Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 219

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 219
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 March 31, 2025, the Company's net joint venture equity investments in consolidated multi-family properties not in disposal group held for sale of $136.0 million consists of a combined preferred equity and common equity investment in one joint venture entity that does not meet the criteria to be classified as disposal group held for sale.  The joint venture entity has third-party investors that have the ability to sell their ownership interests to us, at their election once a year subject to annual minimum and maximum amount limitations, and we are obligated to purchase, subject to certain conditions, such interests for cash, representing redeemable non-controlling interests of approximately $13.4 million as of March 31, 2025. 

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

March 31, 2025StateProperty CountTotal Equity Ownership InterestNet Equity Investment (1)Percentage of Total Net Equity InvestmentTexas570%$49,096 54.7 %Florida150%$15,510 17.3 %Kentucky170%$11,139 12.4 %Alabama170%$6,887 7.7 %Tennessee165%$5,309 5.9 %

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 %

121

(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 March 31, 2025.

MarketProperty CountOccupancy %UnitsRent per Unit (1)LTV (2)Collierville, TN194.1 %324$1