Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 370

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 370
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515 11,141 Accrued expenses and other liabilities in consolidated multi-family properties8,877 10,621 Deferred revenue6,717 5,817 Advanced remittances from residential loan servicers5,898 7,029 Operating lease liabilities5,299 5,935 Deferred tax liabilities2,265 9,282 Other2,827 4,354   Total$146,006 $147,612 

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13.      Repurchase AgreementsThe following table presents the carrying value of the Company's repurchase agreements as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Repurchase Agreements Secured By:June 30, 2025December 31, 2024Investment securities$4,602,078 $3,516,611 Residential loans and real estate owned239,330 428,399 Single-family rental properties66,028 67,215 Total carrying value$4,907,436 $4,012,225 As of June 30, 2025, 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 5.41%. 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 June 30, 2025, 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 June 30, 2025, the Company had $156.1 million included in cash and cash equivalents and $272.5 million in unencumbered investment securities available to meet additional haircuts or market valuation requirements. The following table presents information about the Company's unencumbered securities at June 30, 2025 (dollar amounts in thousands):Unencumbered SecuritiesJune 30, 2025Agency RMBS$231,746 Non-Agency RMBS (1) (