Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 238

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 238
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)$6,204 $(9,437)$(48,142)$38,705 

The decreases in impairment of real estate recognized in 2025 can primarily be attributed to the sale or de-consolidation of a significant portion of our multi-family real estate assets since September 30, 2024. Also, during the three and nine months ended September 30, 2025 and 2024, we recognized impairment losses on certain single-family rental properties transferred to held for sale as a result of the remeasurement of those assets to estimated fair value less costs to sell.

Loss on Reclassification of Disposal Group

The following table presents loss on reclassification of disposal group 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$ ChangeLoss on reclassification of disposal group$— $— $— $— $(14,636)$14,636 

One joint venture equity investment was reclassified from disposal group held for sale during the nine months ended September 30, 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 nine months ended September 30, 2024. 

During 2025, there were no joint venture equity investments reclassified from disposal group held for sale.

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Other Income

The following table presents the components of other income 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$ ChangeServicing fee income$1,999 $— $1,999 $5,952 $— $5,952 Gain on sale of real estate74 17,903 (17,829)10 18,164 (18,154)Gain on de-consolidation