Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 218

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 218
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 the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change20252024$ ChangePreferred return on preferred equity investments accounted for as equity$1,574 $3,522 $(1,948)$3,780 $7,039 $(3,259)Unrealized gains (losses), net on preferred equity investments accounted for as equity130 (778)908 820 (691)1,511 Loss from unconsolidated joint venture equity investments in multi-family properties(611)(15)(596)(838)(4,065)3,227 (Loss) income from investment in Constructive(2,521)3,379 (5,900)(1,601)1,690 (3,291)Total (loss) income from equity investments$(1,428)$6,108 $(7,536)$2,161 $3,973 $(1,812)

The decreases in income from equity investments during the three- and six-month periods were primarily due to 1) a decrease in the fair value of our investment in Constructive and 2) a decrease in preferred return on preferred equity investments accounted for as equity as a result of redemptions that have occurred since June 30, 2024. These decreases were partially offset by unrealized gains recognized on preferred equity investments accounted for as equity as a result of improved underlying property performance. 

Impairment of Real Estate

The following table presents impairment of real estate for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change20252024$ ChangeImpairment of real estate$(3,913)$(4,071)$158 $(7,818)$(40,319)$32,501 

The decreases in impairment of real estate recognized in 2025 can primarily be attributed to the sale or de-consolidation of a significant portion of our multi-family real estate assets since June 30, 2024. Also, during the three and six months ended June 30, 2024, we recognized impairment losses on certain single-family rental properties transferred to held for sale as a result of the rem