Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 71

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 2025 and December 31, 2024 and unconsolidated joint venture investments classified as Level 3 assets in the amount of $0.5 million as of June 30, 2025.(4)All of the Company’s interest rate swaps, credit default swaps and U.S. Treasury futures are cleared through central clearing houses. The Company exchanges variation margin for the derivative instruments based upon daily changes in fair value. Includes derivative liabilities of $68.0 million netted against derivative assets of $4.7 million and a net variation margin of $63.3 million as of June 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.

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The following tables detail changes in valuation for the Level 3 assets for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Assets:For the Three Months Ended June 30, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsAssets of disposal group held for saleMortgage servicing rightsTotalBalance at beginning of period$445,562 $959,250 $2,508,456 $87,222 $93,999 $— $20,297 $4,114,786 Total gains/(losses) (realized/unrealized)Included in earnings922 16,009 11,606 2,231 (1,428)— (848)28,492 Transfers out (1)(4,220)— (3,211)— — — — (7,431)Transfer to securitization trust, net (2)(220,882)— 220,882 — — — — — Transfer to disposal group held for sale— — — — (500)500 — — Paydowns/Distributions(64,074)(23,281)(319,998)(14,454)(631)— (422,438)Sales(28,598)— — — — — — (28,598)Acquisitions (3