Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 281

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 281
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ated VIE that owns a multi-family apartment community.  A reconciliation of our preferred equity investment in the Consolidated VIE to our consolidated financial statements as of December 31, 2024 and 2023, respectively, is shown below (dollar amounts in thousands):

December 31, 2024December 31, 2023Cash and cash equivalents$392 $1,300 Real estate, net53,508 54,439 Lease intangible, net (a)— 2,378 Other assets4,939 4,722 Total assets58,839 62,839 Mortgage payable on real estate, net45,120 45,142 Other liabilities1,823 2,403 Total liabilities46,943 47,545 Non-controlling interest in Consolidated VIE(5,071)3,588 Preferred equity investment in Consolidated VIE$16,967 $11,706 

(a)Included in other assets in the accompanying consolidated balance sheets.

100

Mezzanine Lending Characteristics

The following tables present characteristics of our Mezzanine Lending portfolio summarized by geographic concentrations of credit risk exceeding 5% of our total investment amount as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):

December 31, 2024StateCountInvestment Amount% TotalWeighted Average CouponWeighted Average LTV (1)Weighted Average DSCR (2)Florida3$54,115 29.0 %13.1 %83 %0.89x(3)Texas649,619 26.6 %12.4 %84 %1.08xArizona115,201 8.2 %14.0 %80 %1.84xTennessee113,045 7.0 %14.0 %86 %0.51x(4)South Dakota110,583 5.7 %15.0 %85 %1.80xSouth Carolina19,645 5.2 %13.0 %75 %1.47xOther634,301 18.3 %11.7 %83 %1.30xTotal19$186,509 100.0 %12.9 %83 %1.18x

December 31, 2023StateCountInvestment Amount%