Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 352

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 352
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s (5)$— $— $3,930 $3,930 Net investment (6)$215,211 $149,833 $130,040 $495,084 (1)Included in real estate, net in the accompanying condensed consolidated balance sheets.(2)Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale (see Note 9). (3)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.(4)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs.  See Redeemable Non-Controlling Interest in Consolidated VIEs below.(5)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.(6)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

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The following tables present condensed statements of operations for non-Company-sponsored VIEs for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands).  The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation.For the Three Months Ended June 30,20252024Consolidated SLSTConsolidated Real EstateTotalConsolidated SLSTConsolidated Real EstateTotalInterest income$11,890 $— $11,890 $9,154 $— $9,154 Interest expense8,429 — 8,429 6,752 — 6,752 Total net interest income3,461 — 3,461 2,402 — 2,402 Income from real estate— 18,390 18,390 — 33,535 33,535 Expenses related to real estate— 20,661 20,661 — 46,882 46,882 Total net loss from real estate— (2,271)(2,271)— (13,347)(13,347)Unrealized gains, net5,521 — 5,521 542 — 542 Gains on derivative instruments, net—