Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 269

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 269
---
 the initial consolidation of $285.1 million of residential loans and $275.2 million of CDOs in the VIE. Our investment in Consolidated SLST as of December 31, 2024 and 2023 was limited to the RMBS comprised of first loss subordinated securities and IOs issued by the respective securitizations with an aggregate net carrying value of $148.5 million and $157.2 million, respectively. For more information on investment securities held by the Company within Consolidated SLST, refer to "Investment Securities" section below.

90

The following table details the loan characteristics of the underlying residential loans that back our first loss subordinated securities issued by Consolidated SLST as of December 31, 2024 and 2023, respectively (dollar amounts in thousands, except current average loan size):

December 31, 2024December 31, 2023Current fair value$965,672 $754,860 Current unpaid principal balance$1,111,633 $892,546 Number of loans7,246 5,813 Current average loan size$153,413 $153,543 Weighted average original loan term (in months) at purchase347 352 Weighted average LTV at purchase62 %68 %Weighted average credit score at purchase767 701 Current Coupon:3.00% or less5.1 %2.5 %3.01% – 4.00%35.4 %38.5 %4.01% – 5.00%40.6 %39.5 %5.01% – 6.00%11.2 %11.8 %6.01% and over7.7 %7.7 %Delinquency Status:Current68.2 %72.6 %31 - 6015.3 %12.9 %61 - 906.0 %5.0 %90+10.5 %9.5 %Origination Year:2005 or earlier27.5 %31.1 %200614.4 %15.7 %200719.8 %21.5 %2008 or later38.3 %31.7 %Geographic state concentration (greater than 5.0%):   California11.7 %10.7 %