Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 83

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 83
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 848 ("ASU 2022-06"), which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. In light of the cessation of the publication of LIBOR after June 30, 2023, the Company’s significant contracts that were indexed to LIBOR have been amended to transition to an alternative benchmark and any other unmodified agreements that incorporate LIBOR as the referenced rate have provisions in place that provide for identification of an alternative benchmark or specify an alternative benchmark, or by operation of law specify an alternative benchmark, to LIBOR upon its phase-out. 

F-24

3.      Residential Loans, at Fair ValueThe Company’s acquired residential loans, including performing, re-performing and non-performing residential loans, and business purpose loans, are presented at fair value on its consolidated balance sheets as a result of a fair value election. Subsequent changes in fair value are reported in current period earnings and presented in unrealized (losses) gains, net on the Company’s consolidated statements of operations.The following table presents the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Residential loans (1)Consolidated SLST (2)Residential loans held in securitization trusts (3)TotalResidential loans (1)Consolidated SLST (2)Residential loans held in securitization trusts (3)TotalPrincipal$652,642 $1,111,633 $2,365,060 $4,129,335 $891,283 $892,546 $1,609,006 $3,392,835 Discount(1,750)(24,303)(48,702)(74,755)(22,667)(7,418)(55,709)(85,794)Unrealized losses(18,626)(121,658)(72,558)(212,842)(41,081)(130,268)(51,389)(222,738)Carrying value$632,266 $965,672 $2,243,800 $3,841,738 $827,535 $754,860 $1,