Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 117

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 117
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 rate payments as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024Swap MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate2028$9,550 3.48 %5.15 %203343,500 3.64 %5.01 %Total$53,050 3.61 %5.04 %December 31, 2023Swap MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate2028$9,550 3.48 %5.29 %203343,500 3.64 %5.33 %Total$53,050 3.61 %5.33 %

Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events, including a decline in the Company's stockholders’ equity (as defined in the respective agreements) in excess of specified thresholds or dollar amounts over set periods of time, the Company’s failure to maintain its REIT status, the Company’s failure to comply with limits on the amount of leverage and the Company’s stock being delisted from Nasdaq. 

F-52

11.      Mortgage Servicing RightsThe Company owned MSRs as of December 31, 2024 resulting from distributions of MSRs received from its equity investment in an entity that originates residential loans (see Note 6) and purchases of MSRs.  The Company's MSRs are associated with business purpose loans and are reported at fair value pursuant to the fair value option election (see Note 17).  The primary risks associated with the Company's MSRs are changes in interest rates and prepayment speeds.The following table presents activity related to MSRs for the year ended December 31, 2024 (dollar amounts in thousands).  The Company did not have MSRs for the years ended December 31, 2023 and 2022.Year Ended December 31, 2024Balance at beginning of period$— MSRs received from equity investment10,917 Purchases of MSRs9,470 Changes in fair value due to:Changes in valuation inputs or assumptions used in valuation model912 Other changes in fair value, including runoff(296)