Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 236

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 236
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 total assets.  Included in this amount is approximately $969.7 million of assets held in Consolidated SLST and $620.6 million of assets related to Consolidated Real Estate VIEs, both of which we consolidate in accordance with GAAP. For a reconciliation of our actual interests in Consolidated SLST, see “Portfolio Update” above.  For a reconciliation of our investments in Consolidated Real Estate VIEs, see “Equity Investments in Multi-Family Entities” below.

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Residential Loans

The following table presents the Company’s residential loans, which include acquired residential loans held by the Company and residential loans held in Consolidated SLST, as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands): 

June 30, 2025December 31, 2024Acquired residential loans$2,826,644 $2,876,066 Consolidated SLST1,199,383 965,672 Total$4,026,027 $3,841,738 

Acquired Residential Loans

The Company’s acquired residential loans, including business purpose loans and performing, re-performing, and non-performing residential loans, are presented at fair value on our condensed consolidated balance sheets. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations.

The following tables detail our acquired residential loans by strategy at June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

June 30, 2025Number of LoansUnpaid PrincipalFair ValueWeighted Average FICOWeighted Average LTV (1)Weighted Average CouponBusiness purpose rental loan strategy4,491 $933,555 $942,546 74573%6.98%Business purpose bridge loan strategy1,912 956,052 940,256 74164%10.48%Performing residential loan strategy2,545 588,035 515,450 74254%4.20%Re-performing residential loan strategy3,377 441,262 428,392 63948%5.16%Total12,325 $2,918,904 $2,826,644 

December 31, 2024Number of LoansUnpaid PrincipalFair ValueWeighted Average FICOWeighted Average