Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 380

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 380
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 the fair value of the multi-family loan to zero as a result of developments with respect to the property, its financing and market conditions. The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2025 and December 31, 2024, respectively, are as follows:September 30, 2025December 31, 2024Texas46.8 %36.1 %Florida15.1 %11.6 %Louisiana11.2 %8.8 %North Carolina7.7 %6.2 %Arkansas7.6 %10.3 %Indiana7.0 %5.6 %

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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), an equity ownership interest in an entity that originates residential loans (or single-family equity ownership interest) 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 condensed consolidated balance sheets as a result of a fair value election.  The following table presents the Company's equity investments as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Investment NameOwnership InterestFair ValueOwnership InterestFair ValueMulti-Family Preferred Equity Ownership InterestsHudson 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%$9,879 58%$9,322 Tides on 27th Investors, LLC54%7,653 54%10,245 Rapid City RMI JV LLC50%11,293 50%10,637 Lucie at Tradition Holdings, LLC—— 70%21,821 EHOF-NYMT Sunset Apartments Preferred, LLC—— 57%21,411 Total - Multi-Family Preferred Equity Ownership Interests28,825 73,436 Joint Venture Equity Investments in Multi-Family PropertiesGWR Cedars Partners,