Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 167

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 167
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 associated with holding the investment securities as collateral.  The haircut provides counterparties with a cushion for daily market value movements that reduce the need for margin calls or margins to be returned as normal daily changes in investment security market values occur. The Company expects to roll outstanding amounts under its repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity.

As of September 30, 2025, the Company had no repurchase agreement exposure where the amount of investment securities at risk was in excess of 5% of the Company's stockholders’ equity. As of September 30, 2025, the weighted average interest rate for repurchase agreements secured by investment securities was 4.43%.

The following table details the quarterly average balance, ending balance and maximum balance at any month-end during each quarter in 2025, 2024 and 2023 for our repurchase agreements secured by investment securities (dollar amounts in thousands):

Quarter EndedQuarterly AverageBalanceEnd of QuarterBalanceMaximum Balanceat any Month-EndSeptember 30, 2025$5,768,898 $6,100,691 $6,198,269 June 30, 20254,512,106 4,602,078 4,602,078 March 31, 20254,000,724 4,128,622 4,156,941 December 31, 20243,328,795 3,516,611 3,516,611 September 30, 20242,772,203 3,045,597 3,045,597 June 30, 20242,202,770 2,447,851 2,447,851 March 31, 20242,078,041 2,057,361 2,126,993 December 31, 20231,851,577 1,862,063 1,870,941 September 30, 20231,184,714 1,490,996 1,490,996 June 30, 2023492,473 664,459 664,459 March 31, 2023131,174 226,778 226,778 

TBA Dollar Rolls

From time to time, we enter into TBAs as an alternate means of investing in and financing Agency RMBS. We include the cost basis of outstanding TB