Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 157

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 157
---
loss) attributable to Company's common stockholders or GAAP net income (loss) attributable to Company's common stockholders per basic share.  Our presentation of EAD may not be comparable to similarly-titled measures of other companies, who may use different calculations. We may add additional reconciling items to our EAD calculation as appropriate. 

We view EAD as one measure of our ability to generate income for distribution to common stockholders. EAD is one factor, but not the exclusive factor, that our Board of Directors uses to determine the amount, if any, of dividends on our common stock. Other factors that our Board of Directors may consider when determining the amount, if any, of dividends on our common stock include, among others, our earnings and financial condition, capital requirements, maintenance of our REIT qualification, restrictions on making distributions under Maryland law and such other factors as our Board of Directors deems relevant. EAD should not be considered as an indication of our REIT taxable income, a guaranty of our ability to pay dividends, or as a proxy for the amount of dividends we may pay, as EAD excludes certain items that impact our liquidity. 

A reconciliation of GAAP net income (loss) attributable to Company's common stockholders to EAD for the three and nine months ended September 30, 2025 and 2024, respectively, is presented below (amounts in thousands, except per share data):

For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024GAAP net income (loss) attributable to Company's common stockholders$32,702 $32,410 $59,501 $(61,957)Adjustments:Realized losses, net5,610 1,380 50,481 19,404 Unrealized gains, net(54,852)(96,949)(197,670)(41,046)Losses on derivative instruments, net (1)19,172 69,093 99,713 21,033 Unrealized losses, net on equity investments (2)2,860 1,097 7,310 7,685 Impairment of real estate1,619 7,823 9,437 48,142 Loss on reclassification of disposal group— — — 14,636 Other losses (gains) (3)311 (21,124)(1,012)(19