Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 228

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 228
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,000 Convertible notes— — — 137,898 135,327 Mortgages payable on real estate, net366,606 784,421 394,707 709,356 36,752 Liabilities of disposal group held for sale97,065 386,024 883,812 — — Total liabilities (1)7,806,148 5,773,202 4,376,634 3,226,519 2,348,014 Redeemable non-controlling interest in Consolidated VIEs12,359 28,061 63,803 66,392 — Company's stockholders' equity1,394,720 1,579,612 1,767,216 2,341,031 2,301,202 Total equity1,398,775 1,600,065 1,800,308 2,365,390 2,307,573 

(1)Our consolidated balance sheets include assets and liabilities of Consolidated VIEs, as the Company is the primary beneficiary of these VIEs. Assets and liabilities of the Company's Consolidated VIEs for each of the balance sheet dates presented are included in the following table (dollar amounts in thousands):

As of December 31,20242023202220212020Consolidated VIEsAssets$3,988,584 $3,816,777 $4,261,097 $2,940,513 $2,150,984 Liabilities$3,477,211 $3,076,818 $3,403,257 $2,235,665 $1,667,306 

59

Portfolio Update

During the year ended December 31, 2024, we continued to expand our investment securities and residential loan portfolios.  Our investment activity was offset primarily by prepayments, redemptions, distributions and/or sales. The following table presents the activity for our investment portfolio for the year ended December 31, 2024 (dollar amounts in thousands):

December 31, 2023Acquisitions(1)Repayments (2)SalesTransfers (3)(4)Fair Value Changes and Other (5)December 31, 2024Residential loans$2,329,443 $1,892,892 $(1,102,231)$(162,883)$—