Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 390

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 390
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 Includes derivative liabilities of $19.9 million netted against derivative assets of $64.9 million and a variation margin of $45.0 million as of December 31, 2024. See Note 10 for additional information.

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The following tables detail changes in valuation for the Level 3 assets for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):Level 3 Assets:For the Three Months Ended June 30, 2025Residential loansResidential loansConsolidated SLSTResidential loans held in securitization trustsMulti-family loansEquity investmentsAssets of disposal group held for saleMortgage servicing rightsTotalBalance at beginning of period$445,562 $959,250 $2,508,456 $87,222 $93,999 $— $20,297 $4,114,786 Total gains/(losses) (realized/unrealized)Included in earnings922 16,009 11,606 2,231 (1,428)— (848)28,492 Transfers out (1)(4,220)— (3,211)— — — — (7,431)Transfer to securitization trust, net (2)(220,882)— 220,882 — — — — — Transfer to disposal group held for sale— — — — (500)500 — — Paydowns/Distributions(64,074)(23,281)(319,998)(14,454)(631)— (422,438)Sales(28,598)— — — — — — (28,598)Acquisitions (3)238,379 247,405 41,820 — — — — 527,604 Balance at the end of period$367,089 $1,199,383 $2,459,555 $74,999 $91,440 $500 $19,449 $4,212,415 (1)Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned assets.(2)During the three months ended June 30, 2025, the Company transferred, on a net basis, certain residential loans into residential loan revolver securitizations