Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 178

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 178
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 Net interest spread (1) (3)1.32 %Book value per common share at the end of the period$9.37 Adjusted book value per common share at the end of the period (1)$10.43 Economic return on book value (4)3.13 %Economic return on adjusted book value (5)2.71 %Dividends per common share$0.20 

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included in "Non-GAAP Financial Measures" elsewhere in this section.

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company. 

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period. 

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments During First Quarter 2025

Investing Activities

•Purchased approximately $1.5 billion of Agency RMBS with an average coupon of 5.35%. 

•Purchased approximately $396.8 million in residential loans with an average gross coupon of 9.33%. 

•Received approximately $22.1 million in proceeds from the redemption of a Mezzanine Lending investment.

Financing Activities

•Completed the issuance of $82.5 million in aggregate principal amount of our 9.125% Senior Notes due 2030 in an underwritten public offering. The total proceeds to us from the offering of the notes, after the underwriters' discount and commissions and offering expenses, were approximately $79.3 million. 

•Completed two securitizations of residential loans, resulting in approximately $326.3 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to redeem one residential loan securitization with an outstanding balance of approximately $54.4 million at the time of redemption.

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