Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 412

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 412
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 repurchase agreements secured by investment securities were funded at a weighted average advance rate of 96.4% and 96.0%, respectively, that implies an average "haircut" of 3.6% and 4.0%, respectively. As of September 30, 2025, the weighted average "haircut" related to our repurchase agreement financing for our Agency RMBS, non-Agency RMBS, and U.S. Treasury securities was approximately 3.6%, 34.5%, and 1.7%, respectively. As of September 30, 2025 and December 31, 2024, the average days to maturity for repurchase agreements secured by investment securities were 41 days and 26 days, respectively, and the weighted average interest rates were 4.43% and 4.84%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at September 30, 2025 and December 31, 2024 amounted to $39.5 million and $28.4 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets.The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Contractual MaturitySeptember 30, 2025December 31, 2024Within 30 days$2,212,518 $2,103,332 Over 30 days to 90 days3,225,562 1,413,279 Over 90 days662,611 — Total$6,100,691 $3,516,611 

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14.      Collateralized Debt ObligationsThe Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations.The following tables present a summary of the Company's CDOs as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025Outstanding Face AmountCarrying ValueWeighted Average Interest Rate (1) (2)Stated Maturity (3)Consolidated SLST