Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 75

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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2024, the Company purchased first loss subordinated securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the securitization (see Note 7).The following tables details change in valuation for the Level 3 liabilities for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Liabilities:Consolidated SLST CDOs For the Three Months Ended June 30, 20252024Balance at beginning of period$805,273 $582,627 Total losses/(gains) (realized/unrealized)Included in earnings 11,071 (1,536)Acquisitions (1)235,226 275,200 Paydowns(19,673)(12,259)Balance at the end of period$1,031,897 $844,032 (1)During the three months ended June 30, 2025 and 2024, the Company purchased first loss subordinated securities issued from securitizations that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the securitizations (see Note 7).

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Consolidated SLST CDOs For the Six Months Ended June 30, 20252024Balance at beginning of period$811,591 $593,737 Total losses/(gains) (realized/unrealized)Included in earnings 19,708 (140)Acquisitions (1)235,226 275,200 Paydowns(34,628)(24,765)Balance at the end of period$1,031,897 $844,032 (1)During the six months ended June 30, 2025 and 2024, the Company purchased first loss subordinated securities issued from securitizations that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the securitizations (see Note 7).

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The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values):June 30, 2025Fair ValueValuation Technique Unobservable InputWeighted Average RangeAssetsResidential loans:Residential loans and residential loans held in se