Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 218

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 218
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887 Non-controlling interest in disposal group held for sale2,346 2,044 Net equity investment (3)$174,140 $170,714 Less: Net equity in preferred equity investment in Consolidated VIE (4)(18,242)(16,967)Net equity investment in Consolidated JVs and disposal group held for sale$155,898 $153,747 

(1)See Note 9 in the Notes to Condensed Consolidated Financial Statements for further information regarding our assets and liabilities of disposal group held for sale.

(2)See Note 15 in the Notes to Condensed Consolidated Financial Statements for further information regarding our mortgages payable on real estate.

(3)The Company's net equity investment as of March 31, 2025 consists of $154.2 million of net equity investments in consolidated multi-family properties (including its preferred equity investment in a Consolidated VIE) and $19.9 million of net equity investments in disposal group held for sale.  The Company's net equity investment as of December 31, 2024 consists of $151.2 million of net equity investments in consolidated multi-family properties (including its preferred equity investment in a Consolidated VIE) and $19.5 million of net equity investments in disposal group held for sale.  

(4)See "Mezzanine Lending" above for description of preferred equity investment in Consolidated VIE.

120

Unconsolidated Multi-Family Joint Venture Equity Investments

The Company owns equity interests in two additional joint venture entities that own multi-family apartment communities. The Company determined that these joint venture entities are VIEs but that the Company is not the primary beneficiary, resulting in the Company recording its equity investments at fair value.  We receive variable distributions from these investments on a pro rata basis and management fees based upon property performance.  We also will participate in allocation of excess cash upon sale of the multi-family real estate assets. The following tables summarize our unconsolidated multi-family joint venture equity investments as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025StateProperty CountOwnership InterestFair ValueTexas270%$1,111 

December 31, 2024StateProperty CountOwnership InterestFair ValueTexas270%$1,338 

Joint Venture Equity Investments in Consolidated Multi-Family Properties not in Disposal Group Held for Sale

As of