Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 299

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 299
---
 equity investments in multi-family properties— — 1,111 — 1,111 Other investments— — — 2,000 2,000 Maximum exposure$87,222 $22,126 $54,362 $2,000 $165,710 December 31, 2024Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $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 

27

8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Land$80,170 $80,190 Building and improvements581,595 581,283 Furniture, fixture and equipment17,529 16,866 Operating real estate$679,294 $678,339 Accumulated depreciation(67,728)(61,834)Operating real estate, net$611,566 $616,505 Real estate held for sale, net (1)$5,739 $6,902 Real estate, net (2)$617,305 $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 is repositioning 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 is included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31,