Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 84

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 84
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501,908 $3,084,303 (1)Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of December 31, 2024 and 2023 (see Note 13).(2)The Company invests in first loss subordinated securities and certain IOs issued by Freddie Mac-sponsored residential loan securitizations. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitizations and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's consolidated balance sheets (see Note 14).(3)The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's consolidated balance sheets (see Note 14). The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):For the Years Ended December 31,202420232022Residential loansConsolidated SLST (1)Residential loans held in securitization trustsResidential loansConsolidated SLST (1)Residential loans held in securitization trustsResidential loansConsolidated SLST (1)Residential loans held in securitization trustsUnrealized gains (losses), net$16,968 $8,611 $(15,683)$6,786 $(8,086)$63,005 $(115,269)$(124,834)$(174,401)(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 (