Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 371

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 371
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2)39,002 U.S. Treasury securities1,785 Total$272,533 (1)Includes IOs in Consolidated SLST with a fair value of $12.6 million as of June 30, 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 $5.1 million as of June 30, 2025. Repurchased CDOs are eliminated in consolidation in accordance with GAAP.The Company also had unencumbered residential loans with a fair value of $78.7 million at June 30, 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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):    Maximum Aggregate Uncommitted Principal AmountOutstandingRepurchase Agreements (1)Net Deferred Finance Costs (2)Carrying Value of Repurchase AgreementsCarrying Value of Assets Pledged (3)Weighted Average RateWeighted Average Months to Maturity (4)June 30, 2025$2,925,000 $305,440 $(82)$305,358 $427,669 6.44 %9.70December 31, 2024$2,775,000 $496,410 $(796)$495,614 $659,183 6.70 %9.64

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(1)Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $7.1 million, a weighted average rate of 6.70%, and weighted average months to maturity of 26 months as of June 30, 2025. Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $15.0 million, a weighted average rate of 7.09%, and weighted average months to maturity of 8 months as of December 31, 2024.(2)Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a