Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 119

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 119
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 in consolidated multi-family properties (2)— 155,581 — 155,581 Equity investments in disposal group held for sale (3)— 17,386 — 17,386 Single-family rental properties137,075 — — 137,075 Mortgage servicing rights19,449 — — 19,449 Total investment portfolio carrying value8,129,984 302,290 177,551 8,609,825 Liabilities:Repurchase agreements and TBA cost basis (4)(4,781,837)— (135,658)(4,917,495)Collateralized debt obligationsResidential loan securitization CDOs(2,264,602)— — (2,264,602)Non-Agency RMBS re-securitization(68,101)— — (68,101)Senior unsecured notes— — (236,384)(236,384)Subordinated debentures— — (45,000)(45,000)Cash, cash equivalents and restricted cash (5)88,510 — 174,666 263,176 Cumulative adjustment of redeemable non-controlling interest to estimated redemption value— (49,574)— (49,574)Other136,895 (1,560)(45,977)89,358 Net Company capital allocated$1,240,849 $251,156 $(110,802)$1,381,203 Company Recourse Leverage Ratio (6)3.8xPortfolio Recourse Leverage Ratio (7)3.6x

(1)Includes implied fair value of outstanding TBAs of $10.2 million. TBAs are recorded as derivative instruments in the Company's condensed consolidated financial statements. As of June 30, 2025, our TBAs had a net carrying value of $0.1 million reported in other assets on the Company's condensed consolidated balance sheets. The net carrying value represents the difference between the implied fair value of the underlying security in the TBA contract and the price to be paid or received for the underlying security (or cost basis).

(2)Represents the Company's equity investments in consolidated multi-family properties that are not in disposal group held for sale. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Balance Sheet Analysis—Equity Investments in Multi-Family Entities" for a reconciliation