Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 276

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 276
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Total15$126,887 100.0 %12.55 %83 %1.26x

December 31, 2024StateCountInvestment Amount% TotalWeighted Average CouponWeighted Average LTV (1)Weighted Average DSCR (2)Florida3$54,115 29.0 %13.12 %83 %0.89x(3)Texas649,619 26.6 %12.39 %84 %1.08xArizona115,201 8.2 %14.00 %80 %1.84xTennessee113,045 7.0 %14.00 %86 %0.51x(4)South Dakota110,583 5.7 %15.00 %85 %1.80xSouth Carolina19,645 5.2 %13.00 %75 %1.47xOther634,301 18.3 %11.70 %83 %1.30xTotal19$186,509 100.0 %12.90 %83 %1.18x

(1)Represents the weighted average LTV utilizing combined senior and mezzanine loans and combined origination appraisal and capital expenditure budget.

(2)Represents the weighted average debt service coverage ratio ("DSCR") of the underlying properties and excludes properties that are subject to a senior construction loan agreement.

(3)DSCR affected by non-recurring expenses during the year ended December 31, 2024.

(4)DSCR affected by senior loan and Mezzanine Lending modifications.

138

Equity Investments in Multi-Family Entities

The Company owns, or owned, joint venture equity investments in entities that own multi-family properties. The Company determined that these joint venture entities are VIEs and that the Company is the primary beneficiary of all but two of these VIEs, resulting in consolidation of the VIEs where we are the primary beneficiary, including their assets, liabilities, income and expenses, in our condensed consolidated financial statements in accordance with GAAP.  We receive a preferred return and/or pro rata variable distributions from these investments and, in certain cases, management fees based upon property performance.  We also will participate in allocation of excess cash upon sale of the multi-family real estate assets.  

The Company repositioned its business through the opportunistic disposition over time of