Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 40

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 liabilities5,620 5,935 Deferred tax liabilities4,353 9,282 Other2,934 4,354   Total$172,757 $147,612 

39

13.      Repurchase AgreementsThe following table presents the carrying value of the Company's repurchase agreements as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Repurchase Agreements Secured By:March 31, 2025December 31, 2024Investment securities$4,128,622 $3,516,611 Residential loans and real estate owned289,896 428,399 Single-family rental properties67,198 67,215 Total carrying value$4,485,716 $4,012,225 As of March 31, 2025, the Company had repurchase agreement exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity with Atlas SP at 5.82%. 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 financings under certain of our repurchase agreements are subject to margin calls to the extent the market value of the collateral subject to the repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of March 31, 2025, the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize the liability immediately. As of March 31, 2025, the Company had $173.1 million included in cash and cash equivalents and $256.8 million in unencumbered investment securities available to meet additional haircuts or market valuation requirements. The following table presents information about the Company's unencumbered securities at March 31, 2025 (dollar amounts in thousands):Unencumbered SecuritiesMarch 31, 2025Agency RMBS$216,096 Non-Agency RMBS (1) (2)40,679 Total$256,775 (1)Includes IOs in Consolidated SLST with a fair value of $13.3 million as of March 31, 2025. Consolidated SLST securities owned by the Company are eliminated in