Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 134

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 134
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 Financial Condition and Results of Operations—Balance Sheet Analysis—Equity Investments in Multi-Family Entities" for a reconciliation of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's condensed consolidated financial statements.

(4)Includes repurchase agreements and warehouse facilities with a carrying value of $6.5 billion and outstanding TBAs with a cost basis of $30.8 million.

(5)Excludes cash in the amount of $4.0 million held in the Company's equity investments in consolidated multi-family properties and equity investments in consolidated multi-family properties in disposal group held for sale. Restricted cash of $112.4 million is included in the Company’s accompanying condensed consolidated balance sheets in other assets. 

(6)Represents the Company's total outstanding recourse repurchase agreement and warehouse facility financing, subordinated debentures, senior unsecured notes and cost basis of outstanding TBAs divided by the Company's total stockholders' equity. Does not include Consolidated SLST CDOs amounting to $1.0 billion, residential loan securitization CDOs amounting to $2.5 billion, non-Agency RMBS re-securitization CDOs amounting to $66.8 million and mortgages payable on real estate totaling $362.7 million as they are non-recourse debt.

(7)Represents the Company's outstanding recourse repurchase agreement and warehouse facility financing and cost basis of outstanding TBAs divided by the Company's total stockholders' equity.  

At December 31, 2024:

Investment PortfolioCorporate/OtherTotalInvestment securities available for sale$3,828,544 $— $3,828,544 Residential loans3,841,738 — 3,841,738 Consolidated SLST CDOs(811,591)— (811,591)Multi-family loans86,192 — 86,192 Equity investments113,492 — 113,492 Equity investments in consolidated multi-family properties (1)151,210 — 151,210 Equity investments in disposal group held for sale (2)19,504 — 19,504 Single-family rental properties142,246 — 142,246 Mortgage servicing rights21,003 — 21,003 Total investments7,392,338 — 7,392,338 Liabilities:Repurchase agreements(4,012,225)— (