Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 54

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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urchase agreements contain various covenants, including among other things, the maintenance of certain amounts of liquidity and total stockholders' equity as defined in the respective agreements. The Company is in compliance with such covenants as of June 30, 2025 and through the date of this Quarterly Report on Form 10-Q.Investment SecuritiesThe Company has entered into repurchase agreements with financial institutions to finance certain investment securities available for sale and securities owned in Consolidated SLST. These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to SOFR and are secured by the investment securities which they finance and additional collateral pledged, if any. 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,