Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 82

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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 loans held in securitization trustsMulti-family loansEquity investmentsTotalBalance at beginning of period$827,535 $754,860 $1,501,908 $95,792 $147,116 $3,327,211 Total gains/(losses) (realized/unrealized)Included in earnings15,554 24,250 38,841 3,404 10,124 92,173 Transfers out (1)(66,065)— (5,283)— — (71,348)Transfer to securitization trust, net (2)(987,452)— 987,452 — — — Paydowns/Distributions(223,643)(55,584)(521,018)(11,582)(10,407)(822,234)Sales(143,125)— (6,708)— — (149,833)Acquisitions (3)1,278,051 285,057 72,514 — — 1,635,622 Balance at the end of period$700,855 $1,008,583 $2,067,706 $87,614 $146,833 $4,011,591 (1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned, single-family rental properties and other assets. (2)During the nine months ended September 30, 2024, the Company transferred, on a net basis, certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).(3)During the nine months ended September 30, 2024, the Company purchased first loss subordinated securities issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets of the securitization (see Note 7).The following tables details change in valuation for the Level 3 liabilities for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Liabilities:Consolidated SLST CDOs For the Three Months Ended September 30, 20252024Balance at beginning of period$1,031,897 $844,032 Total losses/(gains) (realized/unrealized)Included in earnings