Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 108

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 108
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 liabilities assumed$142,714 Net identifiable assets acquired$45,388 Goodwill$22,396 Net assets acquired$67,784 (1)Included in other assets on the condensed consolidated balance sheets.The approximately $18.0 million of identified intangible assets were recognized at estimated fair value on the Acquisition Date. Intangible assets haven been provisionally assigned as shown in the following table (dollar amounts in thousands). As noted earlier, the fair values of the acquired identifiable intangible assets are provisional pending final valuations for these assets.Intangible assetAcquisition Date Fair ValueAccumulated AmortizationCarrying Value at September 30, 2025Amortization Period (Years)Customer relationships$17,000 $(354)$16,646 10Trade name1,000 (19)981 11Total identified intangible assets (weighted average amortization period)$18,000 $(373)$17,627 10.06During the three and nine months ended September 30, 2025, the Company recognized $0.4 million of amortization expense related to these intangible assets, which is included in general and administrative expenses on the Company's condensed consolidated statements of operations. The estimated amortization expense related to the acquired identifiable intangible assets is as follows (dollar amounts in thousands):Amortization expense forYear Ending December 31,Customer relationshipsTrade name2026$1,700 $91 2027$1,700 $91 2028$1,700 $91 2029$1,700 $91 2030$1,700 $91 

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The $22.4 million of goodwill recognized is attributable primarily to the expected benefits arising from synergies with the Company's existing operations, the assembled workforce of Constructive and the anticipated growth opportunities from expanding the Company's business purpose lending platform and is assigned to the Constructive reporting unit (see Note 25) for the Company's ongoing evaluation of goodwill for impairment in accordance with ASC 350, Intangibles - Goodwill and Other. As of September 30, 2025, there was a change in the recognized amount of goodwill as a result of payment of the post-closing working capital adjustment of approximately $15.1 thousand. As noted earlier, the goodwill recorded is provisional pending final valuations of assets and losses incurred or sustained by the Company related to representation or warranties made by the sellers as of the Acquisition Date. The Company estimates that $20