Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 27

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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27th Investors, LLC31 34 343 675 Rapid City RMI JV LLC414 380 813 812 EHOF-NYMT Sunset Apartments Preferred, LLC— 694 950 1,373 Syracuse Apartments and Townhomes, LLC— 925 — 1,630 Palms at Cape Coral, LLC— — — 69 Total Income - Multi-Family Preferred Equity Ownership Interests$1,704 $2,744 $4,600 $6,348 Income (loss) from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents (loss) income from these investments for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):    For the Three Months Ended June 30,For the Six Months Ended June 30,Investment Name2025202420252024Single-Family Equity Ownership Interests (1)Constructive Loans, LLC (2)$(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