Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 138

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 138
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 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$1,503 84.8 %Dallas, TX291.0 %4011,841 88.7 %Houston, TX294.0 %3921,187 77.6 %Little Rock, AR196.3 %2021,355 89.6 %Louisville, KY193.3 %3001,484 84.2 %Montgomery, AL194.8 %2521,081 71.3 %San Antonio, TX290.9 %6841,236 83.0 %St