Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 382

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 382
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 the senior lender for its mortgage payable. As part of the agreement, the required strike price of the interest rate cap agreement related to the respective mortgage payable increased and a portion of interest payments was deferred until the maturity date. The restructuring did not result in a change in the carrying amount of the mortgage payable and no gain was recorded. During the year ended December 31, 2024, the Company sold its joint venture equity investment in the entity, which resulted in the de-consolidation of the mortgage payable subject to the debt restructuring agreement as of December 31, 2024.

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The consolidated multi-family apartment communities are subject to mortgages payable collateralized by the associated real estate assets. The Company has no obligation for repayment of the mortgages payable but, with respect to certain of the mortgages payable, it may execute a guaranty related to commitment of bad acts.  The following table presents detailed information for these mortgages payable on real estate as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):Maximum Committed Mortgage Principal AmountOutstanding Mortgage BalanceNet Deferred Finance CostMortgage Payable, Net (1)Stated MaturityWeighted Average Interest Rate (2) (3)June 30, 2025$365,494 $365,494 $(1,394)$364,100 2026 - 20324.42 %December 31, 2024368,158 368,158 (1,552)366,606 2026 - 20324.48 %(1)The Company is repositioning its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets.  Accordingly, mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. See Note 9 for additional information.(2)Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated.(3)For variable-rate mortgages payable, the applicable entities, as required by loan agreements, entered into interest rate cap contracts with counterparties that limit the indexed portion of the interest rate to a fixed rate.  See Note 10 for additional information.   Debt MaturitiesAs of June