Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 108

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 108
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 value for single-family rental properties held for sale was based upon local broker price opinions and automated valuation model data. During the year ended December 31, 2024, the Company recognized a $4.9 million net impairment loss on single-family rental properties, inclusive of losses recognized upon transfer to real estate held for sale. During the year ended December 31, 2024, the Company sold single-family rental properties for proceeds of approximately $5.4 million and recognized a net gain on sale of approximately $0.1 million, which is included in other income on the accompanying consolidated statements of operations. Lease IntangiblesIntangibles related to multi-family properties consist of the value of in-place leases and are included in other assets on the accompanying consolidated balance sheets.  The following table presents the components of lease intangibles, net as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Lease intangibles$26,738 $54,581 Accumulated amortization(26,738)(52,203)Lease intangibles, net$— $2,378 In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets.  Accordingly, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying consolidated balance sheets as of December 31, 2024 and 2023. See Note 9 for additional information.

F-44

Depreciation and Amortization ExpenseThe following table presents depreciation and amortization expenses for the years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):For the Years Ended December 31,202420232022Depreciation expense on operating real estate$37,444 $24,620 $47,179 Amortization of lease intangibles related to operating real estate2,378 — 79,645 Total depreciation and amortization (1)$39,822 $24,620 $126,824 (1)Amounts for the year ended December 31, 2022 include depreciation and amortization of