Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 137

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 137
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 47,549 36,643 10,906 Portfolio operating expenses6,747 8,531 (1,784)21,307 23,672 (2,365)Loan origination costs3,788 — 3,788 3,788 — 3,788 Financing transaction costs7,941 2,354 5,587 14,173 10,452 3,721 Income (loss) from operations before income taxes39,487 42,791 (3,304)81,480 (61,118)142,598 Income tax (benefit) expense(298)2,325 (2,623)189 2,556 (2,367)Net loss attributable to non-controlling interests 5,035 2,383 2,652 14,231 33,034 (18,803)Net income (loss) attributable to Company44,820 42,849 1,971 95,522 (30,640)126,162 Preferred stock dividends (12,118)(10,439)(1,679)(36,021)(31,317)(4,704)Net income (loss) attributable to Company's common stockholders32,702 32,410 292 59,501 (61,957)121,458 Basic earnings (loss) per common share$0.36 $0.36 $— $0.66 $(0.68)$1.34 Diluted earnings (loss) per common share$0.36 $0.36 $— $0.65 $(0.68)$1.33 

Interest Income and Interest Expense 

Interest income increased in the three- and nine-month periods primarily due to increased investments in Agency RMBS, business purpose loans and additional income from a Consolidated SLST subordinated bond purchased since September 2024. The increases in interest expense in the three- and nine-month periods were due primarily to increases in financing obtained to fund investing activity through repurchase agreements and securitizations, the issuance of senior unsecured notes and additional expense related to CDOs consolidated in connection with the Consolidated SLST subordinated bond purchased since September 2024.

105

Net Loss from Real Estate

The following table presents the components of net loss from real estate for the three and nine months ended September 30,