Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 220

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 220
---
246 27 219 278 54 224 Total other income (loss)$2,200 $415 $1,785 $4,167 $(3,175)$7,342 

Other income increased in the three- and six-month periods primarily due to the recognition of servicing fee income related to mortgage servicing rights acquired in late 2024. Additionally, other income increased in the six-month period due to the absence of 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. 

102

Expenses 

The following tables present the components of general and administrative expenses, portfolio operating expenses, and financing transaction costs for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change20252024$ ChangeGeneral and Administrative ExpensesSalaries, benefits and directors’ compensation$8,473 $8,331 $142 $17,543 $17,604 $(61)Professional fees1,250 1,491 (241)2,438 3,115 (677)Other 2,063 1,826 237 4,220 3,984 236 Total general and administrative expenses$11,786 $11,648 $138 $24,201 $24,703 $(502)

The decrease in general and administrative expenses in the six-month period 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.

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change20252024$ ChangePortfolio operating expenses$7,354 $7,399 $(45)$14,560 $15,141 $(581)

The decreases in portfolio operating expenses in the three- and six-month periods are primarily related to decreased expenses related to management of the business purpose loan portfolio, partially offset by increases in residential loan servicing fees driven by growth in the size of the loan portfolio since June 30, 2024.

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change