Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 107

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 107
---
9,273 $(203)Professional fees1,188 1,624 (436)Other 2,156 2,157 (1)Total general and administrative expenses$12,414 $13,054 $(640)

95

The decrease in general and administrative expenses in 2025 is primarily related to a decrease in tax advisory and consulting fees as well as decreases in salary and stock based compensation expenses resulting from the Company's restructuring efforts.

Three Months Ended March 31,20252024$ ChangePortfolio operating expenses$7,206 $7,742 $(536)

The decrease in portfolio operating expenses in 2025 is primarily related to a decrease in expenses related to management of the business purpose loan portfolio, partially offset by an increase in residential loan servicing fees driven by growth in the size of the loan portfolio since March 31, 2024.

Three Months Ended March 31,20252024$ ChangeSecuritization transaction costs$2,283 $3,545 $(1,262)Senior unsecured notes transaction costs3,199 — 3,199 Total debt issuance costs$5,482 $3,545 $1,937 

In 2025, we recognized debt issuance costs related to two residential loan securitizations and the issuance of senior unsecured notes that were expensed as incurred as a result of the fair value option election.

In 2024, we recognized debt issuance costs related to two residential loan securitizations.

Comprehensive Income (Loss)

The main components of comprehensive income (loss) for the three months ended March 31, 2025 and 2024, respectively, are detailed in the following table (dollar amounts in thousands):

Three Months Ended March 31,20252024$ ChangeNET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$30,285 $(68,340)$98,625 OTHER COMPREHENSIVE INCOME Reclassification adjustment for net loss included in net loss— 4 (4)TOTAL OTHER COMPREHENSIVE INCOME— 4 (4)COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$30,285 $(68,336)$98,621 

Beginning in the fourth quarter of 2019, the Company’s newly purchased investment securities are presented at fair value as a result of a fair value election made at