Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 134

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 134
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 apartment community.  A reconciliation of our preferred equity investment in the Consolidated VIE to our condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, respectively, is shown below (dollar amounts in thousands):

March 31, 2025December 31, 2024Cash and cash equivalents$774 $392 Real estate, net53,457 53,508 Other assets4,143 4,939 Total assets58,374 58,839 Mortgage payable on real estate, net45,123 45,120 Other liabilities1,382 1,823 Total liabilities46,505 46,943 Non-controlling interest in Consolidated VIE(6,373)(5,071)Preferred equity investment in Consolidated VIE$18,242 $16,967 

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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 March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025StateCountInvestment Amount% TotalWeighted Average CouponWeighted Average LTV (1)Weighted Average DSCR (2)Texas6$51,298 30.6 %12.4 %84 %1.23xFlorida233,112 19.8 %13.4 %88 %1.30xArizona115,071 9.0 %14.0 %80 %1.54xTennessee113,045 7.8 %14.0 %86 %0.72x(3)South Dakota110,790 6.4 %15.0 %85 %1.56xSouth Carolina19,801 5.9 %13.0 %76 %1.11xArkansas19,314 5.6 %13.5 %82 %1.26xOther525,075 14.9 %11.0 %84 %1.96xTotal18$167,506 100.0 %12.9 %84 %1.40x

December 31, 2024StateCountInvestment Amount% TotalWeighted Average CouponWeighted Average