Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 40

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 consolidated balance sheets as of June 30, 2025 and December 31, 2024.  See Note 9 for additional information.Depreciation and Amortization ExpenseThe following table presents depreciation and amortization expenses for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024Depreciation expense on operating real estate$5,928 $11,284 $11,823 $22,433 Amortization of lease intangibles related to operating real estate— 951 — 2,378 Total depreciation and amortization$5,928 $12,235 $11,823 $24,811 

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9.      Assets and Liabilities of Disposal Group Held for SaleThe 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, as of June 30, 2025, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and its unconsolidated joint venture equity investments 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 condensed consolidated balance sheets as of June 30, 2025.  As of December 31, 2024, 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 condensed consolidated balance sheets as of December 31, 2024.In March 2024, the Company suspended the marketing of one joint venture equity investment, determined that it no longer met the criteria to be classified as held for sale and transferred the assets and liabilities of the Consolidated VIE to their respective categories on the accompanying consolidated balance sheets. As a result of this transfer, the Company adjusted the carrying value of the long-lived assets in the Consolidated VIE and recognized an approximately $14.6 million loss on reclassification of disposal group during the three months ended March 31, 2024.In June 2024, in response to productive negotiations with operating partners and increased transaction