Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 19

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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10,245 Rapid City RMI JV LLC50%10,846 50%10,637 EHOF-NYMT Sunset Apartments Preferred, LLC—— 57%21,411 Total - Multi-Family Preferred Equity Ownership Interests53,251 73,436 Joint Venture Equity Investments in Multi-Family PropertiesGWR Cedars Partners, LLC 70%— 70%141 GWR Gateway Partners, LLC 70%1,111 70%1,197 Total - Joint Venture Equity Investments in Multi-Family Properties1,111 1,338 Single-Family Equity Ownership InterestsConstructive Loans, LLC (1)50%39,637 50%38,718 Total - Single-Family Equity Ownership Interests39,637 38,718 Total$93,999 $113,492 (1)The Company purchased $150.7 million and $40.8 million of residential loans from this entity during the three months ended March 31, 2025 and 2024, respectively.The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements.  Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings.

19

The following table presents income from multi-family preferred equity ownership interests for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands). Income from these investments is presented in income (loss) from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three months ended March 31, 2025 and 2024 includes $0.7 million and $0.1 million of net unrealized gains, respectively. For the Three Months Ended March 31,Investment Name20252024Lucie at Tradition Holdings, LLC$850 $757 Hudson 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