Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 139

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 139
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 Petersburg, FL199.0 %3262,565 78.0 %Webster, TX192.9 %366965 78.1 %Total Count/Average1293.5 %3,247 $1,458 82.3 %

(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.

Property Data for Joint Venture Equity Investments in Multi-Family Properties in Disposal Group Held for Sale

The following table provides summary information regarding the multi-family properties in the disposal group held for sale as of March 31, 2025.

MarketProperty CountOccupancy %UnitsRent per Unit (1)LTV (2)Fort Myers, FL191.0 %338$1,538 76.5 %Tampa, FL191.9 %4001,561 76.4 %Total Count/Average291.5 %738 $1,550 76.4 %

(1)Represents average monthly rent per unit.

(2)Represents the weighted average LTV of the underlying properties utilizing maximum senior committed mortgage amount and combined origination appraisal and capital expenditure budget.

Equity Investment in Entity that Originates Residential Loans

As of March 31, 2025 and December 31, 2024, the Company had an investment in an entity that originates residential loans. The Company accounts for this investment using the equity method and has elected the fair value option. The following table summarizes our ownership interest in the entity that originates residential loans as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025December 31, 2024StrategyOwnership InterestFair ValueOwnership InterestFair ValueConstructive Loans, LLCResidential Loans50%$39,637 50%$38,718 

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Derivative Assets and Liabilities

The Company is exposed to certain risks arising from both its business operations and economic conditions.  The Company enters into derivative financial instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, interest rate caps, credit default swaps, futures and options contracts such as options on credit default swap indices, equity index options, swaptions and options on