Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 77

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 77
---
 of origination volume and earnings before taxes, depreciation and amortization and NAV of the entity.  The fair values of equity investments in disposal group held for sale are determined using the negotiated membership interest purchase price.(4)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable. At June 30, 2025, the fair value of investment securities we own in Consolidated SLST amounts to $160.9 million. (5)Weighted average yield calculated based on the weighted average fair value of the CDOs issued by Consolidated SLST, including investment securities we own. Weighted average collateral prepayment rate, weighted average collateral default rate, and weighted average loss severity are calculated based on the weighted average unpaid balance of the CDOs issued by Consolidated SLST, including investment securities we own. The following table details the changes in unrealized gains (losses) included in earnings for the three and six months ended June 30, 2025 and 2024, respectively, for our Level 3 assets and liabilities held as of June 30, 2025 and 2024, respectively (dollar amounts in thousands): For the Three Months Ended June 30,For the Six Months Ended June 30, 2025202420252024AssetsResidential loans:Residential loans (1)$904 $(1,912)$7,605 $(10,592)Consolidated SLST (1)16,810 (1,306)29,705 (800)Residential loans held in securitization trusts (1)8,503 (6,359)33,297 (7,156)Multi-family loans (1)56 (16)360 (4,794)Equity investments (2)(2,740)(419)(3,876)(6,581)Equity investments in disposal group held for sale (2)(611)— (838)— Mortgage servicing rights (1)(848)— (1,554)— LiabilitiesConsolidated SLST CDOs (1)(11,289)1,848 (20,920)1,306 (1)Presented in unrealized gains (losses), net on the