Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 119

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 119
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2023Accrued interest payable$41,015 $23,653 Dividends and dividend equivalents payable30,280 32,151 Unfunded commitments for residential and multi-family investments14,001 6,587 Accrued expenses11,141 11,515 Accrued expenses and other liabilities in consolidated multi-family properties10,621 21,797 Deferred tax liabilities9,282 2,012 Swap margin payable8,137 — Advanced remittances from residential loan servicers7,029 4,332 Operating lease liabilities5,935 7,102 Deferred revenue5,817 5,469 Other4,354 3,398   Total$147,612 $118,016 

F-54

13.      Repurchase AgreementsThe following table presents the carrying value of the Company's repurchase agreements as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):Repurchase Agreements Secured By:December 31, 2024December 31, 2023Investment securities$3,516,611 $1,862,063 Residential loans and real estate owned428,399 534,754 Single-family rental properties67,215 74,296 Total carrying value$4,012,225 $2,471,113 As of December 31, 2024, the Company had repurchase agreement exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity with Atlas SP at 6.08%. 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 financings under certain of our repurchase agreements are subject to margin calls to the extent the market value of the collateral subject to the repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of December 31, 2024, the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize the liability immediately. As of December 31, 2024, the Company had $163.3 million included in cash and cash equivalents and $170.2 million in unencumbered investment securities available to meet additional haircuts