Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 183

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 183
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 of September 30, 2025. 

140

The geographic concentrations in joint venture equity investments in consolidated multi-family properties exceeding 5% of our joint venture equity investments in consolidated multi-family properties not in disposal group held for sale as of September 30, 2025 and December 31, 2024, respectively, are shown below (dollar amounts in thousands):  

September 30, 2025StateProperty CountTotal Equity Ownership InterestNet Equity Investment (1)Percentage of Total Net Equity InvestmentTexas570%$46,279 54.8 %Florida150%$14,832 17.6 %Kentucky170%$10,366 12.3 %Alabama170%$6,671 7.9 %Tennessee165%$4,675 5.5 %

December 31, 2024StateProperty CountTotal Equity Ownership InterestNet Equity Investment (1)Percentage of Total Net Equity InvestmentTexas570%$50,505 54.7 %Florida150%$15,868 17.2 %Kentucky170%$11,310 12.2 %Alabama170%$7,106 7.7 %Tennessee165%$5,557 6.0 %

(1)Represents our joint venture equity investment in consolidated multi-family properties net of redeemable non-controlling interest at its estimated redemption value.

Property Data for Joint Venture Equity Investments in Multi-Family Properties not in Disposal Group Held for Sale

The following table provides summary information regarding our joint venture equity investments in multi-family properties that are not in disposal group held for sale as of September 30, 2025.

MarketProperty CountOccupancy %UnitsRent per Unit (1)LTV (2)Collierville, TN194.5 %324$1,521 85.7 %Dallas, TX294.2 %4011,882 89.5 %Houston, TX194.2 %1921,434 78.7 %Little Rock, AR196.2 %2021,378 90.1 %Louisville, KY191.9 %3001,494 84.4 %Montgomery, AL194.9 %2521,104 70.9 %San Antonio, TX293.4 %6841,225 83.8 %St Petersburg, FL197.5 %3262,614