Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 179

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 179
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,967 16,991 13.84 %7.0   Total 19 $176,595 $186,509 12.90 %4.1 

(1)Preferred equity investments in the amounts of $68.6 million and $86.2 million are included in multi-family loans on the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. Preferred equity investments in the amounts of $28.8 million and $73.4 million are included in equity investments on the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. 

(2)The difference between the fair value and investment amount consists of any unrealized gain or loss.  

(3)Based upon investment amount and contractual preferred return rate.

(4)Represents the Company's preferred equity investment in a Consolidated VIE that owns a multi-family apartment community.  A reconciliation of our preferred equity investment in the Consolidated VIE to our condensed consolidated financial statements as of September 30, 2025 and December 31, 2024, respectively, is shown below (dollar amounts in thousands):

September 30, 2025December 31, 2024Cash and cash equivalents$451 $392 Real estate, net53,606 53,508 Other assets4,037 4,939 Total assets58,094 58,839 Mortgage payable on real estate, net45,128 45,120 Other liabilities1,914 1,823 Total liabilities47,042 46,943 Non-controlling interest in Consolidated VIE(7,086)(5,071)Preferred equity investment in Consolidated VIE$18,138 $16,967 

137

Mezzanine Lending Characteristics:

The following tables present characteristics of our Mezzanine Lending portfolio summarized by geographic concentrations of credit risk exceeding 5% of our total investment amount as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

September 30, 2025StateCountInvestment Amount% TotalWeighted Average CouponWeighted Average LTV (1)Weighted Average DSCR (2)Texas6$51,994 41.0 %12.44 %85 %1.12xArizona115,031