Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 106

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 106
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17,160 6,303 Subordinated debentures966 1,081 2,871 3,225 Total interest expense124,047 88,124 325,137 225,883 Net interest income$36,586 $20,237 $106,131 $57,144 

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23.      Other IncomeThe following table details the components of the Company's 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 30,2025202420252024Servicing fee income$1,999 $— $5,952 $— Gain on sale of real estate (1)74 17,903 10 18,164 Gain on de-consolidation of joint venture equity investment in Consolidated VIEs— 3,393 — 3,703 Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate(448)(1,699)(448)(2,391)Miscellaneous (2)(146)118 130 (2,935)Total other income$1,479 $19,715 $5,644 $16,541 (1)See Notes 8 and 9 for description of nature of transactions out of which items arose.(2)During the nine months ended September 30, 2024, the Company recorded a provision for uncollectible receivables for asset management expenses incurred related to a non-accrual multi-family loan that are in excess of anticipated redemption proceeds (see Note 5).

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24.      Business CombinationOn July 15, 2025, (the "Acquisition Date"), the Company, through a wholly owned subsidiary, acquired the outstanding ownership interests in Constructive that were not previously owned by the Company through the consummation of a membership interest purchase agreement, thereby increasing the Company's ownership of Constructive to 100%.   Constructive is a business purpose loan lender specializing in rental and transitional loans for real estate investors. In increasing the Company's ownership of Constructive to 100%, the Company bolstered its access to Constructive's proprietary origination channels and third-party distribution network. The results of Constructive's operations have been included in the condensed consolidated financial statements since the Acquisition Date.  The estimated Acquisition Date fair value of the