Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 122

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 122
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2025 and December 31, 2024, the Company had an investment in an entity that originates residential loans. The Company purchased $150.7 million and $40.8 million of residential loans from the entity during the three months ended March 31, 2025 and 2024, respectively.

Consolidated SLST

The Company owns first loss subordinated securities and certain IOs issued by Freddie Mac-sponsored residential loan securitizations. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans of the securitizations and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST.

Our investment in Consolidated SLST as of March 31, 2025 and December 31, 2024 was limited to the RMBS comprised of first loss subordinated securities and certain IOs issued by the respective securitizations with an aggregate net carrying value of $148.1 million and $148.5 million, respectively. For more information on investment securities held by the Company within Consolidated SLST, refer to the "Investment Securities" section below.

108

The following table details the loan characteristics of the underlying residential loans that back our first loss subordinated securities issued by Consolidated SLST as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands, except current average loan size):

March 31, 2025December 31, 2024Current fair value$959,250 $965,672 Current unpaid principal balance$1,093,200 $1,111,633 Number of loans7,144 7,246 Current average loan size$153,023 $153,413 Weighted average original loan term (in months) at purchase347 347 Weighted average LTV at purchase62 %62 %Weighted average credit score at purchase765 767 Current Coupon:3.00% or less5.2 %5.1 %3.01% – 4.00%35.2 %35.4 %4.01% – 5.00%40.8 %40.6 %5.01% – 6.00%11.1 %11.2 %6.01% and over7.7 %7.7 %Delinquency Status:Current69.