Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 345

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 345
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 Constructive Loans, LLC (see Note 25). The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements.  Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings.

22

The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands). Income from these investments is presented in (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and six months ended June 30, 2025 includes $0.1 million and $0.8 million of net unrealized gains, respectively. Income from these investments during the three and six months ended June 30, 2024 includes $0.8 million and $0.7 million of net unrealized losses, respectively.For the Three Months Ended June 30,For the Six Months Ended June 30,Investment Name2025202420252024Lucie at Tradition Holdings, LLC$864 $777 $1,714 $1,534 Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively)395 (66)780 255 Tides on 27th Investors, LLC31 34 343 675 Rapid City RMI JV LLC414 380 813 812 EHOF-NYMT Sunset Apartments Preferred, LLC— 694 950 1,373 Syracuse Apartments and Townhomes, LLC— 925 — 1,630 Palms at Cape Coral, LLC— — — 69 Total Income - Multi-Family Preferred Equity Ownership Interests$1,704 $2,744 $4,600 $6,348 Income (loss) from single-family equity ownership interests and joint venture equity investments in multi-family properties