Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 285

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 285
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8.4 %10.8 %6.7 %6.6 %10.8 %6.6 %New Jersey7.8 %6.7 %5.7 %8.0 %6.8 %5.2 %Texas6.5 %4.4 %7.5 %6.2 %4.4 %7.9 %Illinois2.0 %6.3 %3.1 %2.2 %6.3 %3.1 %The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Greater than 90 days past dueLess than 90 days past dueFair ValueUnpaid Principal BalanceFair ValueUnpaid Principal BalanceMarch 31, 2025$171,193 $192,510 $9,114 $9,491 December 31, 2024159,558 183,067 8,098 8,749 Formal foreclosure proceedings were in process with respect to residential loans with an aggregate fair value of $127.8 million and an aggregate unpaid principal balance of $144.3 million as of March 31, 2025.Residential loans held in Consolidated SLST with an aggregate unpaid principal balance of $117.9 million and $117.1 million were 90 days or more delinquent as of March 31, 2025 and December 31, 2024, respectively. In addition, formal foreclosure proceedings were in process with respect to residential loans held in Consolidated SLST with an aggregate unpaid principal balance of $44.0 million  as of March 31, 2025.

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4.      Investment Securities Available For Sale, at Fair ValueThe Company accounts for its investment securities available for sale using the fair value election pursuant to ASC 825, Financial Instruments, where changes in fair value are recorded in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. The Company's investment securities available for sale consisted of the following as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands): March 31,