Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 125

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 125
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$(7,369)$6,130 $(15,520)$(17,534)$2,014 Investment securities(2,532)(122)(2,410)(29,351)(490)(28,861)Total realized losses, net$(3,771)$(7,491)$3,720 $(44,871)$(18,024)$(26,847)

During the three months ended June 30, 2025, the Company recognized $3.8 million of net realized losses primarily related to losses incurred on foreclosed properties due to lower valuations and losses recognized on the write down of certain investment securities. During the three months ended June 30, 2024, the Company recognized $7.4 million of net realized losses primarily related to losses incurred on foreclosed properties.

During the six months ended June 30, 2025, the Company recognized $44.9 million of net realized losses primarily related to the sale of U.S. Treasury securities and losses incurred on foreclosed properties. The net realized losses on our U.S. Treasury securities were largely offset by realized gains on our derivative instruments, as discussed below. During the six months ended June 30, 2024, the Company recognized $17.5 million of net realized losses primarily related to losses incurred on foreclosed properties and losses recognized on the sale of certain performing and non-performing residential loans in the first quarter of 2024. The Company also recognized net realized losses of $0.5 million on write-downs of non-Agency RMBS during the six months ended June 30, 2024.

99

Unrealized Gains (Losses), Net

The following table presents the components of unrealized gains (losses), net recognized 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$ ChangeResidential loans$10,375 $(2,268)$12,643 $40,730 $(5,236)$45,966 Consolidated SLST5,521 542 4,979 8,785 506 8,279 CDOs at fair value(7,374)(136)(7,238)(12,048)1,501 (13,549)Senior unsecured notes at fair value2,343