Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 60

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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,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 repurchase agreements secured by investment securities were funded at a weighted average advance rate of 96.4% and 96.0%, respectively, that implies an average "haircut" of 3.6% and 4.0%, respectively. As of September 30, 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 3.6%, 34.5%, and 1.7%, respectively. As of September 30, 2025 and December 31, 2024, the average days to maturity for repurchase agreements secured by investment securities were 41 days and 26 days, respectively, and the weighted average interest rates were 4.43% and 4.84%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at September 30, 2025 and December 31, 2024 amounted to $39.5 million and $28.4 million, respectively, and