Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 30

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 months ended March 31, 2024.Single-family Rental PropertiesAs of March 31, 2025 and December 31, 2024, the Company owned single-family rental homes.  These units are leased to individual tenants for the production of rental income and are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point.  

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During the three months ended March 31, 2025 and 2024, the Company determined that certain single-family rental properties met the criteria to be classified as held for sale, transferred the properties from operating real estate to real estate held for sale and recognized losses upon transfer of $0.1 million and $4.0 million, respectively, which are included in impairment of real estate on the accompanying condensed consolidated statements of operations.  Real estate held for sale, net is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.  Fair value for single-family rental properties held for sale was based upon local broker price opinions and automated valuation model data. During the three months ended March 31, 2025 and 2024, the Company recognized $0.3 million and $4.0 million of net impairment losses on single-family rental properties, inclusive of losses recognized upon transfer to real estate held for sale, respectively. During the three months ended March 31, 2025, the Company sold single-family rental properties for proceeds of approximately $0.9 million, recognizing a net loss on sale of approximately $45 thousand, which is included in other income on the accompanying condensed consolidated statements of operations. During the three months ended March 31, 2024, the Company sold single-family rental properties for proceeds of approximately $0.9 million, recognizing a net gain on sale of approximately $0.1 million.Lease IntangiblesIntangibles related to multi-family properties consist of the value of in-place leases and are included in other assets on the accompanying condensed consolidated balance sheets.  Lease intangibles were fully amortized as of March 31, 2025 and December 31, 2024. 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 lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal