Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 32

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 disposal group held for sale as of March 31, 2025 and December 31, 2024, respectively (dollar amounts in thousands):March 31, 2025December 31, 2024Cash and cash equivalents $1,819 $2,461 Real estate, net 108,581 111,032 Other assets 3,006 5,120 Total assets of disposal group held for sale (1)$113,406 $118,613 Mortgages payable on real estate, net (2)$89,364 $93,370 Other liabilities1,789 3,695 Total liabilities of disposal group held for sale (1)$91,153 $97,065 (1)Assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is the primary beneficiary.Also included in the disposal group held for sale are non-controlling interests in Consolidated VIEs in the amount of $2.3 million and $2.0 million as of March 31, 2025 and December 31, 2024, respectively.Real estate, net included in assets of disposal group held for sale is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.  Fair value for real estate was based upon a discounted cash flow analysis using property financial information and assumptions regarding market rent, revenue and expense growth, capitalization rates and equity return rates. During the three months ended March 31, 2025, the Company recognized net impairment losses of $3.6 million for real estate, net in the disposal group held for sale. As of March 31, 2024, the fair value, net of selling costs of a multi-family property owned by one of the joint venture entities in which we held an equity investment that had previously been impaired was more than the property's net carrying value. Accordingly, the Company recognized a $0.6 million recovery of value in the three months ended March 31, 2024. See Note 17 for descriptions of valuation methodologies utilized for other classes of assets and liabilities of disposal group held for sale.

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The following table presents the pretax losses of the disposal group held for sale as of March 31, 2025 for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months Ended March