Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 138

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 138
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million netted against derivative assets of $13.1 million and a variation margin of $27.4 million as of December 31, 2023. See Note 10 for additional information.

F-69

The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2024, 2023, and 2022, respectively (dollar amounts in thousands):Level 3 Assets: Year Ended December 31, 2024Residential loans Residential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsMortgage servicing rightsTotalBalance at beginning of period$827,535 $754,860 $1,501,908 $95,792 $147,116 $— $3,327,211 Total gains/(losses) (realized/unrealized)Included in earnings15,562 3,523 (8,255)5,899 16,179 616 33,524 Transfers out (1)(80,801)— (7,661)— — — (88,462)Transfer to securitization trust, net (2)(1,456,376)— 1,456,376 — — — — Paydowns/Distributions (3)(296,645)(77,768)(805,586)(15,499)(49,803)10,917 (1,234,384)Sales(156,175)— (6,708)— — — (162,883)Acquisitions (4)1,779,166 285,057 113,726 — — 9,470 2,187,419 Balance at the end of period$632,266 $965,672 $2,243,800 $86,192 $113,492 $21,003 $4,062,425 (1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned, single-family rental properties and other assets.(2)During the year ended December 31, 2024, the Company transferred certain residential loans into residential loan securitizations (see Note 7 for further discussion of the Company's residential loan securitizations).(3)Includes in-kind distribution of mortgage servicing rights received from the Company's equity