Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 100

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 100
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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 payable on real estate, net in Consolidated VIEs (3)— — 366,606 366,606 Liabilities of disposal group held for sale (2)— — 97,065 97,065 Other liabilities16,162 8,313 10,621 35,096 Total liabilities$2,183,015 $819,904 $474,292 $3,477,211 Redeemable non-controlling interest in Consolidated VIEs (4)$— $— $12,359 $12,359 Non-controlling interest in Consolidated VIEs (5)$— $— $3,930 $3,930 Net investment (6)$215,211 $149,833 $130,040 $495,084 (1)Included in real estate, net in the accompanying 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 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.

F-38

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, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation:Other VIEsFinancing VIEsConsolidated SLSTConsolidated Real EstateTotalCash and cash