Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 35

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed:•whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and•whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE.

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The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of September 30, 2025 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.Other VIEsFinancing VIEsConsolidated SLSTConsolidated Real EstateTotalCash and cash equivalents$— $— $3,147 $3,147 Residential loans, at fair value2,660,626 1,182,599 — 3,843,225 Real estate, net held in Consolidated VIEs (1)— — 469,764 469,764 Assets of disposal group held for sale (2)— — 1,383 1,383 Other assets140,124 4,648 16,251 161,023 Total assets$2,800,750 $1,187,247 $490,545 $4,478,542 Collateralized debt obligations ($3,202,295 at fair value and $375,164 at amortized cost, net)$2,560,507 $1,016,952 $— $3,577,459 Mortgages payable on real estate, net in Consolidated VIEs (3)— — 362,747 362,747 Liabilities of disposal group held for sale (2)— — 78 78 Other liabilities20,157 10,127 10,563 40,847 Total liabilities$2,580,664 $1,027,079 $373,388 $3,981,131 Redeemable non-controlling interest in Consolidated VIEs (4)$— $— $13,713 $13,713 Non-controlling interest in Consolidated VIEs (5)$— $— $163 $163 Net investment (6)$220,086 $160,168