Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 41

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 41
---
 consolidation in accordance with GAAP.(2)Includes CDOs repurchased from our residential loan securitizations with a fair value of $5.3 million as of March 31, 2025. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.The Company also had unencumbered residential loans with a fair value of $100.2 million at March 31, 2025.Residential Loans, Real Estate Owned and Single-family Rental PropertiesThe Company has repurchase agreements with six financial institutions to finance residential loans, real estate owned and single-family rental properties. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at March 31, 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)March 31, 2025$2,775,000 $357,483 $(389)$357,094 $495,999 6.63 %6.64December 31, 2024$2,775,000 $496,410 $(796)$495,614 $659,183 6.70 %9.64

40

(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $13.1 million, a weighted average rate of 6.85%, and weighted average months to maturity of 6 months as of March 31, 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 maturity of 8 months as of December 31, 2024.(2)Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense over the term of the agreement using the effective interest method, or straight line-method, if the result is not materially different.(3)Includes residential loans and real estate owned with an aggregate carrying value