Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 431

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 431
---
 from the Company's Constructive equity investment  prior to acquisition on July 15, 2025.

61

For the Three Months Ended September 30, 2024Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsTotalBalance at beginning of period$667,218 $1,004,944 $1,831,029 $92,997 $142,915 $3,739,103 Total gains/(losses) (realized/unrealized)Included in earnings14,397 26,939 44,079 2,887 6,054 94,356 Transfers out (1)(25,064)— (1,513)— — (26,577)Transfer to securitization trust, net (2)(354,169)— 354,169 — — — Paydowns/Distributions(77,187)(23,300)(190,645)(8,270)(2,136)(301,538)Sales(117,915)— — — — (117,915)Acquisitions593,575 — 30,587 — — 624,162 Balance at the end of period$700,855 $1,008,583 $2,067,706 $87,614 $146,833 $4,011,591 (1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned and the consolidation of Constructive resulting from the Company's acquisition of the outstanding membership interests in Constructive that were not previously owned by the Company on July 15, 2025 (see Note 24).(2)During the three months ended September 30, 2024, the Company transferred, on a net basis, certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).

62

For the Nine Months Ended September 30, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsResidential Loans Held for SaleMulti-family loansEquity investmentsAssets of disposal group held for saleMSRsIRLCsTotalBalance at beginning of period$632,266 $965,672 $2,243,800 $— $86,192 $