Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 143

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 143
---
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 of joint venture equity investment in Consolidated VIEs— 3,393 (3,393)— 3,703 (3,703)Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate(448)(1,699)1,251 (448)(2,391)1,943 Miscellaneous(146)118 (264)130 (2,935)3,065 Total other income$1,479 $19,715 $(18,236)$5,644 $16,541 $(10,897)

The declines in other income during the three- and nine-month periods reflect the elevated levels of other income in the three- and nine-month periods ended September 30, 2024, which was driven by gains recognized on the sales of certain multi-family properties in consolidated joint venture equity investments and sale of our membership interests in consolidated joint venture equity investments during those 2024 periods. Other income for the three- and nine-month periods ended September 30, 2025 benefitted from servicing fee income related to mortgage servicing rights acquired in late 2024. Additionally, miscellaneous income increased in the nine-month period due to a provision for uncollectible receivables that was recorded in the prior year period. The provision is related to asset management expenses incurred on a non-accrual multi-family loan which exceeded the anticipated redemption proceeds.

Expenses 

The following tables present the components of general and administrative expenses, portfolio operating expenses, loan origination costs and financing transaction costs 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$ ChangeGeneral and Administrative ExpensesSalaries, benefits and