Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 162

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 162
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  For a reconciliation of our investments in Consolidated Real Estate VIEs, see “Equity Investments in Multi-Family Entities” below.

123

Investment Securities

At September 30, 2025, our investment securities portfolio included Agency RMBS, non-Agency RMBS and U.S. Treasury securities, which are classified as investment securities available for sale. Our investment securities also include TBAs and first loss subordinated securities and certain IOs issued by Consolidated SLST. At September 30, 2025, we had no investment securities in a single issuer or entity that had an aggregate book value in excess of 5% of our total assets. The increase in the carrying value of our investment securities as of September 30, 2025 as compared to December 31, 2024 is primarily due to purchases of Agency RMBS and an increase in the fair value of a number of our investment securities, partially offset by sales of U.S. Treasury securities and principal paydowns of Agency RMBS during the period.

The following tables summarize our investment securities portfolio as of September 30, 2025 and December 31, 2024 (dollar amounts in thousands):

September 30, 2025UnrealizedWeighted AverageInvestment SecuritiesCurrent Par ValueAmortized CostGainsLossesFair ValueCoupon (1)Yield (2)Available for Sale (“AFS”)  and TBAsAgency RMBS and TBAsFixed rate$6,339,838 $6,309,171 $94,530 $(1,132)$6,402,569 5.61 %5.66 %Adjustable rate120,821 119,192 3,796 — 122,988 5.44 %5.53 %IO1,519,683 114,920 1,401 (13,875)102,446 1.66 %11.90 %TBAs (3)30,000 30,764 — (121)30,643 5.88 %— Total Agency RMBS and TBAs8,010,342 6,574,047 99,727 (15,128)6,658,646 4.81 %5.78 %Non-Agency RMBSSenior4,000 4,000 104 — 4,104 8.76 %8.76