Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 258

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 258
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ancy %UnitsRent per Unit (1)LTV (2)Fort Myers, FL192.5 %338$1,526 76.5 %Houston, TX195.7 %2001,067 76.5 %Tampa, FL191.9 %4001,574 76.4 %Webster, TX192.5 %3661,119 78.0 %Total Count/Average492.8 %1,304 $1,295 76.8 %

(1)Represents average monthly rent per unit.

(2)Represents the weighted average LTV of the underlying properties utilizing maximum senior committed mortgage amount and combined origination appraisal and capital expenditure budget.

Unconsolidated Multi-Family Joint Venture Equity Investments

The Company owns equity interests in two joint venture entities that own multi-family apartment communities. The Company determined that these joint venture entities are VIEs but that the Company is not the primary beneficiary, resulting in the Company recording its equity investments at fair value.  We receive variable distributions from these investments on a pro rata basis and management fees based upon property performance.  We also will participate in allocation of excess cash upon sale of the multi-family real estate assets. The following tables summarize our unconsolidated multi-family joint venture equity investments as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

June 30, 2025StateProperty CountOwnership InterestFair Value (1)Texas270%$500 

(1)Included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2025.  See Note 9 in the Notes to Condensed Consolidated Financial Statements for further information regarding our assets and liabilities of disposal group held for sale.

December 31, 2024StateProperty CountOwnership InterestFair ValueTexas270%$1,338 

Equity Investment in Constructive

The Company accounts for its investment in Constructive using the equity method and has elected the fair value option. The following table summarizes our ownership interest in Constructive as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands).  

June 30, 2025December 31, 2024StrategyOwnership InterestFair ValueOwnership InterestFair ValueConstructive Loans, LLC (1)Residential Loans50%$37,116 50