Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 47

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
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 principal amount of Unregistered Notes.The 2030 Senior Notes, 2029 Senior Notes and 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 March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Outstanding Face AmountCarrying ValueOutstanding Face AmountCarrying Value2030 Senior Notes at fair value$82,500 $80,025 $— $— 2029 Senior Notes at fair value60,000 59,736 60,000 60,310 2026 Senior Notes at amortized cost, net100,000 99,087 100,000 98,886 Total Senior Unsecured Notes$242,500 $238,848 $160,000 $159,196 2030 Senior NotesThe 2030 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 April 1, 2025, and mature on April 1, 2030, unless earlier redeemed. The Company may redeem the 2030 Senior Notes, in whole or in part, at any time at the Company’s option on or after April 1, 2027, at a redemption price equal to 100% of the outstanding principal amount of the 2030 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 2030 Senior Notes. None of the change in the fair value of the 2030 Senior Notes for the three months ended March 31, 2025 was due to instrument-specific credit risk.  Accordingly, the Company recognized $2.5 million in net unrealized gains on the 2030 Senior Notes, which are included in unrealized gains (losses), net on the accompanying condensed consolidated statements of operations for the three months ended March 31, 2025.

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