Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 31

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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950 1,999 Syracuse Apartments and Townhomes, LLC— 724 — 2,354 Palms at Cape Coral, LLC— — — 69 Total (Loss) Income - Multi-Family Preferred Equity Ownership Interests$(1,642)$(1,136)$2,959 $5,210 Income (loss) from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments 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,Investment Name2025202420252024Single-Family Equity Ownership Interests (1)Constructive Loans, LLC$47 $7,611 $(1,554)$9,301 Total Income (Loss) - Single-Family Equity Ownership Interests$47 $7,611 $(1,554)$9,301 Joint Venture Equity Investments in Multi-Family Properties (2)GWR Cedars Partners, LLC$— $(112)$39 $(1,741)GWR Gateway Partners, LLC— (309)(877)(2,744)Total Loss - Joint Venture Equity Investments in Multi-Family Properties$— $(421)$(838)$(4,485)(1)Includes net unrealized losses of $4.4 million recognized prior to the Company's acquisition of the outstanding membership interests in Constructive on July 15, 2025 (see Note 24) and included in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2025. Includes net unrealized gains of $3.9 million and $2.0 million for the three and nine months ended September 30, 2024, respectively.(2)Includes net realized losses of $0.8 million for the nine months ended September 30, 2025, and includes net unrealized losses of $0.4 million and $4.5 million for the three and nine months ended September 30, 2024, respectively.

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7.      Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)