Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 37

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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,324 $500 $2,000 $153,106 December 31, 2024Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $22,892 $— $— $22,892 Preferred equity investments in multi-family properties86,192 — 73,436 — 159,628 Joint venture equity investments in multi-family properties— — 1,338 — 1,338 Other investments— — — 2,000 2,000 Maximum exposure$86,192 $22,892 $74,774 $2,000 $185,858 (1)Transferred into assets of disposal group held for sale during the three months ended June 30, 2025.

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8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):June 30, 2025December 31, 2024Land$80,053 $80,190 Building and improvements582,049 581,283 Furniture, fixture and equipment18,018 16,866 Operating real estate$680,120 $678,339 Accumulated depreciation(73,627)(61,834)Operating real estate, net$606,493 $616,505 Real estate held for sale, net (1)$4,168 $6,902 Real estate, net (2)$610,661 $623,407 (1)Real estate held for sale, net includes certain single-family rental properties and is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.(2)The Company is repositioning 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 real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. See Note 9 for additional information.Multi-family Apartment PropertiesAs of June 30, 202