Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 141

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 141
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 thousands):

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangeResidential loan origination and other fees$5,511 $— $5,511 $5,511 $— $5,511 Gains on residential loans held for sale, net8,592 — 8,592 8,592 — 8,592 Mortgage banking activities, net$14,103 $— $14,103 $14,103 $— $14,103 

The increase in mortgage banking activities in the three- and nine-month periods is primarily related to the consolidation of Constructive.

(Loss) Income from Equity Investments

The following table presents the components of (loss) income from equity investments 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$ ChangePreferred return on preferred equity investments accounted for as equity$1,218 $3,401 $(2,183)$5,000 $10,440 $(5,440)Unrealized losses, net on preferred equity investments accounted for as equity(2,860)(4,537)1,677 (2,041)(5,230)3,189 Loss from unconsolidated joint venture equity investments in multi-family properties— (421)421 (838)(4,485)3,647 Income (loss) from investment in Constructive47 7,611 (7,564)(1,554)9,301 (10,855)Total (loss) income from equity investments$(1,595)$6,054 $(7,649)$567 $10,026 $(9,459)

The decreases in income from equity investments during the three- and nine-month periods were primarily due to 1) a reduction in our share of income from our equity investment in Constructive, following its consolidation in our financial statements during the third quarter of 2025 and 2) a decrease in preferred return on preferred equity investments accounted for as equity as a result of redemptions that have occurred since September 30, 2024. These decreases were partially offset by lower unrealized losses recognized on preferred equity investments accounted for