Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 119

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 119
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 “Note 2 — Summary of Significant Accounting Policies” included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Balance Sheet Analysis

As of March 31, 2025, we had approximately $10.0 billion of total assets. Included in this amount is approximately $963.2 million of assets held in Consolidated SLST and $606.9 million of assets related to Consolidated Real Estate VIEs, both of which we consolidate in accordance with GAAP. As of December 31, 2024, we had approximately $9.2 billion of total assets.  Included in this amount is approximately $969.7 million of assets held in Consolidated SLST and $620.6 million of assets related to Consolidated Real Estate VIEs, both of which we consolidate in accordance with GAAP. For a reconciliation of our actual interests in Consolidated SLST, see “Portfolio Update” above.  For a reconciliation of our investments in Consolidated Real Estate VIEs, see “Equity Investments in Multi-Family Entities” below.

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Residential Loans

The following table presents the Company’s residential loans, which include acquired residential loans held by the Company and residential loans held in Consolidated SLST, as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands): 

March 31, 2025December 31, 2024Acquired residential loans$2,954,018 $2,876,066 Consolidated SLST959,250 965,672 Total$3,913,268 $3,841,738 

Acquired Residential Loans

The Company’s acquired residential loans, including performing, re-performing, and non-performing residential loans and business purpose loans, are presented at fair value on our condensed consolidated balance sheets. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations.

The following tables detail our acquired residential loans by strategy at March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025Number of LoansUnpaid PrincipalFair ValueWeighted Average FICOWeighted Average LTV (1)Weighted Average CouponRe-performing residential loan strategy3,427 $451,652 $434