Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 57

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 Company's repurchase agreements and warehouse facilities as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Repurchase Agreements and Warehouse Facilities Secured By:September 30, 2025December 31, 2024Investment securities$6,100,691 $3,516,611 Residential loans and real estate owned217,612 428,399 Residential loans held for sale97,290 — Single-family rental properties65,479 67,215 Total carrying value$6,481,072 $4,012,225 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 financings under certain of our repurchase agreements are subject to margin calls to the extent the market value of the collateral subject to the repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of September 30, 2025, the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize the liability immediately. As of September 30, 2025, the Company had $180.9 million included in cash and cash equivalents and $459.6 million in unencumbered investment securities available to meet additional haircuts or market valuation requirements. The following table presents information about the Company's unencumbered securities at September 30, 2025 (dollar amounts in thousands):Unencumbered SecuritiesSeptember 30, 2025Agency RMBS$423,418 Non-Agency RMBS (1)34,417 U.S. Treasury securities1,798 Total$459,633 (1)Includes IOs in Consolidated SLST with a fair value of $11.9 million as of September 30, 2025. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.The Company also had unencumbered residential loans with a fair value of $57.7 million at September 30, 2025.Residential Loans, Real Estate