Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 373

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 373
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. As of June 30, 2025 and December 31, 2024, the Company had amounts outstanding under repurchase agreements with twelve counterparties and nine counterparties, respectively. The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):June 30, 2025December 31, 2024Outstanding Repurchase AgreementsFair Value of Collateral PledgedAmortized Cost of Collateral PledgedOutstanding Repurchase AgreementsFair Value of Collateral Pledged (1)Amortized Cost of Collateral Pledged (1)Agency RMBS$4,436,198 $4,646,208 $4,605,983 $2,830,925 $2,975,400 $2,995,820 Non-Agency RMBS (2)30,222 43,237 42,598 50,622 67,352 64,375 U.S. Treasury securities135,658 138,650 139,638 635,064 633,833 669,447 Balance at end of the period$4,602,078 $4,828,095 $4,788,219 $3,516,611 $3,676,585 $3,729,642 (1)Collateral pledged includes restricted cash posted as margin in the amount of $11.8 million as of December 31, 2024.

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(2)Includes first loss subordinated securities in Consolidated SLST with a fair value of $25.2 million and $20.6 million as of June 30, 2025 and December 31, 2024, respectively. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.As of June 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 96.1% and 96.0%, respectively, that implies an average "haircut" of 3.9% and 4.0%, respectively. As of June 30, 2025, the weighted average "haircut" related to our repurchase agreement financing for our Agency RM