Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 41

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 41
---
 73,436 — 159,628 Joint venture equity investments in multi-family properties— — 1,338 — 1,338 Other investments— — — 2,000 2,000 Maximum exposure$86,192 $22,892 $74,774 $2,000 $185,858 

33

8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Land$77,899 $80,190 Building and improvements573,542 581,283 Furniture, fixture and equipment18,303 16,866 Operating real estate$669,744 $678,339 Accumulated depreciation(78,523)(61,834)Operating real estate, net$591,221 $616,505 Real estate held for sale, net (1)$10,527 $6,902 Real estate, net (2)$601,748 $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 repositioned 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 was included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of December 31, 2024. See Note 9 for additional information.Multi-family Apartment PropertiesAs of September 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 September 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