Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 135

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 135
---
4,012,225)Collateralized debt obligationsResidential loan securitization CDOs(2,096,096)— (2,096,096)Non-Agency RMBS re-securitization(70,757)— (70,757)Senior unsecured notes— (159,196)(159,196)Subordinated debentures— (45,000)(45,000)Cash, cash equivalents and restricted cash (3)146,158 178,716 324,874 Cumulative adjustment of redeemable non-controlling interest to estimated redemption value(40,675)— (40,675)Other141,261 (39,804)101,457 Net Company capital allocated$1,460,004 $(65,284)$1,394,720 Company Recourse Leverage Ratio (4)3.0 xPortfolio Recourse Leverage Ratio (5)2.9 x

103

(1)Represents the Company's equity investments in consolidated multi-family properties that are not in disposal group held for sale. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Balance Sheet Analysis—Equity Investments in Multi-Family Entities" for a reconciliation of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's condensed consolidated financial statements.

(2)Represents the Company's equity investments in consolidated multi-family properties that are held for sale in disposal group. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Balance Sheet Analysis—Equity Investments in Multi-Family Entities" for a reconciliation of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's condensed consolidated financial statements.  

(3)Excludes cash in the amount of $6.6 million held in the Company's equity investments in consolidated multi-family properties and equity investments in consolidated multi-family properties in disposal group held for sale. Restricted cash of $161.6 million is included in the Company’s accompanying condensed consolidated balance sheets in other assets.

(4)Represents the Company's total outstanding recourse repurchase agreement financing, subordinated debentures and senior unsecured notes divided by the Company's total stockholders' equity. Does not include non-recourse repurchase agreement financing amounting to $11.0 million, Consolidated SLST CDOs amounting to $811.6 million, residential loan securitization CDOs amounting to $2.1 billion