Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 12

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 2023-09 is effective for annual periods beginning after December 15, 2024. The Company expects that the adoption of ASU 2023-09 will result in additional income tax disclosures in its notes to consolidated financial statements.

13

3.      Residential Loans, at Fair ValueThe Company’s acquired residential loans, including performing, re-performing and non-performing residential loans, and business purpose loans, are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations. The following table presents the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands): March 31, 2025December 31, 2024Residential loans (1)Consolidated SLST (2)Residential loans held in securitization trusts (3)TotalResidential loans (1)Consolidated SLST (2)Residential loans held in securitization trusts (3)TotalPrincipal$462,225 $1,093,200 $2,597,548 $4,152,973 $652,642 $1,111,633 $2,365,060 $4,129,335 Discount(3,186)(25,187)(41,740)(70,113)(1,750)(24,303)(48,702)(74,755)Unrealized losses(13,477)(108,763)(47,352)(169,592)(18,626)(121,658)(72,558)(212,842)Carrying value$445,562 $959,250 $2,508,456 $3,913,268 $632,266 $965,672 $2,243,800 $3,841,738 (1)Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of March 31, 2025 and December 31, 2024 (see Note 13).(2)The Company invests in first loss subordinated securities and certain IOs issued by Freddie Mac-sponsored residential