Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 20

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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U 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures: Clarifying the Effective Date, is for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company expects that the adoption of ASU 2024-03 will result in additional disclosures in its notes to consolidated financial statements.   In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires enhanced disclosures in connection with an entity's effective tax rate reconciliation and additional disclosures about income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects that the adoption of ASU 2023-09 will result in additional income tax disclosures in its notes to consolidated financial statements.

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3.      Investment Securities Available For Sale, at Fair ValueThe Company accounts for its investment securities available for sale using the fair value election pursuant to ASC 825, Financial Instruments, where changes in fair value are recorded in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. The Company's investment securities available for sale consisted of the following as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands): September 30, 2025December 31, 2024Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value GainsLossesGainsLossesAgency RMBSFixed rateFannie Mae$3,505,119 $54,745 $(752)$3,559,112 $1,483,619 $7,819 $(7,991)$1,483,447 Freddie Mac2,804,052 39,785 (380)2,843,457 1,465,419 3,914 (13,720)1,455,613 Total Fixed rate6,309,171 94,530 (1,132)6,402,569 2,949,038 11,733 (21,711)2,939,060 Adjustable rateFannie Mae88,317 2,981 — 91,298 97,