Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 131

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 131
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 the Company's consolidated balance sheet are as follows (dollar amounts in thousands):Year Ending December 31,Total2025$— 2026126,119 2027— 2028— 2029282,865 Thereafter164,174    Total$573,158 

F-63

16.      Commitments and ContingenciesOutstanding Litigation The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2024, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.Commitment to Fund Business Purpose LoansAs of December 31, 2024, the Company had commitments to fund up to $220.8 million of additional advances on existing business purpose loans. These commitments are generally subject to loan agreements with terms that must be met before the Company funds advances on the commitment.LeasesAs of December 31, 2024, the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2024, 2023, and 2022 amounted to $1.5 million, $1.7 million, and 1.7 million, respectively. The leases are secured by cash deposits in the amount of $0.6 million.As of December 31, 2024, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands):Year Ending December 31,Total2025$1,604 20261,617 20271,471 20281,226 2029781 Thereafter— Total lease payments$6,699 Less: imputed interest(764)Present value of lease liabilities$5,935 

F-64

17.      Fair Value of Financial InstrumentsThe Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves.A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows:Level