Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 346

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 346
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 that are accounted for under the equity method using the fair value option is presented in (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents (loss) income from these investments for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):    For the Three Months Ended June 30,For the Six Months Ended June 30,Investment Name2025202420252024Single-Family Equity Ownership Interests (1)Constructive Loans, LLC (2)$(2,521)$3,379 $(1,601)$1,690 Total (Loss) Income - Single-Family Equity Ownership Interests$(2,521)$3,379 $(1,601)$1,690 Joint Venture Equity Investments in Multi-Family Properties (3)GWR Cedars Partners, LLC$180 $(9)$39 $(1,629)GWR Gateway Partners, LLC(791)(6)(877)(2,436)Total Loss - Joint Venture Equity Investments in Multi-Family Properties$(611)$(15)$(838)$(4,065)(1)Includes net unrealized losses of $2.9 million and $4.4 million for the three and six months ended June 30, 2025, respectively. Includes net unrealized gains of $0.4 million and net unrealized losses of $1.8 million for the three and six months ended June 30, 2024, respectively.(2)On July 15, 2025, the Company purchased the remaining 50% ownership interest in Constructive Loans, LLC (see Note 25). (3)Includes net unrealized losses of $0.6 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and includes net unrealized losses of $14.6 thousand and $4.1 million for the three and six months ended June 30, 2024, respectively.

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7.      Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)Financing VIEsThe Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization