Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 321

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 321
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ordinated debentures, as of March 31, 2025, the floating rate for each of the Company's subordinated debentures is equal to three-month CME Term SOFR plus both a tenor spread adjustment of 0.26161% per annum and the applicable spread. The following table summarizes the key details of the Company’s subordinated debentures as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):NYM Preferred Trust INYM Preferred Trust IIPrincipal value of trust preferred securities$25,000 $20,000 Interest rateThree-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 May 2, 2025, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures.Mortgages Payable on Real EstateAs of March 31, 2025 and December 31, 2024, 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 condensed consolidated financial statements (see Note 7).During the three months ended March 31, 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 required strike price of the interest rate cap agreement related to the respective mortgage payable increased and a portion of interest payments was deferred until the maturity date. The restructuring did not result in a change in the carrying amount of the mortgage payable and no gain was recorded. During the year ended December 31, 2024, the Company sold its joint venture equity investment in the entity, which resulted in the de-consolidation of the mortgage payable subject to the debt restructuring agreement as of December 31, 2024.

47

The consolidated multi-family apartment communities are subject to mortgages payable