Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 279

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 279
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ucky170%$10,366 12.3 %Alabama170%$6,671 7.9 %Tennessee165%$4,675 5.5 %

December 31, 2024StateProperty CountTotal Equity Ownership InterestNet Equity Investment (1)Percentage of Total Net Equity InvestmentTexas570%$50,505 54.7 %Florida150%$15,868 17.2 %Kentucky170%$11,310 12.2 %Alabama170%$7,106 7.7 %Tennessee165%$5,557 6.0 %

(1)Represents our joint venture equity investment in consolidated multi-family properties net of redeemable non-controlling interest at its estimated redemption value.

Property Data for Joint Venture Equity Investments in Multi-Family Properties not in Disposal Group Held for Sale

The following table provides summary information regarding our joint venture equity investments in multi-family properties that are not in disposal group held for sale as of September 30, 2025.

MarketProperty CountOccupancy %UnitsRent per Unit (1)LTV (2)Collierville, TN194.5 %324$1,521 85.7 %Dallas, TX294.2 %4011,882 89.5 %Houston, TX194.2 %1921,434 78.7 %Little Rock, AR196.2 %2021,378 90.1 %Louisville, KY191.9 %3001,494 84.4 %Montgomery, AL194.9 %2521,104 70.9 %San Antonio, TX293.4 %6841,225 83.8 %St Petersburg, FL197.5 %3262,614 79.0 %Total Count/Average1094.4 %2,681 $1,578 83.4 %

(1)Represents average monthly rent per unit.

(2)Represents the weighted average LTV of the underlying properties utilizing combined maximum senior committed mortgage amount and preferred equity balances, if any, and the combined origination appraisal and capital expenditure budget or the most recent appraisal, as applicable.

141

Unconsolidated Multi-Family Joint Venture Equity Investments

The Company owned equity interests in two joint venture entities that owned multi-family apartment communities. The Company determined that these joint venture entities were VIE