Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 270

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 270
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91

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

Repurchase Agreements

As of December 31, 2024, the Company had repurchase agreements with six third-party financial institutions to fund the purchase of residential loans, real estate owned and single-family rental properties. As of December 31, 2024, the Company's only repurchase agreement exposure where the amount of collateral at risk was in excess of 5% of the Company's stockholders’ equity was to Atlas SP at 6.08%. 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 associated assets pledged as collateral at December 31, 2024 and 2023, respectively (dollar amounts in thousands):

Maximum Aggregate Uncommitted Principal AmountOutstandingRepurchase Agreements (1)Net Deferred Finance Costs (2)Carrying Value of Repurchase AgreementsCarrying Value of Assets Pledged (3)Weighted Average RateWeighted Average Months to Maturity (4)December 31, 2024$2,775,000 $496,410 $(796)$495,614 $659,183 6.70 %9.64December 31, 2023$2,225,000 $611,055 $(2,005)$609,050 $805,082 7.87 %13.89

(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $15.0 million, a weighted average rate of 7.09%, and weighted average months to maturity of 8 months as of December 31, 2024. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $179.1 million, a weighted average rate of 8.19%, and weighted average months to maturity of 14 months as of December 31, 2023.

(2)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