Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 311

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 311
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31, 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 5.82%. 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 March 31, 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 March 31, 2025, the Company had $173.1 million included in cash and cash equivalents and $256.8 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 March 31, 2025 (dollar amounts in thousands):Unencumbered SecuritiesMarch 31, 2025Agency RMBS$216,096 Non-Agency RMBS (1) (2)40,679 Total$256,775 (1)Includes IOs in Consolidated SLST with a fair value of $13.3 million as of March 31, 2025. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP.(2)Includes CDOs repurchased from our residential loan securitizations with a fair value of $5.3 million as of March 31, 2025. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.The Company also had unencumbered residential loans with a fair value of $100.2 million at March 31, 2025.Residential Loans, Real Estate Owned and Single-family Rental PropertiesThe Company has repurchase agreements with six financial institutions to finance residential loans, real estate owned and single-family rental properties. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):    Maximum Aggregate Uncommitted Principal AmountOut