Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 105

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 105
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 carrying value of unconsolidated VIEs as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024Multi-family loansInvestment securities available for sale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $22,892 $— $— $22,892 Preferred equity investments in multi-family properties86,192 — 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 $185,858 December 31, 2023Multi-family loansInvestment securities available for sale, at fair valueEquity investmentsTotalNon-Agency RMBS$— $24,462 $— $24,462 Preferred equity investments in multi-family properties95,792 — 104,242 200,034 Joint venture equity investments in multi-family properties— — 5,720 5,720 Maximum exposure$95,792 $24,462 $109,962 $230,216 

F-42

8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):December 31, 2024December 31, 2023Land$80,190 $137,883 Building and improvements581,283 1,020,477 Furniture, fixture and equipment16,866 38,706 Operating real estate$678,339 $1,197,066 Accumulated depreciation (61,834)(65,247)Operating real estate, net$616,505 $1,131,819 Real estate held for sale, net (1)$6,902 $— Real estate, net (2)$623,407 $1,131,819 (1)Real estate held for sale, net is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs. Includes certain single-family rental properties as of December 31, 2024.(2)In September