Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 90

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 90
---
 of cash flows generated by the underlying collateral. In performing its assessment, the Company considered past and expected future performance of the underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, current levels of subordination, volatility of the security's fair value, temporary declines in liquidity for the asset class and interest rate changes since purchase. 

F-29

5.      Multi-family Loans, at Fair ValueThe Company's multi-family loans consisting of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets are presented at fair value on the Company's consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized (losses) gains, net on the Company's consolidated statements of operations. Multi-family loans consist of the following as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Investment amount$90,485 $95,434 Unrealized (losses) gains(4,293)358    Total, at Fair Value$86,192 $95,792 For the years ended December 31, 2024, 2023 and 2022, the Company recognized $4.7 million in net unrealized losses, $1.1 million in net unrealized gains and $2.7 million in net unrealized losses on multi-family loans, respectively. The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loan in non-accrual status as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Days LateFair Value (1)Unpaid Principal BalanceFair ValueUnpaid Principal Balance90 +$— $3,363 $4,753 $3,363     (1)As of December 31, 2024, 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 December 31, 2024 and 2023, respectively, are as follows:December 31, 2024December 31