Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 65

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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  The program, which expires on March 31, 2026, allows the Company to make repurchases of shares of Preferred Stock, from time to time, in open market transactions, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws and the rules and regulations of Nasdaq. The Company did not repurchase any shares of its preferred stock during the three months ended March 31, 2025 and 2024. As of March 31, 2025, $97.6 million of the approved amount remained available for the repurchase of shares of Preferred Stock under the preferred stock repurchase program. The following table summarizes the Company’s Preferred Stock issued and outstanding as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):  Class of Preferred StockShares AuthorizedShares Issued and OutstandingCarrying ValueLiquidation PreferenceContractual Rate (1)Optional Redemption Date (2)Fixed-to-Floating Rate Conversion Date (1)(3)Floating Annual Rate (4) (5)Fixed-to-Floating RateSeries D8,400,000 6,107,318 $147,745 $152,683 8.000 %October 15, 2027October 15, 20273M LIBOR + 5.695%Series E9,900,000 7,343,151 177,697 183,579 7.875 %January 15, 2025January 15, 20253M  SOFR + tenor spread adjustment of  0.26161% + 6.429%Series F7,750,000 5,740,209 138,418 143,505 6.875 %October 15, 2026October 15, 20263M SOFR + 6.130%Fixed RateSeries G5,450,000 2,973,736 71,585 74,343 7.000 %January 15, 2027Total31,500,000 22,164,414 $535,445 $554,110 (1)The Company's fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference