Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 164

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 164
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 held for sale on the accompanying condensed consolidated balance sheets as of December 31, 2024. See Note 9 in the Notes to Condensed Consolidated Financial Statements for additional information. The Company's net equity in consolidated joint venture equity investments ("Consolidated JVs") and disposal group held for sale totaled $155.4 million and $153.7 million as of June 30, 2025 and December 31, 2024, respectively.  

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A reconciliation of our net equity investments in Consolidated JVs and disposal group held for sale, including one preferred equity investment in a Consolidated VIE, to our condensed consolidated financial statements as of June 30, 2025 and December 31, 2024, respectively, is shown below (dollar amounts in thousands):

June 30, 2025December 31, 2024Cash and cash equivalents$3,941 $4,151 Real estate, net473,586 481,161 Assets of disposal group held for sale (1)111,500 118,613 Other assets14,821 16,696 Total assets$603,848 $620,621 Mortgages payable on real estate, net (2)$364,100 $366,606 Liabilities of disposal group held for sale (1)92,151 97,065 Other liabilities8,877 10,621 Total liabilities$465,128 $474,292 Redeemable non-controlling interest in Consolidated VIEs$12,782 $12,359 Less: Cumulative adjustment of redeemable non-controlling interest to estimated redemption value(49,574)(40,675)Non-controlling interest in Consolidated VIEs582 1,887 Non-controlling interest in disposal group held for sale1,963 2,044 Net equity investment (3)$172,967 $170,714 Less: Net equity in preferred equity investment in Consolidated VIE (4)(17,592)(16,967)Net equity investment in Consolidated JVs and disposal group held for sale$155,375 $153,747 

(1)See Note 9 in the Notes to Condensed Consolidated Financial Statements for further information regarding our assets and liabilities of disposal group held for sale.

(2)See Note 15 in the Notes to Condensed Consolidated Financial Statements for further information regarding our mortgages payable on real estate