Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 78

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 of $71.0 million netted against derivative assets of $6.9 million and a net variation margin of $64.1 million as of September 30, 2025. Includes derivative liabilities of $19.9 million netted against derivative assets of $64.9 million and a variation margin of $45.0 million as of December 31, 2024. See Note 10 for additional information.The following tables detail changes in valuation for the Level 3 assets for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Assets:For the Three Months Ended September 30, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsResidential Loans Held for SaleMulti-family loansEquity investmentsAssets of disposal group held for saleMSRsIRLCsTotalBalance at beginning of period$367,089 $1,199,383 $2,459,555 $— $74,999 $91,440 $500 $19,449 $— $4,212,415 Total gains/(losses) (realized/unrealized)— Included in earnings8,813 7,677 13,354 8,824 2,224 (1,582)— (1,099)(1,919)36,292 Transfers in (1)580 — — 145,748 — — — 141 4,302 150,771 Transfers out (2)(4,014)— (6,670)— — (33,759)— — — (44,443)Transfer to securitization trust, net (3)(442,741)— 442,741 — — — — — — —  Transfer from residential loans held for sale to residential loans213,811 (213,811)Paydowns/Distributions (4)(41,743)(24,461)(280,146)(137)(8,576)(27,274)— 3,405 — (378,932)Sales(121,221)— (6,945)(218,031)— — (500)— — (346,697)Acquisitions327,848 — 38,737 —