Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 28

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 of a fair value election. Accordingly, changes in fair value are presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. Multi-family loans consist of the following as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Investment amount$72,313 $90,485 Unrealized losses, net(3,666)(4,293)   Total, at Fair Value$68,647 $86,192 For the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.6 million in net unrealized gains on multi-family loans, respectively. For the three and nine months ended September 30, 2024, the Company recognized $0.2 million in net unrealized gains and $4.6 million in net unrealized losses on multi-family loans, respectively.The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loan in non-accrual status as of September 30, 2025 and December 31, 2024 (dollar amounts in thousands):Days LateFair Value (1)Unpaid Principal Balance90 +$— $3,363 (1)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 September 30, 2025 and December 31, 2024, respectively, are as follows:September 30, 2025December 31, 2024Texas46.8 %36.1 %Florida15.1 %11.6 %Louisiana11.2 %8.8 %North Carolina7.7 %6.2 %Arkansas7.6 %10.3 %Indiana7.0 %5.6 %

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6.      Equity Investments, at Fair ValueThe Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), an equity ownership interest in an entity that originates residential loans (or single