Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 5

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollar amounts in thousands)(unaudited)

For the Three Months EndedMarch 31,20252024Cash Flows from Operating Activities:  Net income (loss)$37,065 $(80,059)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:Net amortization 4,750 2,311 Depreciation and amortization expense related to operating real estate5,895 12,576 Realized losses, net41,100 10,533 Unrealized (gains) losses, net(118,203)39,390 Losses (gains) on derivative instruments, net46,802 (49,211)Loss (gain) on sale of real estate 45 (134)Gain on de-consolidation of joint venture equity investments in Consolidated VIEs— (50)Impairment of real estate3,905 36,247 Loss on reclassification of disposal group— 14,636 Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate— 692 Income from preferred equity, mezzanine loan and equity investments(6,169)(604)Distributions of income from preferred equity, mezzanine loan and equity investments8,143 3,886 Stock based compensation expense (benefit), net861 (1,196)Cash reclassified from assets of disposal group held for sale642 3,061 Changes in operating assets and liabilities983 (5,208)Net cash provided by (used in) operating activities25,819 (13,130)Cash Flows from Investing Activities:  Proceeds from sales of investment securities663,336 — Principal paydowns received on investment securities80,193 35,842 Purchases of investment securities(1,466,298)(297,553)Principal repayments received on residential loans343,690 230,260 Proceeds from sales of residential loans8,352 28,912 Purchases of residential loans(398,774)(303,694)Return of capital from equity investments16,900 5,000 Funding of preferred equity, mezzanine loan and equity investments(166)(172)Net variation margin (paid) received for derivative instruments(71,382)34,441 Net payments