Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 411

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 411
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 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 September 30, 2025 and December 31, 2024, the Company had amounts outstanding under repurchase agreements with 12 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 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$5,903,078 $6,136,353 $6,055,555 $2,830,925 $2,975,400 $2,995,820 Non-Agency RMBS (2)18,482 27,662 27,073 50,622 67,352 64,375 U.S. Treasury securities179,131 181,390 179,745 635,064 633,833 669,447 Balance at end of the period$6,100,691 $6,345,405 $6,262,373 $3,516,611 $3,676,585 $3,729,642 (1)Collateral pledged includes restricted cash posted as margin in the amount of $0.7 million and $11.8 million as of September 30, 2025 and December 31, 2024, respectively.

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(2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $22.0 million and $20.6 million as of September 30, 2025 and December 31, 2024, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.As of September 30, 2025 and December 31, 2024, the outstanding balances under our