Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 342

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 342
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,570)$(26,870)Non-Agency RMBS4,573 52 — 52 Total $663,336 $3,752 $(30,570)$(26,818)The Company did not sell investment securities during the three and six months ended June 30, 2024.The Company recognized write-downs of certain Agency RMBS IOs for a loss of $2.5 million for the three and six months ended June 30, 2025, which is included in realized losses, net on the accompanying condensed consolidated statements of operations. The Company recognized write-downs of non-Agency RMBS for a loss of $0.1 million and $0.5 million for the three and six months ended June 30, 2024, respectively.Weighted Average LifeActual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 38 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of June 30, 2025 and December 31, 2024, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 6.2 years and 7.4 years, respectively.The following table sets forth the weighted average lives of our investment securities available for sale as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Weighted Average LifeJune 30, 2025December 31, 20240 to 5 years$1,258,855 $604,459 Over 5 to 10 years3,732,603 2,923,871 10+ years118,143 300,214 Total$5,109,601 $3,828,544 

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5.      Multi-family Loans, at Fair ValueThe Company's multi-family loans consisting of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets are presented at fair value on the Company's condensed consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. Multi-family loans consist of the following as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):