Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 286

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 286
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1,377 89.4 %Louisville, KY193.7 %3001,491 84.1 %Montgomery, AL194.8 %2521,063 71.5 %San Antonio, TX289.2 %6841,282 82.4 %St Petersburg, FL199.1 %3262,543 77.5 %Webster, TX192.9 %366967 78.1 %Total Count/Average1292.7 %3,247 $1,483 82.0 %

(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.

105

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 December 31, 2024.

MarketProperty CountOccupancy %UnitsRent per Unit (1)LTV (2)Fort Myers, FL191.7 %338$1,560 77.3 %Tampa, FL192.3 %4001,581 77.6 %Total Count/Average292.0 %738 $1,571 77.5 %

(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 December 31, 2024 and 2023, 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 December 31, 2024 and 2023, respectively (dollar amounts in thousands):

December 31, 2024December 31, 2023StrategyOwnership InterestFair ValueOwnership InterestFair ValueConstructive Loans, LLCResidential Loans50%$38,718 50%$37,154 

106

Derivative Assets and Liabilities

The Company is exposed to certain risks arising from both its