Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 29

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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-family equity ownership interest) and joint venture equity investments in multi-family properties. The Company's equity investments are accounted for under the equity method and are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election.  The following table presents the Company's equity investments as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Investment NameOwnership InterestFair ValueOwnership InterestFair ValueMulti-Family Preferred Equity Ownership InterestsHudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively)58%$9,879 58%$9,322 Tides on 27th Investors, LLC54%7,653 54%10,245 Rapid City RMI JV LLC50%11,293 50%10,637 Lucie at Tradition Holdings, LLC—— 70%21,821 EHOF-NYMT Sunset Apartments Preferred, LLC—— 57%21,411 Total - Multi-Family Preferred Equity Ownership Interests28,825 73,436 Joint Venture Equity Investments in Multi-Family PropertiesGWR Cedars Partners, LLC (1)—— 70%141 GWR Gateway Partners, LLC (1)—— 70%1,197 Total - Joint Venture Equity Investments in Multi-Family Properties— 1,338 Single-Family Equity Ownership InterestsConstructive Loans, LLC (2)—— 50%38,718 Total - Single-Family Equity Ownership Interests— 38,718 Total$28,825 $113,492 (1)The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale and subsequently sold during the nine months ended September 30, 2025 (see Note 9).(2)On July 15, 2025, the Company acquired the outstanding membership interests in Constructive that were not previously owned by the Company (see Note 24). Prior to July 15, 2025, the Company purchased approximately $70.9 million and $299.6 million of residential loans from this entity during the three and nine months ended September 30, 2025, respectively,