Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 408

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 408
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 amounts in thousands):September 30, 2025December 31, 2024Accrued interest payable$56,128 $41,015 Dividends and dividend equivalents payable35,891 30,280 Accrued expenses19,319 11,141 Margin payable to derivative counterparties13,322 8,137 Accrued expenses and other liabilities in consolidated multi-family properties10,563 10,621 Unfunded commitments for residential and multi-family investments8,729 14,001 Deferred tax liabilities7,802 9,282 Deferred revenue6,976 5,817 Operating lease liabilities4,972 5,935 Advanced remittances from residential loan servicers2,926 7,029 Holdback for representations and warranties2,500 — Derivative liabilities121 — Other4,614 4,354   Total$173,863 $147,612 

46

13.      Repurchase Agreements and Warehouse FacilitiesThe following table presents the carrying value of the Company's repurchase agreements and warehouse facilities as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Repurchase Agreements and Warehouse Facilities Secured By:September 30, 2025December 31, 2024Investment securities$6,100,691 $3,516,611 Residential loans and real estate owned217,612 428,399 Residential loans held for sale97,290 — Single-family rental properties65,479 67,215 Total carrying value$6,481,072 $4,012,225 As of September 30, 2025, the Company had no repurchase agreement or warehouse facility exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity. 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 September 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