Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 44

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 sale of approximately $0.2 million, respectively.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 September 30, 2025 and December 31, 2024. The Company repositioned 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 were included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of December 31, 2024.  See Note 9 for additional information.Depreciation and Amortization ExpenseThe following table presents depreciation and amortization expenses 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 30,2025202420252024Depreciation expense on operating real estate$5,936 $8,131 $17,759 $30,564 Amortization of lease intangibles related to operating real estate— — — 2,378 Total depreciation and amortization$5,936 $8,131 $17,759 $32,942 

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9.      Assets and Liabilities of Disposal Group Held for SaleThe Company repositioned 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 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 September 30, 2025 and 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