We study the homotopy category of unbounded complexes with bounded homologies and its quotient category by the homotopy category of bounded complexes. In the case of the homotopy category of finitely generated projective modules over an Iwanaga-Gorenstein ring, we show the existence of a new structure in the above quotient category, which we call a triangle of recollements. Moreover, we show that this quotient category is triangle equivalent to the stable module category of Cohen-Macaulay T2(R)-modules.
