Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 83

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 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 loans held for sale: (1)$2,807,775Discounted cash flowLifetime CPR9.6%—-47.0%Lifetime CDR0.6%—-33.7%Loss severity13.2%0.2%-100.0%Yield6.7%5.4%-45.9%$106,622Liquidation modelAnnual home price appreciation/(depreciation)0.2%(1.5)%-7.1%Liquidation timeline (months)16—-54Property value$2,020,758$30,000-$13,900,000Yield8.3%5.9%-35.6%$159,687Transaction priceNon-binding investor priceN/AConsolidated SLST (4)$1,182,599Liability priceN/ATotal$4,256,683Multi-family loans (1) (2)$68,647Discounted cash flowDiscount rate12.1%11.0%-13.5%Months to assumed redemption22<1-45Loss severity—Equity