Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 290

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 290
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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.

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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 (collectively)386 321 Tides on 27th Investors, LLC312 641 Rapid City RMI JV LLC399 431 EHOF-NYMT Sunset Apartments Preferred, LLC950 679 Syracuse Apartments and Townhomes, LLC— 705 Palms at Cape Coral, LLC— 69 Total Income - Multi-Family Preferred Equity Ownership Interests$2,897 $3,603 Income (loss) from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in income (loss) from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments for the three months ended March 31, 2025 and 2024, respectively (dollar amounts