Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 59

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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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.The following tables detail changes in valuation for the Level 3 assets for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Assets:Three Months Ended March 31, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsMortgage servicing rightsTotalBalance at beginning of period$632,266 $965,672 $2,243,800 $86,192 $113,492 $21,003 $4,062,425 Total gains/(losses) (realized/unrealized)Included in earnings5,857 11,743 25,378 2,991 3,589 (706)48,852 Transfers out (1)(22,506)— (659)— — — (23,165)Transfer to securitization trust, net (2)(464,214)— 464,214 — — — — Paydowns/Distributions(56,731)(18,165)(261,880)(1,961)(23,082)(361,819)Sales(2,075)— (6,277)— — — (8,352)Acquisitions352,965 — 43,880 — — 396,845 Balance at the end of period$445,562 $959,250 $2,508,456 $87,222 $93,999 $20,297 $4,114,786 (1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned assets.(2)During the three months ended March 31, 2025, the Company transferred, on a net basis, certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).

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Three Months Ended March 31, 2024Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsTotalBalance at beginning of period$827,