Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 378

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 378
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4, respectively (dollar amounts in thousands):Greater than 90 days past dueLess than 90 days past dueFair ValueUnpaid Principal BalanceFair ValueUnpaid Principal BalanceSeptember 30, 2025$99,764 $116,087 $938 $993 December 31, 2024159,558 183,067 8,098 8,749 Formal foreclosure proceedings were in process with respect to residential loans with an aggregate fair value of $73.7 million and an aggregate unpaid principal balance of $88.0 million as of September 30, 2025.Residential loans held in Consolidated SLST with an aggregate unpaid principal balance of $139.4 million and $117.1 million were 90 days or more delinquent as of September 30, 2025 and December 31, 2024, respectively. In addition, formal foreclosure proceedings were in process with respect to residential loans held in Consolidated SLST with an aggregate unpaid principal balance of $47.5 million  as of September 30, 2025.

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Residential Loans Held for Sale, at Fair ValueResidential loans held for sale, at fair value, consist of business purpose loans originated by Constructive and held for sale to secondary market investors as of September 30, 2025. Residential loans held for sale are presented at fair value on the Company's condensed 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 mortgage banking activities, net on the Company’s condensed consolidated statements of operations. Direct loan origination costs and loan origination fee income are immediately recognized through earnings as a result of the fair value option election.The following table details activity of residential loans held for sale between July 15, 2025 and September 30, 2025 (dollar amounts in thousands):Principal balance of loans acquired through business combination$142,324 Principal balance of loans originated382,443 Principal balance of loans sold to third parties(213,333)Proceeds from repayments(137)Principal balance of loans transferred from residential loans held for sale to residential loans(208,858)   Principal balance as of September 30, 2025$102,439 The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans held for sale, at fair value as of September 30, 2025 are as follows:September 30