Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 123

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 123
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 in accordance with GAAP.(3)Includes CDOs repurchased from our residential loan securitizations with a fair value of $42.1 million as of December 31, 2023. Amounts included in amortized cost of collateral pledged for repurchased CDOs represent the current par value of the securities. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.As of December 31, 2024 and 2023, the outstanding balances under our repurchase agreements secured by investment securities were funded at a weighted average advance rate of 96.0% and 93.4%, respectively, that implies an average "haircut" of 4.0% and 6.6%, respectively. As of December 31, 2024, the weighted average "haircut" related to our repurchase agreement financing for our Agency RMBS, non-Agency RMBS, and U.S. Treasury securities was approximately 4.2%, 27.9%, and 1.3%, respectively. As of December 31, 2024 and 2023, the average days to maturity for repurchase agreements secured by investment securities were 26 days and 46 days, respectively, and the weighted average interest rates were 4.84% and 5.66%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at December 31, 2024 and 2023 amounted to $28.4 million and $13.6 million, respectively, and is included in other liabilities on the Company’s consolidated balance sheets.The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2024 and 2023, respectively (dollar amounts in thousands):Contractual MaturityDecember 31, 2024December 31, 2023Within 30 days$2,103,332 $505,446 Over 30 day to 90 days1,413,279 1,263,000 Over 90 days— 93,617 Total$3,516,611 $1,862,063 

F-57

14.      Collateralized Debt ObligationsThe Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the