Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 133

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 133
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 Mezzanine Lending portfolio. The Company has also ceased accruals of preferred return on one preferred equity investment and its preferred equity investment in a Consolidated VIE as a result of its evaluation of the hypothetical liquidation value for the respective investments. These investments represent 19.9% of the total investment amount of the Mezzanine Lending portfolio.  

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The following tables summarize our Mezzanine Lending portfolio as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands): 

March 31, 2025CountFair Value (1) (2)Investment Amount (2)Weighted Average Preferred Return Rate (3)Weighted Average Remaining Life (Years)Preferred equity investments17 $140,473 $149,240 12.81 %4.1 Preferred equity investment in Consolidated VIE (4)1 18,242 18,266 13.89 %6.8   Total 18 $158,715 $167,506 12.93 %4.4 

December 31, 2024CountFair Value (1) (2)Investment Amount (2)Weighted Average Preferred Return Rate (3)Weighted Average Remaining Life (Years)Preferred equity investments18 $159,628 $169,518 12.80 %3.8 Preferred equity investment in Consolidated VIE (4)1 16,967 16,991 13.84 %7.0   Total 19 $176,595 $186,509 12.90 %4.1 

(1)Preferred equity investments in the amounts of $87.2 million and $86.2 million are included in multi-family loans on the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively. Preferred equity investments in the amounts of $53.3 million and $73.4 million are included in equity investments on the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively. 

(2)The difference between the fair value and investment amount consists of any unrealized gain or loss.  

(3)Based upon investment amount and contractual preferred return rate.

(4)Represents the Company's preferred equity investment in a Consolidated VIE that owns a multi-family