Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 80

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 Preferred Stock (“Series E Preferred Stock”), 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 7.000% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”). Each series of the Preferred Stock is senior to the Company’s common stock with respect to dividends and distributions upon liquidation, dissolution or winding up.In March 2023, the Board of Directors approved a $100.0 million preferred stock repurchase program.  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 and six months ended June 30, 2025 and 2024. As of June 30, 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 tables summarize the Company’s Preferred Stock issued and outstanding as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):  June 30, 2025Class 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 6,147,041 $148,580 $153,676 8.000 %October 15, 2027October 15, 20273M LIBOR + 5.695%Series E9,900,000 7,426,134 179,712 185,653 7.875 %January 15, 2025January 15, 20253M  SOFR + tenor spread adjustment of 0.26161% + 6.429%Series F7,750,000 5,791,433 139,508 144,786 6.875 %October 15, 2026October 15, 20263M SOFR + 6.130%Fixed RateSeries G5,450,