Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 235

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 235
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 of residential loans. The Company also recognized net realized losses of $0.4 million on write-downs of non-Agency RMBS during the three months ended September 30, 2024.

During the nine months ended September 30, 2025, the Company recognized $50.5 million of net realized losses primarily related to the sale of U.S. Treasury securities, losses incurred on foreclosed properties and losses on discounted payoffs on non-performing business purpose bridge loans. During the nine months ended September 30, 2024, the Company recognized $18.5 million of net realized losses primarily related to losses incurred on foreclosed properties which were partially offset by net realized gains recognized on the sale and payoff of residential loans. The Company also recognized net realized losses of $0.9 million on write-downs of non-Agency RMBS during the nine months ended September 30, 2024.

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Unrealized Gains, Net

The following table presents the components of unrealized gains, net recognized for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands): 

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangeResidential loans$19,533 $52,165 $(32,632)$60,263 $46,929 $13,334 Consolidated SLST2,440 6,753 (4,313)11,225 7,259 3,966 CDOs at fair value(8,839)(19,533)10,694 (20,885)(18,032)(2,853)Senior unsecured notes at fair value(5,172)(900)(4,272)220 (900)1,120 Preferred equity and mezzanine loan investments125 213 (88)591 (4,581)5,172 Investment securities47,784 58,251 (10,467)148,830 10,371 138,459 MSRs(1,019)— (1,019)(2,574)— (2,574)Total unrealized gains, net$54,852 $96,949 $(42,097)$197,670 $41,046 $156,624 

Decreases in interest rates in both the three- and nine-month