Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 302

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 302
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's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets.  Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and the assets and liabilities of the respective Consolidated VIEs are included in assets and liabilities of disposal group held for sale as of March 31, 2025 and December 31, 2024.  In March 2024, the Company suspended the marketing of one joint venture equity investment, determined that it no longer met the criteria to be classified as held for sale and transferred the assets and liabilities of the Consolidated VIE to their respective categories on the accompanying consolidated balance sheets. As a result of this transfer, the Company adjusted the carrying value of the long-lived assets in the Consolidated VIE and recognized an approximately $14.6 million loss on reclassification of disposal group during the three months ended March 31, 2024.During the three months ended March 31, 2024, the Company sold its ownership interest in one joint venture equity investment in a multi-family property, which resulted in the de-consolidation of the joint venture entity's assets and liabilities and a gain on de-consolidation of approximately $0.1 million, which is included in other income (loss) in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2024.  As of March 31, 2025, two 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 March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Cash and cash equivalents $1,819 $2,461 Real estate, net 108,581 111,032 Other assets 3,006 5,120 Total assets of disposal group held for sale (1)$113,406 $118,613 Mortgages payable on real estate, net (2)$89,364 $93,370 Other liabilities1,789 3,695 Total liabilities of disposal group held for sale (1)$91,153 $97,065 (1)Assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is