Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 433

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 433
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 transfer of residential loans to real estate owned assets 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).(3)During the nine months ended September 30, 2025, 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).(4)Includes in-kind distribution of MSRs received from the Company's Constructive equity investment prior to acquisition on July 15, 2025.(5)During the nine months ended September 30, 2025, the Company purchased a first loss subordinated security issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the securitization (see Note 7).

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For the Nine Months Ended September 30, 2024Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsTotalBalance at beginning of period$827,535 $754,860 $1,501,908 $95,792 $147,116 $3,327,211 Total gains/(losses) (realized/unrealized)Included in earnings15,554 24,250 38,841 3,404 10,124 92,173 Transfers out (1)(66,065)— (5,283)— — (71,348)Transfer to securitization trust, net (2)(987,452)— 987,452 — — — Paydowns/Distributions(223,643)(55,584)(521,018)(11,582)(10,407)(822,234)Sales(143,125)— (6,708)— — (149,833)Acquisitions (3)1,278,051 285,057 72,514 — — 1,635,622 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, single