Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 376

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 376
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 on the Company's condensed consolidated balance sheets (see Note 14). (4)Certain of the Company's residential loans held for sale, at fair value are pledged as collateral for repurchase agreements and warehouse facilities as of September 30, 2025 (see Note 13).

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Residential Loans, at Fair ValueThe following tables present the unrealized gains (losses), net attributable to residential loans, at fair value for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months EndedSeptember 30, 2025September 30, 2024Residential loansConsolidated SLST (1)Residential loans held in securitization trustsResidential loansConsolidated SLST (1)Residential loans held in securitization trustsUnrealized gains (losses), net$6,575 $7,395 $12,958 $9,882 $28,655 $42,283 For the Nine Months EndedSeptember 30, 2025September 30, 2024Residential loansConsolidated SLST (1)Residential loans held in securitization trustsResidential loansConsolidated SLST (1)Residential loans held in securitization trustsUnrealized gains (losses), net$14,552 $37,100 $45,711 $13,934 $27,855 $32,995 (1)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable (see Note 17). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. The Company recognized $5.4 million of net realized losses on the payoff of residential loans, at fair value during the three and nine months ended September 30, 2025. The Company recognized $0.6 million and $2.3 million of net realized gains on