Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 129

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 129
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-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.75%, resetting quarterlyThree-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.95%, resetting quarterlyScheduled maturityMarch 30, 2035October 30, 2035As of February 21, 2025, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures.

F-61

Convertible Notes    As of December 31, 2021, the Company had $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 outstanding. The Company redeemed the Convertible Notes at maturity for $138.0 million on January 15, 2022.  None of the Convertible Notes were converted prior to maturity. Costs related to the issuance of the Convertible Notes, which included underwriting, legal, accounting and other fees, were reflected as deferred charges. The underwriter’s discount and deferred charges were amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 8.24%. The following table presents interest expense from the Convertible Notes for the year ended December 31, 2022 (dollar amounts in thousands):For the Year Ended December 31, 2022Contractual interest expense$335 Amortization of underwriter's discount and deferred charges103 Total$438 Mortgages Payable on Real EstateAs of December 31, 2024 and 2023, the Company owned joint venture equity investments in entities that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. The Company also owned a preferred equity investment in a VIE that owns a multi-family apartment community and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the respective VIEs into its consolidated financial statements (see Note 7).During the years ended December 31, 2024 and 2022, sales of consolidated multi-family apartment communities resulted in the repayment or assumption of the related mortgages payable (see Note 8).In February 2024, one entity in which the Company held a joint venture equity investment entered into a debt restructuring agreement with the senior lender for its mortgage payable. As part of the agreement, the