Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 301

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 301
---
 at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.  Fair value for single-family rental properties held for sale was based upon local broker price opinions and automated valuation model data. During the three months ended March 31, 2025 and 2024, the Company recognized $0.3 million and $4.0 million of net impairment losses on single-family rental properties, inclusive of losses recognized upon transfer to real estate held for sale, respectively. During the three months ended March 31, 2025, the Company sold single-family rental properties for proceeds of approximately $0.9 million, recognizing a net loss on sale of approximately $45 thousand, which is included in other income on the accompanying condensed consolidated statements of operations. During the three months ended March 31, 2024, the Company sold single-family rental properties for proceeds of approximately $0.9 million, recognizing a net gain on sale of approximately $0.1 million.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 March 31, 2025 and December 31, 2024. The 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, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of March 31, 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 months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months Ended March 31,20252024Depreciation expense on operating real estate$5,895 $11,149 Amortization of lease intangibles related to operating real estate— 1,427 Total depreciation and amortization$5,895 $12,576 

29

9.      Assets and Liabilities of Disposal Group Held for SaleThe Company is repositioning its business through the opportunistic disposition over time of the Company