Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 214

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 214
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 into its condensed consolidated financial statements. 

During the three months ended March 31, 2025, the Company negotiated a short-term maturity extension on one preferred equity investment for which the underlying property was subject to a purchase and sale agreement with a closing date subsequent to the scheduled maturity of the preferred equity investment. During the three months ended March 31, 2024, the Company reduced the fair value of one defaulted preferred equity investment to zero as a result of developments with respect to the property, its financing and market conditions. This investment represents 2.0% of the total investment amount of the Mezzanine Lending portfolio. The Company has also ceased accruals of preferred return on one preferred equity investment and its preferred equity investment in a Consolidated VIE as a result of its evaluation of the hypothetical liquidation value for the respective investments. These investments represent 19.9% of the total investment amount of the Mezzanine Lending portfolio.  

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The following tables summarize our Mezzanine Lending portfolio as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands): 

March 31, 2025CountFair Value (1) (2)Investment Amount (2)Weighted Average Preferred Return Rate (3)Weighted Average Remaining Life (Years)Preferred equity investments17 $140,473 $149,240 12.81 %4.1 Preferred equity investment in Consolidated VIE (4)1 18,242 18,266 13.89 %6.8   Total 18 $158,715 $167,506 12.93 %4.4 

December 31, 2024CountFair Value (1) (2)Investment Amount (2)Weighted Average Preferred Return Rate (3)Weighted Average Remaining Life (Years)Preferred equity investments18 $159,628 $169,518 12.80 %3.8 Preferred equity investment in Consolidated VIE (4)1 16,967 16,991 13.84 %7.0   Total 19 $176,595 $186,509 12.90 %4.1 

(1)Preferred equity investments in the amounts of $87.2 million and $86.2 million are included in multi-family loans on the accompanying condensed consolidated balance sheets as of March 31,