Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 409

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 409
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 securities that could be monetized to pay down or collateralize the liability immediately. As of September 30, 2025, the Company had $180.9 million included in cash and cash equivalents and $459.6 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 September 30, 2025 (dollar amounts in thousands):Unencumbered SecuritiesSeptember 30, 2025Agency RMBS$423,418 Non-Agency RMBS (1)34,417 U.S. Treasury securities1,798 Total$459,633 (1)Includes IOs in Consolidated SLST with a fair value of $11.9 million as of September 30, 2025. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.The Company also had unencumbered residential loans with a fair value of $57.7 million at September 30, 2025.Residential Loans, Real Estate Owned and Single-family Rental PropertiesThe Company has repurchase agreements or warehouse facilities with eight financial institutions to finance residential loans, residential loans held for sale, real estate owned and single-family rental properties. The following table presents detailed information about the Company’s financings under these repurchase agreements or warehouse facilities and associated assets pledged as collateral at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):    Maximum Aggregate Uncommitted Principal or Line AmountOutstandingRepurchase Agreements and Warehouse FacilitiesNet Deferred Finance Costs (1)Carrying Value of Repurchase Agreements and Warehouse FacilitiesCarrying Value of Assets Pledged (2)Weighted Average RateWeighted Average Months to Maturity (3)September 30, 2025$3,225,000 $380,692 $(311)$380,381 $474,220 6.37 %5.56December 31, 2024$2,775,000 $496,410 $(796)$495,614 $659,183 6.70 %9.64

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(1)Costs related to 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