Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 356

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 356
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192 $22,892 $74,774 $2,000 $185,858 (1)Transferred into assets of disposal group held for sale during the three months ended June 30, 2025.

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8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):June 30, 2025December 31, 2024Land$80,053 $80,190 Building and improvements582,049 581,283 Furniture, fixture and equipment18,018 16,866 Operating real estate$680,120 $678,339 Accumulated depreciation(73,627)(61,834)Operating real estate, net$606,493 $616,505 Real estate held for sale, net (1)$4,168 $6,902 Real estate, net (2)$610,661 $623,407 (1)Real estate held for sale, net includes certain single-family rental properties and is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.(2)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 real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. See Note 9 for additional information.Multi-family Apartment PropertiesAs of June 30, 2025 and December 31, 2024, the Company owned joint venture equity investments in entities that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Also as of June 30, 2025 and December 31, 2024, the Company owned a preferred equity investment in an entity that owns a multi-family apartment community, which the Company determined to be a VIE and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities and the entity in which it holds a preferred equity investment into its condensed consolidated financial statements (see Note 7).