Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 30

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 respectively.  During the three and six months ended June 30, 2025 and 2024, the Company invested in subordinated securities issued by Freddie Mac-sponsored residential loan securitizations, resulting in the initial consolidation of the VIEs as shown below (dollar amounts in thousands):

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For the Three and Six Months Ended June 30,20252024Residential loans, at fair value$247,405 $285,057 Collateralized debt obligations, at fair value(235,226)(275,200)Net investment$12,179 $9,857 As of June 30, 2025 and December 31, 2024, the Consolidated SLST securities owned by the Company had a fair value of $160.9 million and $148.5 million, respectively (see Note 17).  The Company remains economically exposed to the subordinated positions in the portion of Consolidated SLST transferred to the non-Agency RMBS re-securitization and continues to consolidate Consolidated SLST.Consolidated Real Estate VIEsThe Company owns joint venture equity investments in entities that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary.  Accordingly, the Company consolidates the assets, liabilities, income and expenses of these VIEs in the accompanying condensed consolidated financial statements with non-controlling interests or redeemable non-controlling interests for the third-party ownership of the joint ventures' membership interests.  During the three and six months ended June 30, 2024, the Company sold its ownership interests in one and two joint venture equity investments that owned multi-family properties, respectively, which resulted in the de-consolidation of the respective joint venture entity's assets and liabilities (see Note 9).The Company is also the primary beneficiary of a VIE that owns a multi-family apartment community and in which the Company holds a preferred equity investment.  The Company determined that it has the power to direct the activities of the VIE and consolidates this VIE into its condensed consolidated financial statements. The Company accounted for the initial consolidation of the Consolidated Real Estate VIEs in accordance with asset acquisition provisions of ASC 805, as substantially all of the fair value of the assets within the entities are concentrated in either a single identifiable asset or group of similar identifiable assets. In analyzing whether the Company is the primary beneficiary of the Financing VIEs, Consolidated SLST and Consolidated Real Estate