Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 165

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 165
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 generally accepted accounting principles within the United States;

•“IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans;

•“MBS” refers to mortgage-backed securities;

•“Mezzanine Lending” refers, collectively, to preferred equity and mezzanine loan investments in multi-family properties;

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•“MSRs” refers to mortgage servicing rights that represent the contractual right to service residential loans;

•“multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties;

•“non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or GSE;

•“POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans;

•“RMBS” refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate or fixed-rate residential loans;

•“second mortgages” refers to liens on residential properties that are subordinate to more senior mortgages or loans; and

•“Variable Interest Entity” or “VIE” refers to an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.

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Portfolio Update

During the three months ended March 31, 2025, we continued to expand our investment securities and residential loan portfolios.  Our investment activity was offset primarily by repayments and sales of investment securities and residential loans.  The following table presents the activity for our investment portfolio for the three months ended March 31, 2025 (dollar amounts in thousands):

December 31, 2024Acquisitions (1)Repayments (2)SalesFair Value Changes and Other (3)March 31, 2025Residential loans$2,876,066 $396,846 $(318,611)$(8,352)$8,069 $2,954,018 Investment securitiesAgency RMBS3,136,812 1,451,435 (79,607)— 50,080 4,558,720 Non-Agency RMBS69,687 — (586)(4,573)(741)63,787 U.S. Treasury securities622,045 53,265 — (658,763)