Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 333

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 333
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 we own. Weighted average collateral prepayment rate, weighted average collateral default rate, and weighted average loss severity are calculated based on the weighted average unpaid balance of the CDOs issued by Consolidated SLST, including investment securities we own. The following table details the changes in unrealized gains (losses) included in earnings for the three months ended March 31, 2025 and 2024, respectively, for our Level 3 assets and liabilities held as of March 31, 2025 and 2024, respectively (dollar amounts in thousands): Three Months Ended March 31, 20252024AssetsResidential loans:Residential loans (1)$(2,342)$(8,303)Consolidated SLST (1)12,895 506 Residential loans held in securitization trusts (1)23,905 (4,362)Multi-family loans (1)410 (4,777)Equity investments (2)(1,363)(6,161)Mortgage servicing rights (1)(706)— LiabilitiesConsolidated SLST CDOs (1)(9,631)(542)(1)Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations.(2)Presented in income (loss) from equity investments on the Company's condensed consolidated statements of operations.

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The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):  March 31, 2025December 31, 2024 Fair ValueHierarchy LevelCarryingValueEstimatedFair ValueCarryingValueEstimatedFair ValueFinancial Assets:     Cash and cash equivalentsLevel 1$177,072 $177,072 $167,422 $167,422 Residential loansLevel 33,913,268 3,913,268 3,841,738 3,841,738 Investment securities available for saleLevel 24,646,812 4,646,812 3,828,544 3,828,544 Multi-family loansLevel 387,222 87,222 86,192 86,192 Equity investmentsLevel 393,999 93,999 113,492 113,492 Derivative assetsLevel 23,530 3,530