Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 35

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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— 8,785 506 — 506 Gains on derivative instruments, net— 46 46 — 2,848 2,848 Impairment of real estate— (7,180)(7,180)— (35,771)(35,771)Loss on reclassification of disposal group— — — — (14,636)(14,636)Other income— 3 3 — 7 7 Total other income (loss)8,785 (7,131)1,654 506 (47,552)(47,046)Net income (loss)16,022 (10,943)5,079 5,234 (77,567)(72,333)Net loss attributable to non-controlling interest in Consolidated VIEs— 9,196 9,196 — 30,652 30,652 Net income (loss) attributable to Company$16,022 $(1,747)$14,275 $5,234 $(46,915)$(41,681)

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Redeemable Non-Controlling Interest in Consolidated VIEsThe third-party owners of certain of the non-controlling interests in Consolidated VIEs have the ability to sell their ownership interests to the Company, at their election. The Company has classified these third-party ownership interests as redeemable non-controlling interests in Consolidated VIEs in mezzanine equity on the accompanying condensed consolidated balance sheets.  The holders of the redeemable non-controlling interests may elect to sell their ownership interests to the Company at fair value once a year and the sales are subject to annual minimum and maximum amount limitations.   The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024Beginning balance$13,382 $20,128 $12,359 $28,061 Contributions— — — 39 Distributions(63)(25)(750)(25)Net loss attributable to redeemable non-controlling interest in Consolidated VIEs(4,099)(4,578)(7,726)(18,978)Adjustment of redeemable non-controlling