Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 18

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 non-accrual status as of March 31, 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 March 31, 2025 and December 31, 2024, respectively, are as follows:March 31, 2025December 31, 2024Texas36.3 %36.1 %Tennessee14.3 %14.4 %Florida11.7 %11.6 %Arkansas10.2 %10.3 %Louisiana8.8 %8.8 %North Carolina6.1 %6.2 %Indiana5.5 %5.6 %

18

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 March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Investment NameOwnership InterestFair ValueOwnership InterestFair ValueMulti-Family Preferred Equity Ownership InterestsLucie at Tradition Holdings, LLC70%$22,428 70%$21,821 Hudson 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%9,549 58%9,322 Tides on 27th Investors, LLC54%10,428 54%