Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 149

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 149
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4 %200718.4 %19.8 %2008 or later45.0 %38.3 %Geographic state concentration (greater than 5.0%):   California11.1 %11.7 %   New York10.6 %10.8 %   Florida8.8 %9.1 %   Illinois7.4 %6.3 %   New Jersey6.3 %6.8 %

119

Residential Loans, Real Estate Owned and Single-Family Rental Property Financing

Repurchase Agreements

As of June 30, 2025, the Company had repurchase agreements with six third-party financial institutions to fund the purchase of residential loans, real estate owned and single-family rental properties. As of June 30, 2025, the Company's only repurchase agreement exposure where the amount of collateral at risk was in excess of 5% of the Company's stockholders’ equity was to Atlas SP at 5.41%. 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 following table presents detailed information about these repurchase agreements and associated assets pledged as collateral at June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

Maximum Aggregate Uncommitted Principal AmountOutstandingRepurchase Agreements (1)Net Deferred Finance Costs (2)Carrying Value of Repurchase AgreementsCarrying Value of Assets Pledged (3)Weighted Average RateWeighted Average Months to Maturity (4)June 30, 2025$2,925,000 $305,440 $(82)$305,358 $427,669 6.44 %9.70December 31, 2024$2,775,000 $496,410 $(796)$495,614 $659,183 6.70 %9.64

(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $7.1 million, a weighted average rate of 6.70%, and weighted average months to maturity of 26 months as of June 30, 2025. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $15.0 million, a weighted average rate of 7.09%, and weighted average months to