Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 118

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 118
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Subsequent Developments

•On July 8, 2025, we completed the issuance of $90.0 million in aggregate principal amount of our 9.875% Senior Notes due 2030 in an underwritten public offering. The total proceeds to us from the offering of the notes, after deducting the underwriters' discount and commissions and offering expenses, were approximately $86.6 million.

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•On July 15, 2025, we acquired the outstanding 50% ownership interests in Constructive that were not previously owned by the Company through the consummation of a membership interest purchase agreement and cash consideration of approximately $38.4 million, subject to a customary post-closing reconciliation, including a net book value adjustment, and settlement of certain contingent consideration. 

•On July 24, 2025, we completed a securitization of residential loans, resulting in approximately $345.9 million in net proceeds to us after deducting expenses associated with the transaction. We utilized the net proceeds to redeem two residential loan securitizations in the third quarter of 2025.

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Capital Allocation

The following provides an overview of the allocation of our total equity as of June 30, 2025 and December 31, 2024, respectively.  We fund our investing and operating activities with a combination of cash flow from operations, proceeds from common and preferred equity and debt securities offerings, including senior unsecured notes and subordinated debentures, short-term and longer-term repurchase agreements and CDOs. A detailed discussion of our liquidity and capital resources is provided in “Liquidity and Capital Resources” elsewhere in this section.

The following tables set forth our allocated capital by investment category at June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands). 

At June 30, 2025:

 Single-FamilyMulti-FamilyCorporate/OtherTotalResidential loans$4,026,027 $— $— $4,026,027 Consolidated SLST CDOs(1,031,897)— — (1,031,897)Investment securities available for sale and TBAs (1)4,979,330 — 140,435 5,119,765 Multi-family loans— 74,999 — 74,999 Equity investments— 54,324 37,116 91,440 Equity investments