Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 120

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 120
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 of equity investments in consolidated multi-family properties and disposal group held for sale to the Company's condensed consolidated financial statements.

95

(3)Represents the Company's equity investments in multi-family properties that are held for sale in disposal group.  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.

(4)Includes repurchase agreements with a carrying value of $4.9 billion and outstanding TBAs with a cost basis of $10.1 million.

(5)Excludes cash in the amount of $5.3 million held in the Company's equity investments in consolidated multi-family properties and equity investments in consolidated multi-family properties in disposal group held for sale. Restricted cash of $106.7 million is included in the Company’s accompanying condensed consolidated balance sheets in other assets. 

(6)Represents the Company's total outstanding recourse repurchase agreement financing, subordinated debentures, senior unsecured notes and cost basis of outstanding TBAs divided by the Company's total stockholders' equity. Does not include non-recourse repurchase agreement financing amounting to $3.8 million, Consolidated SLST CDOs amounting to $1.0 billion, residential loan securitization CDOs amounting to $2.3 billion, non-Agency RMBS re-securitization CDOs amounting to $68.1 million and mortgages payable on real estate, including mortgages payable on real estate of disposal group held for sale, totaling $453.5 million as they are non-recourse debt.

(7)Represents the Company's outstanding recourse repurchase agreement financing and cost basis of outstanding TBAs divided by the Company's total stockholders' equity.  

At December 31, 2024:

Single-FamilyMulti-FamilyCorporate/OtherTotalResidential loans$3,841,738 $— $— $3,841,738 Consolidated SLST CDOs(811,591)— — (811,591)Investment 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