Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 144

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 144
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2,764 818,482 1,276,780 1,237,531 Residential loan securitizations at fair valueLevel 21,253,332 1,253,332 — — Consolidated SLSTLevel 3811,591 811,591 593,737 593,737 Non-Agency RMBS re-securitizationLevel 270,757 70,757 — — Subordinated debenturesLevel 345,000 38,918 45,000 32,137 Senior unsecured notes:Senior unsecured notes at amortized cost, netLevel 298,886 98,632 98,111 94,952 Senior unsecured notes at fair valueLevel 260,310 60,310 — — Mortgages payable on real estateLevel 3366,606 347,915 784,421 761,194 Mortgages payable on real estate in disposal group held for saleLevel 393,370 93,370 378,386 377,735 In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above:a.Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets.b.Repurchase agreements – The fair value of these repurchase agreements approximates cost as they are short term in nature.c.Residential loan securitizations at amortized cost, net – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations.d.Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields.e.Senior unsecured notes – The fair value of senior unsecured notes reported at amortized cost, net is determined using pricing models that consider observable market data to determine the fair value of identical or similar securities.f.Mortgages payable on real estate – The fair value of consolidated variable-rate mortgages payable approximates the carrying value of such liabilities.  The fair value of consolidated fixed-rate mortgages payable is estimated based upon discounted cash flows at current borrowing rates.

F-75

18.      Stockholders' Equity(a)Preferred StockThe Company had 200,000,000 authorized shares of