Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 91

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 91
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, 2023Texas36.1 %32.6 %Tennessee14.4 %15.2 %Florida11.6 %10.5 %Arkansas10.3 %9.5 %Louisiana8.8 %7.5 %North Carolina6.2 %5.8 %Indiana5.6 %5.3 %

F-30

6.      Equity Investments, at Fair ValueThe Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), equity ownership interests in entities that invest in single-family properties or originate residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. The Company's equity investments are accounted for under the equity method and are presented at fair value on its consolidated balance sheets as a result of a fair value election.  The following table presents the Company's equity investments as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Investment NameOwnership InterestFair ValueOwnership InterestFair ValueMulti-Family Preferred Equity Ownership InterestsEHOF-NYMT Sunset Apartments Preferred, LLC57%$21,411 57%$19,703 Lucie at Tradition Holdings, LLC70%21,821 70%19,442 Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively)58%9,322 58%9,882 Tides on 27th Investors, LLC54%10,245 54%17,937 Rapid City RMI JV LLC50%10,637 50%9,804 Syracuse Apartments and Townhomes, LLC—— 58%21,642 Palms at Cape Coral, LLC—— 34%5,832 Total - Multi-Family Preferred Equity Ownership Interests73,436 104,242 Joint Venture Equity Investments in Multi-Family PropertiesGWR Cedars Partners, LLC 70%141 70%1,897 GWR Gateway Partners, LLC 70%1,197