Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 358

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 358
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 30, 2025, the Company recognized $0.3 million and $0.6 million of net impairment losses on single-family rental properties, inclusive of losses recognized upon transfer to real estate held for sale, respectively. During the three and six months ended June 30, 2024, the Company recognized $0.5 million and $4.5 million of net impairment losses on single-family rental properties, inclusive of losses recognized upon transfer to real estate held for sale, respectively. During the three and six months ended June 30, 2025, the Company sold single-family rental properties for proceeds of approximately $2.0 million and $2.9 million, respectively, recognizing a net loss on sale of approximately $19 thousand and $64 thousand, respectively, which is included in other income (loss) on the accompanying condensed consolidated statements of operations. During the three and six months ended June 30, 2024, the Company sold single-family rental properties for proceeds of approximately $0.9 million and $1.8 million, respectively, recognizing a net gain on sale of approximately $0.1 million and $0.3 million, respectively.Lease IntangiblesIntangibles related to multi-family properties consist of the value of in-place leases and are included in other assets on the accompanying condensed consolidated balance sheets.  Lease intangibles were fully amortized as of June 30, 2025 and December 31, 2024. The Company is repositioning its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.  See Note 9 for additional information.Depreciation and Amortization ExpenseThe following table presents depreciation and amortization expenses 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 30,2025202420252024Depreciation expense on operating real estate$5,928 $11,284 $11,823 $22,433 Amortization of lease intangibles