Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 343

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 343
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June 30, 2025December 31, 2024Investment amount$78,808 $90,485 Unrealized losses, net(3,809)(4,293)   Total, at Fair Value$74,999 $86,192 For the three and six months ended June 30, 2025, the Company recognized $55.8 thousand and $0.5 million in net unrealized gains on multi-family loans, respectively. For the three and six months ended June 30, 2024, the Company recognized $16.4 thousand and $4.8 million in net unrealized losses on multi-family loans, respectively.The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loan in non-accrual status as of June 30, 2025 and December 31, 2024 (dollar amounts in thousands):Days LateFair Value (1)Unpaid Principal Balance90 +$— $3,363 (1)The Company has reduced 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 June 30, 2025 and December 31, 2024, respectively, are as follows:June 30, 2025December 31, 2024Texas42.4 %36.1 %Florida13.7 %11.6 %Arkansas12.1 %10.3 %Louisiana10.3 %8.8 %North Carolina7.1 %6.2 %Indiana6.4 %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 June 30, 2025 and December 31