Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 20

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 (collectively)386 321 Tides on 27th Investors, LLC312 641 Rapid City RMI JV LLC399 431 EHOF-NYMT Sunset Apartments Preferred, LLC950 679 Syracuse Apartments and Townhomes, LLC— 705 Palms at Cape Coral, LLC— 69 Total Income - Multi-Family Preferred Equity Ownership Interests$2,897 $3,603 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 income (loss) 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 months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):    For the Three Months Ended March 31,Investment Name20252024Single-Family Equity Ownership Interests (1)Constructive Loans, LLC $919 $(1,689)Total Income (Loss) - Single-Family Equity Ownership Interests$919 $(1,689)Joint Venture Equity Investments in Multi-Family Properties (2)GWR Cedars Partners, LLC$(141)$(1,620)GWR Gateway Partners, LLC(86)(2,430)Total Loss - Joint Venture Equity Investments in Multi-Family Properties$(227)$(4,050)(1)Includes net unrealized losses of $1.6 million and $2.2 million for the three months ended March 31, 2025 and 2024, respectively.(2)Includes net unrealized losses of $0.2 million and $4.1 million for the three months ended March 31, 2025 and 2024, respectively.

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

Financing VIEsThe Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse