Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 85

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 included in earnings for the three and nine months ended September 30, 2025 and 2024, respectively, for our Level 3 assets and liabilities held as of September 30, 2025 and 2024, respectively (dollar amounts in thousands): For the Three Months Ended September 30,For the Nine Months Ended September 30, 2025202420252024AssetsResidential loans:Residential loans (1)$1,110 $2,305 $(3,557)$(3,768)Consolidated SLST (1)7,395 28,655 37,100 27,855 Residential loans held in securitization trusts (1)16,774 42,170 50,064 34,918 Residential loans held for sale (1)2,552 — 2,552 — Multi-family loans (1)123 176 479 (4,613)Equity investments (2)(2,860)(1,097)(2,368)(7,677)IRLCs2,383 — 2,383 — Mortgage servicing rights (1)(1,019)— (2,573)— LiabilitiesConsolidated SLST CDOs (1)(4,955)(21,902)(25,875)(20,596)(1)Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations.(2)Presented in (loss) income from equity investments on the Company's condensed consolidated statements of operations.

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The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):  September 30, 2025December 31, 2024 Fair ValueHierarchy LevelCarryingValueEstimatedFair ValueCarryingValueEstimatedFair ValueFinancial Assets:     Cash and cash equivalentsLevel 1$185,285 $185,285 $167,422 $167,422 Investment securities available for saleLevel 26,838,715 6,838,715 3,828,544 3,828,544 Residential loansLevel 34,151,647 4,151,647 3,841,738 3,841,738 Residential loans held for saleLevel 3105