Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 239

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 239
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 and certain IOs issued by Freddie Mac-sponsored residential loan securitizations. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans of the securitizations and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST.

During the three months ended June 30, 2025, the Company invested in a subordinated security issued by a Freddie Mac-sponsored residential loan securitization, resulting in the initial consolidation of approximately $247.4 million of residential loans and approximately $235.2 million of CDOs in the VIE.  Our investment in Consolidated SLST as of June 30, 2025 and December 31, 2024 was limited to the RMBS comprised of first loss subordinated securities and certain IOs issued by the respective securitizations with an aggregate net carrying value of $160.9 million and $148.5 million, respectively. For more information on investment securities held by the Company within Consolidated SLST, refer to the "Investment Securities" section below.

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The following table details the loan characteristics of the underlying residential loans that back our first loss subordinated securities issued by Consolidated SLST as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands, except current average loan size):

June 30, 2025December 31, 2024Current fair value$1,199,383 $965,672 Current unpaid principal balance$1,353,853 $1,111,633 Number of loans8,900 7,246 Current average loan size$152,118 $153,413 Weighted average original loan term (in months) at purchase346 347 Weighted average LTV at purchase66 %62 %Weighted average credit score at purchase791 767 Current Coupon:3.00% or less6.7 %5.1 %3.01% – 4.00%36.0 %35.4 %4.01% – 5.00%39.0 %40.6 %5.01% – 6.00%10.8 %11.2 %6.01% and over7.5 %7.7 %Delinquency Status:Current69.6 %68.2 %31 -