Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 43

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 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 securities24,173 24,617 25,654 635,064 633,833 669,447 Balance at end of the period$4,128,622 $4,337,456 $4,308,174 $3,516,611 $3,676,585 $3,729,642 (1)Collateral pledged includes restricted cash posted as margin in the amount of $0.3 million and $11.8 million as of March 31, 2025 and December 31, 2024, respectively.

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(2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $17.1 million and $20.6 million as of March 31, 2025 and December 31, 2024, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.As of March 31, 2025 and December 31, 2024, the outstanding balances under our repurchase agreements secured by investment securities were funded at a weighted average advance rate of 95.8% and 96.0%, respectively, that implies an average "haircut" of 4.2% and 4.0%, respectively. As of March 31, 2025, the weighted average "haircut" related to our repurchase agreement financing for our Agency RMBS, non-Agency RMBS, and U.S. Treasury securities was approximately 3.9%, 27.7%, and 1.0%, respectively. As of March 31, 202