Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 28

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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s and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of March 31, 2025 and December 31, 2024, it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following tables present the classification and carrying value of unconsolidated VIEs as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $22,126 $— $— $22,126 Preferred equity investments in multi-family properties87,222 — 53,251 — 140,473 Joint venture equity investments in multi-family properties— — 1,111 — 1,111 Other investments— — — 2,000 2,000 Maximum exposure$87,222 $22,126 $54,362 $2,000 $165,710 December 31, 2024Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $22,892 $— $— $22,892 Preferred equity investments in multi-family properties86,192 — 73,436 — 159,628 Joint venture equity investments in multi-family properties— — 1,338 — 1,338 Other investments— — — 2,000 2,000 Maximum exposure$86,192 $22,892 $74,774 $2,000 $185,858 

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8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Land$80,170 $80,190 Building and improvements581,595 581,283 Furniture, fixture and equipment17,529 16,866 Operating real estate$679,294 $678,339 Accumulated depreciation(67,728)(61,834)Operating real estate, net$611