Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 283

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 283
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 the returned capital from such investments to its targeted assets.  Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and the assets and liabilities of the respective Consolidated VIEs are included in assets and liabilities 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. The Company's net equity in consolidated joint venture equity investments ("Consolidated JVs") and disposal group held for sale totaled $153.7 million and $236.3 million as of December 31, 2024 and 2023, respectively.  

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A reconciliation of our net equity investments in Consolidated JVs and disposal group held for sale, including one preferred equity investment in a Consolidated VIE, to our consolidated financial statements as of December 31, 2024 and 2023, respectively, is shown below (dollar amounts in thousands):

December 31, 2024December 31, 2023Cash and cash equivalents$4,151 $15,612 Real estate, net481,161 979,934 Lease intangible, net (1)— 2,378 Assets of disposal group held for sale (2)118,613 426,017 Other assets16,696 34,657 Total assets$620,621 $1,458,598 Mortgages payable on real estate, net (3)$366,606 $784,421 Liabilities of disposal group held for sale (2)97,065 386,024 Other liabilities10,621 21,797 Total liabilities$474,292 $1,192,242 Redeemable non-controlling interest in Consolidated VIEs$12,359 $28,061 Less:  Cumulative adjustment of redeemable non-controlling interest to estimated redemption value(40,675)(30,062)Non-controlling interest in Consolidated VIEs1,887 17,150 Non-controlling interest in disposal group held for sale2,044 3,178 Net equity investment (4)170,714 248,029 Less: Net equity in preferred equity investment in Consolidated VIE (5)(16,967)(11,706)Net equity investment in Consolidated JVs and disposal group held for sale$153,747 $236,323