Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 313

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 313
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 balance of $344.4 million as of March 31, 2025 are subject to margin calls to the extent the market value of the collateral falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements.The Company’s accrued interest payable on outstanding repurchase agreements secured by residential loans, real estate owned and single-family rental properties at March 31, 2025 and December 31, 2024 amounted to $2.4 million and $2.5 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets.As of March 31, 2025, the Company's repurchase agreements 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 March 31, 2025 and through the date of this Quarterly Report on Form 10-Q.Investment SecuritiesThe Company has entered into repurchase agreements with financial institutions to finance certain investment securities available for sale and securities owned in Consolidated SLST. These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to SOFR and are secured by the investment securities which they finance and additional collateral pledged, if any. As of March 31, 2025 and December 31, 2024, the Company had amounts outstanding under repurchase agreements with eleven counterparties and nine counterparties, respectively. The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Outstanding Repurchase AgreementsFair Value of Collateral Pledged (1)Amortized Cost of Collateral Pledged (1)Outstanding Repurchase AgreementsFair Value of Collateral Pledged (1)Amortized Cost of Collateral Pledged (1)Agency RMBS$4,060,557 $4,254,071 $4,225,254 $2,830,925 $2,975,400 $2,995,820 Non-Agency RMBS (2)43,892 58,768 57,266 50,622 67,352 64,375 U.S. Treasury