Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 294

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 294
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 the primary beneficiary of the Financing VIEs, Consolidated SLST and Consolidated Real Estate 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.

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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 March 31, 2025 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.Other VIEsFinancing VIEsConsolidated SLSTConsolidated Real EstateTotalCash and cash equivalents$— $— $3,929 $3,929 Residential loans, at fair value2,508,456 959,250 — 3,467,706 Real estate, net held in Consolidated VIEs (1)— — 477,189 477,189 Assets of disposal group held for sale (2)— — 113,406 113,406 Other assets144,394 3,932 12,423 160,749 Total assets$2,652,850 $963,182 $606,947 $4,222,979 Collateralized debt obligations ($2,429,141 at fair value and $757,673 at amortized cost, net)$2,381,541 $805,273 $— $3,186,814 Mortgages payable on real estate, net in Consolidated VIEs (3)— — 365,455 365,455 Liabilities of disposal group held for sale (2)— — 91,153 91,153 Other liabilities21,158 8,543 5,969 35,670 Total liabilities$2,402,699 $813,816 $462,577 $3,679,092 Redeemable non-controlling interest in