Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 285

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 285
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 sell their ownership interests to us, at their election once a year subject to annual minimum and maximum amount limitations, and we are obligated to purchase, subject to certain conditions, such interests for cash, representing redeemable non-controlling interests of approximately $12.4 million as of December 31, 2024. 

104

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 December 31, 2024 and 2023, respectively, are shown below (dollar amounts in thousands):

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 %

December 31, 2023StateProperty CountTotal Equity Ownership InterestNet Equity Investment (1)Percentage of Total Net Equity InvestmentFlorida550% - 95%$56,607 33.4 %Texas570%$49,727 29.4 %Tennessee265% - 70%$18,131 10.7 %South Carolina267% - 70%$13,561 8.0 %Alabama270% - 80%$11,737 6.9 %Kentucky170%$10,979 6.5 %

(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 December 31, 2024.

MarketProperty CountOccupancy %UnitsRent per Unit (1)LTV (2)Collierville, TN193.2 %324$1,545 84.4 %Dallas, TX290.5 %4011,908 88.3 %Houston, TX291.8 %3921,206 77.5 %Little Rock, AR194.6 %202