Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 33

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 payable on real estate, net in Consolidated VIEs (3)— — 366,606 366,606 Liabilities of disposal group held for sale (2)— — 97,065 97,065 Other liabilities16,162 8,313 10,621 35,096 Total liabilities$2,183,015 $819,904 $474,292 $3,477,211 Redeemable non-controlling interest in Consolidated VIEs (4)$— $— $12,359 $12,359 Non-controlling interest in Consolidated VIEs (5)$— $— $3,930 $3,930 Net investment (6)$215,211 $149,833 $130,040 $495,084 (1)Included in real estate, net in the accompanying condensed consolidated balance sheets.(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9). (3)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs.  See Redeemable Non-Controlling Interest in Consolidated VIEs below.(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

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The following tables present condensed statements of operations for non-Company-sponsored VIEs for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands).  The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation.For the Three Months Ended June 30,20252024Consolidated SLSTConsolidated Real EstateTotalConsolidated SLSTConsolidated Real EstateTotalInterest income$11,890 $— $11,890 $9,154 $— $9,154 Interest expense8,429 — 8,429 6,752 — 6,