Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 284

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 284
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4, respectively (dollar amounts in thousands):For the Three Months EndedMarch 31, 2025March 31, 2024Residential loansConsolidated SLST (1)Residential loans held in securitization trustsResidential loansConsolidated SLST (1)Residential loans held in securitization trustsUnrealized gains (losses), net$6,168 $12,895 $24,188 $283 $506 $(3,251)(1)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable (see Note 17). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. The Company recognized $0.4 million of net realized losses and $0.1 million of net realized gains on the payoff of residential loans, at fair value during the three months ended March 31, 2025 and 2024, respectively. The Company also recognized $0.1 million of net realized gains and $3.0 million of net realized losses on the sale of residential loans, at fair value during the three months ended March 31, 2025 and 2024, respectively. 

14

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of March 31, 2025 and December 31, 2024, respectively, are as follows:March 31, 2025December 31, 2024Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trustsCalifornia26.5 %11.8 %17.4 %23.0 %11.7 %20.2 %Florida13.2 %9.1 %12.0 %10.4 %9.1 %12.2 %New York