Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 355

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 355
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 in the fair value hierarchy. Significant unobservable inputs utilized in the estimation of fair value of redeemable non-controlling interest as of June 30, 2025 include a weighted average capitalization rate of 5.6% (ranges from 5.0% to 6.3%) and a weighted average discount rate of 14.7% (ranges from 13.6% to 15.6%).

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Unconsolidated VIEsAs of June 30, 2025 and December 31, 2024, the Company evaluated its investment securities available for sale and preferred equity, equity and other investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of June 30, 2025 and December 31, 2024, it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):June 30, 2025Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsAssets of disposal group held for saleOther assetsTotalNon-Agency RMBS$— $21,283 $— $— $— $21,283 Preferred equity investments in multi-family properties74,999 — 54,324 — — 129,323 Joint venture equity investments in multi-family properties (1)— — — 500 — 500 Other investments— — — — 2,000 2,000 Maximum exposure$74,999 $21,283 $54,324 $500 $2,000 $153,106 December 31, 2024Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $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,