Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 49

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 derivative contracts by counterparty when appropriate and accounts for  the receipt or payment of variation margin as a direct reduction of or increase in the carrying value of the related asset or liability. The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025Gross Amount of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance SheetsDerivative assetsInterest rate caps$150 $— $— $150 Options79 — — 79 IRLCs2,383 — — 2,383 Interest rate swaps3,402 (3,402)— — Futures3,494 (139)(3,355)— Total derivative assets$9,508 $(3,541)$(3,355)$2,612 Derivative liabilitiesCredit default swaps$(10,268)$— $10,268 $— TBAs(121)— — (121)Interest rate swaps(56,064)3,402 52,662 — Futures(4,704)139 4,565 — Total derivative liabilities$(71,157)$3,541 $67,495 $(121)December 31, 2024Gross Amount of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance SheetsDerivative assetsInterest rate caps$56 $— $— $56 Interest rate swaps63,942 (10,134)(53,808)— Futures952 (658)(294)— Total derivative assets$64,950 $(10,792)$(54,102)$56 Derivative liabilitiesCredit default swaps$(9,120)$— $9,120 $— Interest rate swaps(10,134)10,134 — — Futures(658)658 — — Total derivative liabilities$(19,912)$10,792 $9,120 $— 

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The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under