Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 137

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 137
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 15 in the Notes to Condensed Consolidated Financial Statements for further information regarding our mortgages payable on real estate.

(3)The Company's net equity investment as of March 31, 2025 consists of $154.2 million of net equity investments in consolidated multi-family properties (including its preferred equity investment in a Consolidated VIE) and $19.9 million of net equity investments in disposal group held for sale.  The Company's net equity investment as of December 31, 2024 consists of $151.2 million of net equity investments in consolidated multi-family properties (including its preferred equity investment in a Consolidated VIE) and $19.5 million of net equity investments in disposal group held for sale.  

(4)See "Mezzanine Lending" above for description of preferred equity investment in Consolidated VIE.

120

Unconsolidated Multi-Family Joint Venture Equity Investments

The Company owns equity interests in two additional joint venture entities that own multi-family apartment communities. The Company determined that these joint venture entities are VIEs but that the Company is not the primary beneficiary, resulting in the Company recording its equity investments at fair value.  We receive variable distributions from these investments on a pro rata basis and management fees based upon property performance.  We also will participate in allocation of excess cash upon sale of the multi-family real estate assets. The following tables summarize our unconsolidated multi-family joint venture equity investments as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025StateProperty CountOwnership InterestFair ValueTexas270%$1,111 

December 31, 2024StateProperty CountOwnership InterestFair ValueTexas270%$1,338 

Joint Venture Equity Investments in Consolidated Multi-Family Properties not in Disposal Group Held for Sale

As of March 31, 2025, the Company's net joint venture equity investments in consolidated multi-family properties not in disposal group held for sale of $136.0 million consists of a combined preferred equity and common equity investment in one joint venture entity that does not meet the criteria to be classified as disposal group held for sale.  The joint venture entity has third-party investors that have the ability to sell their ownership interests to us, at their election once a year subject to annual minimum and maximum amount limitations, and we are obligated to purchase, subject to certain conditions, such interests for cash, representing redeemable