Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 217

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 217
---
 SLST5,521 542 4,979 8,785 506 8,279 CDOs at fair value(7,374)(136)(7,238)(12,048)1,501 (13,549)Senior unsecured notes at fair value2,343 — 2,343 5,393 — 5,393 Preferred equity and mezzanine loan investments55 (16)71 466 (4,793)5,259 Investment securities14,542 (14,634)29,176 101,046 (47,880)148,926 Mortgage servicing rights(848)— (848)(1,554)— (1,554)Total unrealized gains (losses), net$24,614 $(16,512)$41,126 $142,818 $(55,902)$198,720 

The increases in unrealized gains in the three- and six-month periods are primarily related to decreases in interest rates, which impacted the pricing of our investment securities and residential loans. 

(Losses) Gains on Derivative Instruments, Net

The following table presents the components of (losses) gains on derivative investments, net 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 30,20252024$ Change20252024$ ChangeUnrealized (losses) gains on derivative instruments$(36,261)$5,509 $(41,770)$(107,539)$50,543 $(158,082)Realized gains on derivative instruments9,295 9,962 (667)33,771 14,139 19,632 Total (losses) gains on derivative instruments, net$(26,966)$15,471 $(42,437)$(73,768)$64,682 $(138,450)

The increases in losses on derivative instruments in the three- and six-month periods are primarily related to decreases in interest rates, which resulted in lower valuations of our interest rate swaps.  The losses in the six-month period were partially offset by gains realized on contract terminations and net payments received on instruments in 2025.

100

(Loss) Income from Equity Investments

The following table presents the components of (loss) income from equity investments for