Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 31

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
 VIEs, the Company considered its involvement in each of the VIEs, including the design and purpose of each VIE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed:•whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and•whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE.

25

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 June 30, 2025 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.Other VIEsFinancing VIEsConsolidated SLSTConsolidated Real EstateTotalCash and cash equivalents$— $— $3,941 $3,941 Residential loans, at fair value2,459,555 1,199,383 — 3,658,938 Real estate, net held in Consolidated VIEs (1)— — 473,586 473,586 Assets of disposal group held for sale (2)— — 111,000 111,000 Other assets146,840 4,725 14,821 166,386 Total assets$2,606,395 $1,204,108 $603,348 $4,413,851 Collateralized debt obligations ($2,626,479 at fair value and $738,121 at amortized cost, net)$2,332,703 $1,031,897 $— $3,364,600 Mortgages payable on real estate, net in Consolidated VIEs (3)— — 364,100 364,100 Liabilities of disposal group held for sale (2)— — 92,151 92,151 Other liabilities19,831 9,883 8,877 38,591 Total liabilities$2,352,534 $1,041,780 $465,128 $3,859,442 Redeemable non-controlling interest in Consolidated VIEs (4)$— $