Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 118

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 118
---
 that are simultaneously bought and sold; and

•“Variable Interest Entity” or “VIE” refers to an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.

92

Investing Activity

During the three months ended September 30, 2025, we continued to expand our investment securities and residential loan portfolios and completed our purchase of the outstanding membership interests in Constructive that were not previously owned. Our investment activity was offset primarily by repayments, residential loan sales and the completion of the disposition of our joint venture equity investments in multi-family properties. The following table presents investment activity for the three months ended September 30, 2025 (dollar amounts in thousands):

June 30, 2025Acquisitions/Originations (1)Repayments (2)SalesTransfers/Initial Consolidation (3)Fair Value Changes and Other (4)September 30, 2025Investment securitiesAgency RMBS and TBAs (5)$4,939,963 $1,816,692 $(141,333)$— $— $43,324 $6,658,646 Non-Agency RMBS39,367 — (12,507)— — 1,314 28,174 U.S. Treasury securities140,435 39,450 — — — 2,653 182,538 Total investment securities available for sale and TBAs5,119,765 1,856,142 (153,840)— — 47,291 6,869,358 Consolidated SLST (6)160,930 — (3,531)— — 1,392 158,791 Total investment securities5,280,695 1,856,142 (157,371)— — 48,683 7,028,149 Residential loans (7)2,826,644 525,745 (321,888)(128,165)55,231 11,481 2,969,048 Residential loans held for sale— 382,443 (137)(218,031)(68,063)8,824 105,036 Preferred equity investments, mezzanine loans and equity investments166,439 — (19,250)— (37,164)(