Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 41

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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al activity, the Company determined that five joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2024. As a result, the Company recognized a loss of $1.8 million included in impairment of real estate in the accompanying condensed consolidated statements of operations for the three months ended June 30, 2024. During the three and six months ended June 30, 2024, the Company sold its ownership interests in one and two joint venture equity investments that owned multi-family properties, respectively, which resulted in the de-consolidation of the respective joint venture entities' assets and liabilities and a gain on de-consolidation of approximately $0.3 million, which is included in other income (loss) in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2024.  In June 2025, in response to productive negotiations with operating partners, the Company determined that two joint venture equity investments accounted for as equity investments met the criteria to be classified as held for sale and transferred its equity investments in the joint venture entities to disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2025. As these investments are carried at fair value, the Company recognized no gain or loss on the transfer.

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As of June 30, 2025, four joint venture equity investments are classified as disposal group held for sale. The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):June 30, 2025December 31, 2024Cash and cash equivalents (1)$1,395 $2,461 Equity investments500 — Real estate, net (1)106,485 111,032 Other assets (1)3,120 5,120 Total assets of disposal group held for sale$111,500 $118,613 Mortgages payable on real estate, net (2)$89,422 $93,370 Other liabilities2,729 3,695 Total liabilities of disposal group held for sale (1)$92,151 $97,065 (1)Certain