Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 329

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 329
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Senior unsecured notes— 139,761 — 139,761 — 60,310 — 60,310 Derivative liabilities:Interest rate swaps (2) (4)— — — — — — — — U.S. Treasury futures (2) (4)— — — — — — — — Credit default swaps (2) (4)— — — — — — — — Total$— $1,763,629 $805,273 $2,568,902 $— $1,384,399 $811,591 $2,195,990     

53

(1)Excludes assets of disposal group held for sale (see Note 9).(2)Included in other assets or other liabilities, respectively, in the condensed consolidated balance sheets.(3)Includes interest rate caps classified as Level 2 instruments in the amount of $0.2 million and $0.1 million as of March 31, 2025 and December 31, 2024, respectively.(4)All of the Company’s interest rate swaps, credit default swaps and U.S. Treasury futures are cleared through central clearing houses. The Company exchanges variation margin for the derivative instruments based upon daily changes in fair value. Includes derivative liabilities of $39.3 million netted against derivative assets of $10.3 million and a net variation margin of $29.0 million as of March 31, 2025. Includes derivative liabilities of $19.9 million netted against derivative assets of $64.9 million and a variation margin of $45.0 million as of December 31, 2024. See Note 10 for additional information.The following tables detail changes in valuation for the Level 3 assets for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Assets:Three Months Ended March 31, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsMortgage servicing rightsTotalBalance at beginning of period$632,266 $965,672 $2,243,800 $86,192 $113,492 $21,003 $4,062,425 Total gains/(