Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 338

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 338
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1,306)$(6,037)For the Six Months EndedJune 30, 2025June 30, 2024Residential loansConsolidated SLST (1)Residential loans held in securitization trustsResidential loansConsolidated SLST (1)Residential loans held in securitization trustsUnrealized gains (losses), net$7,977 $29,705 $32,753 $4,052 $(800)$(9,288)

17

(1)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable (see Note 17). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. The Company recognized $0.5 million of net realized gains on the payoff of residential loans, at fair value during the three months ended June 30, 2025, which when netted against net realized losses recognized during the three months ended March 31, 2025, resulted in no net gain or loss recognized on the payoff of residential loans for the six months ended June 30, 2025. The Company recognized $1.6 million and $1.7 million of net realized gains on the payoff of residential loans, at fair value during the three and six months ended June 30, 2024, respectively. The Company also recognized $0.2 million and $0.1 million of net realized losses on the sale of residential loans, at fair value during the three and six months ended June 30, 2025, respectively. The Company recognized $0.2 million and $3.2 million of net realized losses on the sale of residential loans, at fair value during the three and six months ended June 30, 2024, respectively. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2025 and December 31, 2024, respectively