Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 392

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 392
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 The following tables present the classification and carrying value of unconsolidated VIEs as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $22,513 $— $— $22,513 Preferred equity investments in multi-family properties68,647 — 28,825 — 97,472 Other investments— — — 2,000 2,000 Maximum exposure$68,647 $22,513 $28,825 $2,000 $121,985 December 31, 2024Multi-family loansInvestmentsecuritiesavailable forsale, at fair valueEquity investmentsOther assetsTotalNon-Agency RMBS$— $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$86,192 $22,892 $74,774 $2,000 $185,858 

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8.      Real Estate, NetThe following is a summary of real estate, net, collectively, as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):September 30, 2025December 31, 2024Land$77,899 $80,190 Building and improvements573,542 581,283 Furniture, fixture and equipment18,303 16,866 Operating real estate$669,744 $678,339 Accumulated depreciation(78,523)(61,834)Operating real estate, net$591,221 $616,505 Real estate held for sale, net (1)$10,527 $6,902 Real estate, net (2)$601,748 $623,407 (1)Real estate held for sale, net includes certain single-family rental properties and is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of