Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 18

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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idential loans (1)Consolidated SLST (2)Residential loans held in securitization trusts (3)TotalResidential loans (1)Consolidated SLST (2)Residential loans held in securitization trusts (3)TotalPrincipal$381,366 $1,353,853 $2,537,538 $4,272,757 $652,642 $1,111,633 $2,365,060 $4,129,335 Discount(1,780)(62,517)(40,027)(104,324)(1,750)(24,303)(48,702)(74,755)Unrealized losses, net(12,497)(91,953)(37,956)(142,406)(18,626)(121,658)(72,558)(212,842)Carrying value$367,089 $1,199,383 $2,459,555 $4,026,027 $632,266 $965,672 $2,243,800 $3,841,738 (1)Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of June 30, 2025 and December 31, 2024 (see Note 13).(2)The Company invests in first loss subordinated securities 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 held in the securitizations and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 14). During the three months ended June 30, 2025, the Company purchased an additional first loss subordinated security issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets and liabilities of the securitization (see Note 7).(3)The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 14). The following tables present the unrealized gains