Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 332

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 332
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.0%-14.0%Months to assumed redemption24< 1-48Loss severity—Equity investments (1) (3)$53,251Discounted cash flowDiscount rate16.0%15.0%-17.5%Months to assumed redemption183-47Loss severity—$1,111Direct CapitalizationCapitalization Rate6.0%6.0%-6.0%Mortgage servicing rights (1)$20,297Discounted cash flowLifetime voluntary prepayment rate10.5%1.0%-26.6%Lifetime CDR2.2%—-41.1%Yield12.6%12.0%-14.0%LiabilitiesConsolidated SLST CDOs (4) (5)$805,273Discounted cash flowYield5.5%4.5%-12.8%Collateral prepayment rate6.2%2.7%-7.2%Collateral default rate1.3%—-7.4%Loss severity20.3%10.0%-78.2%(1)Weighted average amounts are calculated based on the weighted average fair value of the assets.

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(2)As of March 31, 2025, the Company has reduced the fair value of one multi-family loan to zero as a result of developments with respect to the property, its financing and market conditions. Unobservable inputs do not include inputs related to this multi-family loan. As of March 31, 2025, the Company had one multi-family loan mature on April 1, 2025, which was repaid in full on its maturity date.(3)Equity investments do not include equity ownership interests in an entity that originates residential loans. The fair value of this investment is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization and NAV of the entity.(4)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 March 31, 2025, the fair value of investment securities we own in Consolidated SLST amounts to $148.1 million. (5)Weighted average yield calculated based on the weighted average fair value of the CDOs issued by Consolidated SLST, including investment securities