Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 400

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 400
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. The following table summarizes the Company's derivative instruments as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Fair ValueType of Derivative InstrumentConsolidated Balance Sheet LocationSeptember 30, 2025December 31, 2024Interest rate capsOther assets$150 $56 OptionsOther assets79 — IRLCsOther assets2,383 — Interest rate swapsOther assets— — FuturesOther assets— — Total derivative assets (1)$2,612 $56 FuturesOther liabilities$— $— TBAsOther liabilities(121)— Credit default swapsOther liabilities— — Interest rate swapsOther liabilities— — Total derivative liabilities$(121)$— (1)Excludes interest rate cap contracts held by certain Consolidated Real Estate VIEs included in other assets in disposal group held for sale as of December 31, 2024 (see Note 9). 

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The Company elects to net the fair value of its derivative contracts by counterparty when appropriate and accounts for  the receipt or payment of variation margin as a direct reduction of or increase in the carrying value of the related asset or liability. The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025Gross Amount of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance SheetsDerivative assetsInterest rate caps$150 $— $— $150 Options79 — — 79 IRLCs2,383 — — 2,383 Interest rate swaps3,402 (3,402)— — Futures3,494 (139)(3,355)— Total derivative assets$9,508 $(3,541)$(3,355)$2,612 Derivative liabilitiesCredit default swaps$(10,268)$— $10,268 $— TBAs(121)— — (121)Interest rate swaps(56,064)3,402 52,662 — Futures(4,704)139 4,565 — Total derivative liabilities$(