Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 64

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 64
---
 commissions and offering expenses, were approximately $57.5 million. On April 27, 2021, the Company completed the issuance and sale to various qualified institutional investors of $100.0 million aggregate principal amount of its unregistered 5.75% Senior Notes due 2026 (the "Unregistered Notes") in a private placement offering at 100% of the principal amount. The net proceeds to the Company from the sale of the Unregistered Notes, after deducting offering expenses, were approximately $96.3 million.  Subsequent to the issuance of the Unregistered Notes, the Company conducted an exchange offer wherein the Company exchanged its registered 5.75% Senior Notes due 2026 (the "Registered 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 9.875% 2030 Senior Notes, 9.125% 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Outstanding Face AmountCarrying ValueOutstanding Face AmountCarrying Value9.875% 2030 Senior Notes at fair value$115,000 $115,745 $— $— 9.125% 2030 Senior Notes at fair value82,500 82,121 — — 2029 Senior Notes at fair value60,000 59,724 60,000 60,310 2026 Senior Notes at amortized cost, net100,000 99,275 100,000 98,886 Total Senior Unsecured Notes$357,500 $356,865 $160,000 $159,196 9.875% 2030 Senior NotesThe 9.875% 2030 Senior Notes bear interest at a rate equal to 9.875% per year, payable in cash quarterly in arrears on