Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 215

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 215
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29 $(1.04)$1.33 

Interest Income and Interest Expense 

Interest income increased in the three- and six-month periods primarily due to increased investments in Agency RMBS and business purpose loans. The increases in interest expense in the three- and six-month periods were due primarily to increases in financing obtained to fund investing activity through repurchase agreements and securitizations as well as issuance of senior unsecured notes.

98

Net Loss from Real Estate

The following table presents the components of net loss from real estate 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$ ChangeIncome from real estate$20,638 $36,466 $(15,828)$41,293 $74,543 $(33,250)Expenses related to real estate:Interest expense, mortgages payable on real estate (5,882)(16,551)10,669 (11,890)(37,320)25,430 Depreciation expense on operating real estate(5,928)(11,284)5,356 (11,823)(22,433)10,610 Amortization of lease intangibles related to operating real estate— (951)951 — (2,378)2,378 Other real estate expenses(11,842)(20,786)8,944 (22,829)(41,885)19,056 Total expenses related to real estate(23,652)(49,572)25,920 (46,542)(104,016)57,474 Net loss from real estate$(3,014)$(13,106)$10,092 $(5,249)$(29,473)$24,224 

The decrease in net loss from real estate in the three- and six-month periods was primarily attributable to reductions in expenses resulting from the sale or de-consolidation, since June 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 (Loss) Income

Realized Losses, Net 

The following table presents the components of realized losses, net recognized for the three and six