Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 398

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 398
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  The sales also generated net income attributable to non-controlling interest of approximately $13.5 thousand, resulting in net gain attributable to the Company's common stockholders of approximately $0.1 million.

36

The Company completed its disposition of the real property held by its joint venture equity investments in multi-family properties during the three months ended September 30, 2025. Accordingly, assets and liabilities of disposal group held for sale as of September 30, 2025 consisted of assets and liabilities held by the respective Consolidated VIEs for the conclusion of business operations after the aforementioned real property sales. The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Cash and cash equivalents (1)$849 $2,461 Real estate, net (1)— 111,032 Other assets (1)534 5,120 Total assets of disposal group held for sale$1,383 $118,613 Mortgages payable on real estate, net (2)$— $93,370 Other liabilities78 3,695 Total liabilities of disposal group held for sale (1)$78 $97,065 (1)Certain assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is the primary beneficiary.(2)During the nine months ended September 30, 2024, two entities in which the Company held joint venture equity investments entered into debt restructuring agreements with the respective senior lenders for their mortgages payable.  As part of the agreements, portions of interest payments were deferred until the maturity date.  The restructurings did not result in a change in the carrying amount of the mortgage payables and no gains were recorded. During the year ended December 31, 2024, the Company sold its ownership interests in these entities, which resulted in the de-consolidation of the related mortgages payable as of December 31, 2024.Also included in the disposal group held for sale are non-controlling interests in Consolidated VIEs in the amount of $0.6 million and $2.0 million as of September 30, 2025 and December 31, 2024, respectively.Real estate, net included in assets of disposal group held for sale was