Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 158

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 158
---
 securities (dollar amounts in thousands):

Quarter EndedQuarterly AverageBalanceEnd of QuarterBalanceMaximum Balanceat any Month-EndJune 30, 2025$4,512,106 $4,602,078 $4,602,078 March 31, 20254,000,724 4,128,622 4,156,941 December 31, 20243,328,795 3,516,611 3,516,611 September 30, 20242,772,203 3,045,597 3,045,597 June 30, 20242,202,770 2,447,851 2,447,851 March 31, 20242,078,041 2,057,361 2,126,993 December 31, 20231,851,577 1,862,063 1,870,941 September 30, 20231,184,714 1,490,996 1,490,996 June 30, 2023492,473 664,459 664,459 March 31, 2023131,174 226,778 226,778 

TBA Dollar Rolls

From time to time, we enter into TBAs as an alternate means of investing in and financing Agency RMBS. We include the cost basis of outstanding TBAs in our measures of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. As of June 30, 2025, the Company had outstanding TBA forward contracts with a cost basis of $10.1 million.

Collateralized Debt Obligations

We refer to our re-securitization of the Company's investment in certain subordinated securities issued by Consolidated SLST as our non-Agency RMBS re-securitization.  The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse, longer-term financing on a portion of its investment in Consolidated SLST.  The Company remains economically exposed to the subordinated positions in the portion of Consolidated SLST transferred to the securitization and continues to consolidate Consolidated SLST.

125

The following table presents a summary of CDOs issued by our non-Agency RMBS re-securitization as of June