Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 32

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 32
---
— $12,782 $12,782 Non-controlling interest in Consolidated VIEs (5)$— $— $2,545 $2,545 Net investment (6)$253,861 $162,328 $122,893 $539,082 (1)Included in real estate, net in the accompanying condensed consolidated balance sheets.(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9). (3)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs.  See Redeemable Non-Controlling Interest in Consolidated VIEs below.(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

26

The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2024 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.Other VIEsFinancing VIEsConsolidated SLSTConsolidated Real EstateTotalCash and cash equivalents$— $— $4,151 $4,151 Residential loans, at fair value2,243,800 965,672 — 3,209,472 Real estate, net held in Consolidated VIEs (1)— — 481,161 481,161 Assets of disposal group held for sale (2)— — 118,613 118,613 Other assets154,426 4,065 16,696 175,187 Total assets$2,398,226 $969,737 $620,621 $3,988,584 Collateralized debt obligations ($2,135,680 at fair value and $842,764 at amortized cost, net)$2,166,853 $811,591 $— $2,978,444 Mortgages