Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 102

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 102
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 difference between the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any.

F-39

The following tables present condensed statements of operations for non-Company-sponsored VIEs for the years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands). The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation.Year Ended December 31,2024Consolidated SLSTConsolidated Real EstateTotalInterest income$39,194 $— $39,194 Interest expense26,491 — 26,491 Total net interest income 12,703 — 12,703 Income from real estate— 121,463 121,463 Expenses related to real estate— 163,762 163,762 Total net loss from real estate— (42,299)(42,299)Unrealized gains, net2,902 — 2,902 Gains on derivative instruments, net— 2,788 2,788 Impairment of real estate— (43,959)(43,959)Loss on reclassification of disposal group— (14,636)(14,636)Other income— 26,031 26,031 Total other income (loss)2,902 (29,776)(26,874)Net income (loss)15,605 (72,075)(56,470)Net loss attributable to non-controlling interest in Consolidated VIEs— 31,924 31,924 Net income (loss) attributable to Company$15,605 $(40,151)$(24,546)Year Ended December 31,2023Consolidated SLSTConsolidated Real EstateTotalInterest income$34,061 $— $34,061 Interest expense24,506 — 24,506 Total net interest income9,555 — 9,555 Income from real estate— 160,407 160,407 Expenses related to real estate— 192,018 192,018 Total net loss from real estate— (31,611)(31,611)Unrealized losses, net(10,016)— (10,016)Gains on derivative instruments, net— 4,