Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 410

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 410
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 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 an aggregate 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 an aggregate carrying value of $524.6 million and single-family rental properties with a net carrying value of $134.6 million as of December 31, 2024.(3)The Company expects to either roll outstanding amounts under these repurchase agreements and warehouse facilities into new financing arrangements or repay outstanding amounts in full prior to or at maturity.The outstanding financing under these repurchase agreements and warehouse facilities as of September 30, 2025 is secured by the underlying residential loans and other related collateral and is subject to margin-type provisions that may require repayment of a portion of the borrowings or the posting of additional collateral if the market value of the collateral falls below specified levels or certain eligibility criteria are not met. During the terms of the repurchase agreements and warehouse facilities, proceeds from the residential loans, residential loans held for sale, real estate owned and single-family rental properties will be applied to pay any price differential, if applicable, and to reduce the aggregate repurchase price of the collateral. Repurchase of the residential loans, real estate owned and single-family rental properties financed by the repurchase agreements, or repayment obligations under warehouse revolving facilities may be accelerated upon an event of default. The Company’s accrued interest payable on outstanding repurchase agreements and warehouse facilities secured by residential loans, real estate owned and single-family rental properties at September 30, 2025 and December 31, 2024 amounted to $2.8 million and $2.5 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets.As of September 30, 2025, the Company's repurchase agreements and warehouse facilities contain various covenants, including among other things, the maintenance of certain amounts of liquidity and total stockholders' equity as defined in the respective agreements. The Company is in compliance with such covenants as of September 30, 2025 and through the date of this Quarterly Report on Form 10-Q.Investment SecuritiesThe Company has entered into repurchase agreements with