pay dividends to our stockholders and other general business needs. Generally, our short-term and long-term liquidity needs are met by our existing cash balances and our investments and assets which generate liquidity on an ongoing basis through principal and interest payments, prepayments, net earnings retained prior to payment of dividends and distributions from equity investments. In addition, we may satisfy our short-term and/or long-term liquidity needs through the sale of assets from our investment portfolio, securities offerings or the securitization or collateralized financing of our assets.

We continue to seek out assets and markets that provide compelling risk-adjusted returns through residential loan repurchase agreement financing with terms of one year or more or sustainable non-mark-to-market financing arrangements, including securitizations and non-mark-to-market repurchase agreement financing. Beginning in 2023 and through the three months ended March 31, 2025, we have been expanding our holdings of Agency RMBS, which is more liquid than many if not all of the investments in our portfolio of credit investments. To expand our Agency RMBS portfolio, we have utilized mark-to-market repurchase agreement financing with terms of 30 days to 90 days