Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 436

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 436
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, 2025, the Company had one multi-family loan scheduled to redeem on October 3, 2025, which was repaid in full on the scheduled redemption date.(3)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 September 30, 2025, the fair value of investment securities we own in Consolidated SLST amounts to $158.8 million. (4)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 nine months ended September 30, 2025 and 2024, respectively, for our Level 3 assets and liabilities held as of September 30, 2025 and 2024, respectively (dollar amounts in thousands): For the Three Months Ended September 30,For the Nine Months Ended September 30, 2025202420252024AssetsResidential loans:Residential loans (1)$1,110 $2,305 $(3,557)$(3,768)Consolidated SLST (1)7,395 28,655 37,100 27,855 Residential loans held in securitization trusts (1)16,774 42,170 50,064 34,918 Residential loans held for sale (1)2,552 — 2,552 — Multi-family loans (1)123 176 479 (4,613)Equity investments (2)(2,860)(1,097)(2,368)(7,677)IRLCs2,383 — 2,383 — Mortgage servicing rights (1)(1,019)— (2,573)— LiabilitiesConsolidated SLST CDOs (1)(4,955)(21,902)(25,875)(20,596)(1)