Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 288

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 288
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 amounts in thousands):Weighted Average LifeMarch 31, 2025December 31, 20240 to 5 years$1,364,616 $604,459 Over 5 to 10 years3,278,361 2,923,871 10+ years3,835 300,214 Total$4,646,812 $3,828,544 

17

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 condensed consolidated balance sheets as a result 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 March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Investment amount$91,096 $90,485 Unrealized losses, net(3,874)(4,293)   Total, at Fair Value$87,222 $86,192 For the three months ended March 31, 2025 and 2024, the Company recognized $0.4 million in net unrealized gains and $4.8 million in net unrealized losses on multi-family loans, respectively.  The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loan in non-accrual status as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):Days LateFair Value (1)Unpaid Principal Balance90 +$— $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 March 31, 2025 and December 31, 2024, respectively, are as follows:March 31, 2025December 31, 2024Texas36.3 %36.1 %Tennessee14.3 %14.4 %Florida11.7 %11.6 %Arkansas10