Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 39

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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)(7,180)— (44,173)(44,173)Loss on reclassification of disposal group— — — — (14,636)(14,636)Other income— 141 141 — 16,272 16,272 Total other income (loss)11,225 (6,985)4,240 7,259 (39,869)(32,610)Net income (loss)21,569 (13,617)7,952 15,615 (76,811)(61,196)Net loss attributable to non-controlling interest in Consolidated VIEs— 14,231 14,231 — 33,034 33,034 Net income (loss) attributable to Company$21,569 $614 $22,183 $15,615 $(43,777)$(28,162)

31

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 nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Beginning balance$12,782 $23,088 $12,359 $28,061 Contributions— 7 — 46 Distributions(37)(4,934)(788)(4,959)Net loss attributable to redeemable non-controlling interest in Consolidated VIEs(4,241)(565)(11,966)(19,543)Adjustment of redeemable non-controlling interest to estimated redemption value (1)5,209 4,230 14,108 18,221 Ending balance$13,713 $21,826 $13,713