Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 147

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 147
---
97,185)$59,501 

For more information regarding segment reporting, please see Note 25 to our condensed consolidated financial statements included in this report.

112

Analysis of Changes in GAAP Book Value 

The following table analyzes the changes in GAAP book value of our common stock for the three and nine months ended September 30, 2025 (amounts in thousands, except per share data):

For the Three Months Ended September 30, 2025For the Nine Months Ended September 30, 2025AmountSharesPer Share (1)AmountSharesPer Share (1)Beginning Balance$822,705 90,314 $9.11 $840,610 90,575 $9.28 Common stock issuance, net (2)2,439 (6)5,767 (36)Preferred stock issuance, net1,058 5,027 Preferred stock issuance liquidation preference(1,144)(5,532)Common stock repurchases— — (1,502)(231)Balance after share activity825,058 90,308 9.14 844,370 90,308 9.35 Adjustment of redeemable non-controlling interest to estimated redemption value(5,209)(0.06)(14,108)(0.16)Dividends and dividend equivalents declared(21,416)(0.24)(58,628)(0.65)Net income attributable to Company's common stockholders32,702 0.36 59,501 0.66 Ending Balance$831,135 90,308 $9.20 $831,135 90,308 $9.20 

(1)Outstanding shares used to calculate book value per common share for the three and nine months ended September 30, 2025 are 90,307,776.

(2)Includes amortization of stock based compensation.

113

Non-GAAP Financial Measures

In addition to the results presented in accordance with GAAP, this Quarterly Report on Form 10-Q includes certain non-GAAP financial measures, including adjusted interest income, adjusted interest expense, adjusted net interest income (loss), yield on average interest earning assets, average financing cost, net interest spread, earnings available for distribution and adjusted book value per common share. Our management team believes that these non-GAAP financial measures, when considered with our GAAP financial statements, provide supplemental information useful for investors as it enables them to