Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 434

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 434
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-family rental properties and other assets. (2)During the nine months ended September 30, 2024, the Company transferred, on a net basis, certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).(3)During the nine months ended September 30, 2024, the Company purchased first loss subordinated securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the securitization (see Note 7).The following tables details change in valuation for the Level 3 liabilities for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Liabilities:Consolidated SLST CDOs For the Three Months Ended September 30, 20252024Balance at beginning of period$1,031,897 $844,032 Total losses/(gains) (realized/unrealized)Included in earnings 6,284 20,638 Paydowns(21,229)(18,859)Balance at the end of period$1,016,952 $845,811 

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Consolidated SLST CDOs For the Nine Months Ended September 30, 20252024Balance at beginning of period$811,591 $593,737 Total losses/(gains) (realized/unrealized)Included in earnings 25,992 20,498 Acquisitions (1)235,226 275,200 Paydowns(55,857)(43,624)Balance at the end of period$1,016,952 $845,811 (1)During the nine months ended September 30, 2025 and 2024, the Company purchased first loss subordinated securities issued from securitizations that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated liabilities of the securitizations (see Note 7).

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The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values):September 30, 2025Fair ValueValuation Technique Unobservable InputWeighted Average RangeAssetsResidential loans, residential loans held in securitization trusts and residential