Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 438

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 438
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757 Subordinated debenturesLevel 345,000 40,108 45,000 38,918 Derivative liabilitiesLevel 2121 121 — — Senior unsecured notes:Senior unsecured notes at amortized cost, netLevel 299,275 98,957 98,886 98,632 Senior unsecured notes at fair valueLevel 2257,590 257,590 60,310 60,310 Mortgages payable on real estateLevel 3362,747 354,629 366,606 347,915 Mortgages payable on real estate in disposal group held for saleLevel 3— — 93,370 93,370 

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In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above:a.Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets.b.Repurchase agreements – The fair value of these repurchase agreements approximates cost as they are short term in nature.c.Residential loan securitizations at amortized cost, net – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations.d.Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields.e.Senior unsecured notes – The fair value of senior unsecured notes reported at amortized cost, net is determined using pricing models that consider observable market data to determine the fair value of identical or similar securities.f.Mortgages payable on real estate – The fair value of consolidated variable-rate mortgages payable approximates the carrying value of such liabilities.  The fair value of consolidated fixed-rate mortgages payable is estimated based upon discounted cash flows at current borrowing rates.

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18.      Stockholders' Equity(a)  Preferred StockThe Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share (the "Preferred Stock"), with 22,385,674 and 22,164,414 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.As of September 30, 2025, the Company has four outstanding series of cumulative redeemable preferred stock