Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 106

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 106
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 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 non-accrual multi-family loan which exceeded the anticipated redemption proceeds. Additionally, other income benefited from the recognition of servicing fee income in the current period related to mortgage servicing rights acquired in late 2024.

Expenses 

The following tables present the components of general and administrative expenses, portfolio operating expenses, and debt issuance costs for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

Three Months Ended March 31,20252024$ ChangeGeneral and Administrative ExpensesSalaries, benefits and directors’ compensation$9,070 $