Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 387

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 387
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$490,545 $4,478,542 Collateralized debt obligations ($3,202,295 at fair value and $375,164 at amortized cost, net)$2,560,507 $1,016,952 $— $3,577,459 Mortgages payable on real estate, net in Consolidated VIEs (3)— — 362,747 362,747 Liabilities of disposal group held for sale (2)— — 78 78 Other liabilities20,157 10,127 10,563 40,847 Total liabilities$2,580,664 $1,027,079 $373,388 $3,981,131 Redeemable non-controlling interest in Consolidated VIEs (4)$— $— $13,713 $13,713 Non-controlling interest in Consolidated VIEs (5)$— $— $163 $163 Net investment (6)$220,086 $160,168 $103,281 $483,535 (1)Included in real estate, net in the accompanying condensed 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 condensed 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.

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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, 2024 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.Other VIEsFinancing VIEsConsolidated SLSTConsolidated Real EstateTotalCash and cash equivalents$— $— $4,151