Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 406

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 406
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Weighted Average Fixed Interest RateWeighted Average Variable Interest Rate2028$9,550 3.48 %5.15 %203343,500 3.64 %5.01 %Total$53,050 3.61 %5.04 %

Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events, including a decline in the Company's stockholders’ equity (as defined in the respective agreements) in excess of specified thresholds or dollar amounts over set periods of time, the Company’s failure to maintain its REIT status, the Company’s failure to comply with limits on the amount of leverage and the Company’s stock being delisted from Nasdaq. 

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11.      Mortgage Servicing RightsThe Company owned MSRs as of September 30, 2025 and December 31, 2024 resulting from the sale of loans Constructive originates with servicing retained, distributions received from Constructive prior to July 15, 2025 or purchases of MSRs.  The Company's MSRs are associated with business purpose loans, are reported at fair value pursuant to the fair value option election (see Note 17) and are included in other assets in the accompanying condensed consolidated balance sheets.  The primary risks associated with the Company's MSRs are changes in interest rates and prepayment speeds.The following table presents activity related to MSRs for the three and nine months ended September 30, 2025, respectively (dollar amounts in thousands).  The Company did not have MSRs during the three and nine months ended September 30, 2024.For the Three Months Ended September 30, 2025For the Nine Months Ended September 30, 2025Balance at beginning of period$19,449 $21,003 Additions:MSRs received from equity investment in Constructive3,405 3,405 MSRs acquired through business combination141 141 Changes in fair value due to:Changes in valuation inputs or assumptions used in valuation model(506)(1,088)Other changes in fair value, including runoff(593)(1,565)Balance at end of period$21,896 $21,896 The following table presents the components of servicing fee income recognized during the three and nine months ended September 30, 2025, respectively (