Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 212

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 212
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ment securities available for sale3,206,499 — 622,045 3,828,544 Multi-family loans— 86,192 — 86,192 Equity investments— 74,774 38,718 113,492 Equity investments in consolidated multi-family properties (1)— 151,210 — 151,210 Equity investments in disposal group held for sale (2)— 19,504 — 19,504 Single-family rental properties142,246 — — 142,246 Mortgage servicing rights21,003 — — 21,003 Total investment portfolio carrying value6,399,895 331,680 660,763 7,392,338 Liabilities:Repurchase agreements(3,377,161)— (635,064)(4,012,225)Collateralized debt obligationsResidential loan securitization CDOs(2,096,096)— — (2,096,096)Non-Agency RMBS re-securitization(70,757)— — (70,757)Senior unsecured notes— — (159,196)(159,196)Subordinated debentures— — (45,000)(45,000)Cash, cash equivalents and restricted cash (3)115,926 — 208,948 324,874 Cumulative adjustment of redeemable non-controlling interest to estimated redemption value— (40,675)— (40,675)Other138,012 (1,864)(34,691)101,457 Net Company capital allocated$1,109,819 $289,141 $(4,240)$1,394,720 Company Recourse Leverage Ratio (4)3.0 xPortfolio Recourse Leverage Ratio (5)2.9 x

96

(1)Represents the Company's equity investments in consolidated multi-family properties that are not in disposal group held for sale. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Balance Sheet Analysis—Equity Investments in Multi-Family Entities" for a reconciliation of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's condensed consolidated financial statements.

(2)Represents the Company's equity investments in consolidated multi-family properties that are held for sale in disposal group. See "Management's Discussion and Analysis of Financial Condition and