Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 314

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 314
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 securities24,173 24,617 25,654 635,064 633,833 669,447 Balance at end of the period$4,128,622 $4,337,456 $4,308,174 $3,516,611 $3,676,585 $3,729,642 (1)Collateral pledged includes restricted cash posted as margin in the amount of $0.3 million and $11.8 million as of March 31, 2025 and December 31, 2024, respectively.

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(2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $17.1 million and $20.6 million as of March 31, 2025 and December 31, 2024, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.As of March 31, 2025 and December 31, 2024, the outstanding balances under our repurchase agreements secured by investment securities were funded at a weighted average advance rate of 95.8% and 96.0%, respectively, that implies an average "haircut" of 4.2% and 4.0%, respectively. As of March 31, 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 3.9%, 27.7%, and 1.0%, respectively. As of March 31, 2025 and December 31, 2024, the average days to maturity for repurchase agreements secured by investment securities were 35 days and 26 days, respectively, and the weighted average interest rates were 4.49% and 4.84%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at March 31, 2025 and December 31, 2024 amounted to $28.2 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 March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Contractual MaturityMarch 31, 2025December 31, 2024Within