Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 429

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 429
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)— — — — — — — — Credit default swaps (2) (4)— — — — — — — — TBAs (2)— 121 — 121 — — — — Total$— $2,443,054 $1,016,952 $3,460,006 $— $1,384,399 $811,591 $2,195,990     

60

(1)Excludes assets of disposal group held for sale (see Note 9).(2)Included in other assets or other liabilities, respectively, in the condensed consolidated balance sheets.(3)Includes interest rate caps classified as Level 2 instruments in the amount of $0.1 million as of December 31, 2024.(4)All of the Company’s interest rate swaps, credit default swaps and futures are cleared through central clearing houses. The Company exchanges variation margin for the derivative instruments based upon daily changes in fair value. Includes derivative liabilities of $71.0 million netted against derivative assets of $6.9 million and a net variation margin of $64.1 million as of September 30, 2025. Includes derivative liabilities of $19.9 million netted against derivative assets of $64.9 million and a variation margin of $45.0 million as of December 31, 2024. See Note 10 for additional information.The following tables detail changes in valuation for the Level 3 assets for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Assets:For the Three Months Ended September 30, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsResidential Loans Held for SaleMulti-family loansEquity investmentsAssets of disposal group held for saleMSRsIRLCsTotalBalance at beginning of period$367,089 $1,199,383 $2,459,555 $— $74,999 $91,440 $500 $19,449 $— $4,212,415 Total gains/(losses) (realized/unrealized)— Included in earnings8,813 7,677 13,354 8,824 2,224 (1,