Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 24

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 Total assets$2,652,850 $963,182 $606,947 $4,222,979 Collateralized debt obligations ($2,429,141 at fair value and $757,673 at amortized cost, net)$2,381,541 $805,273 $— $3,186,814 Mortgages payable on real estate, net in Consolidated VIEs (3)— — 365,455 365,455 Liabilities of disposal group held for sale (2)— — 91,153 91,153 Other liabilities21,158 8,543 5,969 35,670 Total liabilities$2,402,699 $813,816 $462,577 $3,679,092 Redeemable non-controlling interest in Consolidated VIEs (4)$— $— $13,382 $13,382 Non-controlling interest in Consolidated VIEs (5)$— $— $2,859 $2,859 Net investment (6)$250,151 $149,366 $128,129 $527,646 (1)Included in real estate, net in the accompanying condensed consolidated balance sheets.(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9). (3)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs.  See Redeemable Non-Controlling Interest in Consolidated VIEs below.(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

23

The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2024 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.Other VIEsFinancing VIEsConsolidated SLSTConsolid