Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 212

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 212
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31, 20243,328,795 3,516,611 3,516,611 September 30, 20242,772,203 3,045,597 3,045,597 June 30, 20242,202,770 2,447,851 2,447,851 March 31, 20242,078,041 2,057,361 2,126,993 December 31, 20231,851,577 1,862,063 1,870,941 September 30, 20231,184,714 1,490,996 1,490,996 June 30, 2023492,473 664,459 664,459 March 31, 2023131,174 226,778 226,778 

Collateralized Debt Obligations

We refer to our re-securitization of the Company's investment in certain subordinated securities issued by Consolidated SLST as our non-Agency RMBS re-securitization.  The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse, longer-term financing on a portion of its investment in Consolidated SLST.  The Company remains economically exposed to the subordinated positions in the portion of Consolidated SLST transferred to the securitization and continues to consolidate Consolidated SLST.

114

The following table presents a summary of CDOs issued by our non-Agency RMBS re-securitization as of March 31, 2025 and December 31, 2024:

Outstanding Face AmountCarrying ValueInterest Rate (1)(2)Stated Maturity (3)March 31, 2025$69,506 $69,515 7.38 %2064December 31, 202470,867 70,757 7.38 %2064

(1)Interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company.

(2)The Company's non-Agency RMBS re-securitization CDOs contain an interest rate step-up feature whereby the interest rate increases if the outstanding notes are not redeemed by an expected redemption date, as defined in the governing documents. As of March 31, 2025, CDOs with an aggregate outstanding face amount of