Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 174

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 174
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 %Business purpose rental loan strategy363,913 95.2 %Total$382,443 100.0 %

133

Residential Loans, Real Estate Owned and Single-Family Rental Property Financing

Repurchase Agreements and Warehouse Facilities

As of September 30, 2025, the Company had repurchase agreements or warehouse facilities with eight third-party financial institutions to fund the purchase or origination of residential loans, real estate owned and single-family rental properties. As of September 30, 2025, the Company had no repurchase agreement or warehouse facility exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity. The amount at risk is defined as the fair value of assets pledged as collateral to the financing arrangement in excess of the financing arrangement liability.

The following table presents detailed information about these repurchase agreements and warehouse facilities and associated assets pledged as collateral at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

Maximum Aggregate Uncommitted Principal or Line AmountOutstandingRepurchase Agreements and Warehouse FacilitiesNet Deferred Finance Costs (1)Carrying Value of Repurchase Agreements and Warehouse FacilitiesCarrying Value of Assets Pledged (2)Weighted Average RateWeighted Average Months to Maturity (3)September 30, 2025$3,225,000 $380,692 $(311)$380,381 $474,220 6.37 %5.56December 31, 2024$2,775,000 $496,410 $(796)$495,614 $659,183 6.70 %9.64

(1)Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense over the term of the agreement using the effective interest method, or straight line-method, if the result is not materially different.

(2)Includes residential loans and real estate owned with an aggregate carrying value of $252.9 million, residential loans held for sale with a net carrying value of $102.8 million, and single-family rental properties with a net carrying value of $118.5 million as of September 30, 2025. Includes residential loans and real estate owned with