Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 234

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 234
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,131)2,195 (17,759)(30,564)12,805 Amortization of lease intangibles related to operating real estate— — — — (2,378)2,378 Other real estate expenses(11,637)(18,591)6,954 (34,466)(60,476)26,010 Total expenses related to real estate(22,982)(39,398)16,416 (69,523)(143,414)73,891 Total net loss from real estate$(3,878)$(7,495)$3,617 $(9,126)$(36,968)$27,842 

The decrease in net loss from real estate in the three- and nine-month periods was primarily attributable to reductions in expenses resulting from the sale or de-consolidation, since September 30, 2024, of certain multi-family real estate assets owned by entities in which we had joint venture equity investments. Rental income also decreased in these periods due to the aforementioned sales or de-consolidation of multi-family real estate assets.

Other Income (Loss) 

Realized Losses, Net 

The following table presents the components of realized losses, 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 and real estate owned$(5,610)$(958)$(4,652)$(21,130)$(18,492)$(2,638)Investment securities— (422)422 (29,351)(912)(28,439)Total realized losses, net$(5,610)$(1,380)$(4,230)$(50,481)$(19,404)$(31,077)

During the three months ended September 30, 2025, the Company recognized $5.6 million of net realized losses primarily related to losses incurred on foreclosed properties due to lower valuations and losses on discounted payoffs on non-performing business purpose bridge loans. During the three months ended September 30, 2024, the Company recognized $1.0 million of net realized losses on residential loans and real estate owned primarily related to losses incurred on foreclosed properties which were partially offset by net realized gains recognized on the sale and payoff