Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 187

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 187
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 on certain single-family rental properties transferred to held for sale as a result of the remeasurement of those assets to estimated fair value less costs to sell as compared to the prior period.

94

Loss on Reclassification of Disposal Group

The following table presents loss on reclassification of disposal group for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

Three Months Ended March 31,20252024$ ChangeLoss on reclassification of disposal group$— $(14,636)$14,636 

One joint venture equity investment was reclassified from disposal group held for sale during the three months ended March 31, 2024. As a result of this transfer, we adjusted the carrying value of the long-lived assets in the Consolidated Real Estate VIE to the lower of the carrying amount before the assets were classified as held for sale adjusted for depreciation and amortization expense that would have been recognized had the assets been continuously classified as held and used and the fair value of the assets at the date of the transfer and recognized an approximately $14.6 million loss on reclassification of disposal group during the three months ended March 31, 2024.

During 2025, there were no joint venture equity investments reclassified from disposal group held for sale.

Other Income (Loss)

The following table presents the components of other income (loss) for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

Three Months Ended March 31,20252024$ ChangeServicing fee income$1,979 $— $1,979 (Loss) gain on sale of real estate(45)134 (179)Preferred equity and mezzanine loan premiums resulting from early redemption— 98 (98)Gain on de-consolidation of joint venture equity investment in Consolidated VIEs— 50 (50)Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate— (692)692 Provision for uncollectible receivables— (3,207)3,207 Miscellaneous income33 25 8 Total other income (loss)$1,967 $(3,592)$5,559 

Other income increased in 2025 primarily due to the absence of a provision for uncollectible receivables that was recorded in the prior period. The provision related to asset management expenses incurred on a