Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 153

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 153
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 earned by the SLST securities that are actually owned by the Company in adjusted net interest income (loss).

For the three- and nine-month periods, adjusted interest income increased by approximately $48.5 million and $141.7 million, respectively, primarily due to an increase in interest earning assets driven by increased investment in Agency RMBS and residential loans since September 30, 2024. Yield on average interest earnings assets declined in the three- and nine-month periods, reflecting our emphasis on lower yielding Agency RMBS and business purpose rental loans (relative to business purpose bridge loans). 

Adjusted interest expense increased for the three- and nine-month periods by approximately $34.5 million and $104.8 million, respectively, as a result of increased financing obtained to fund investing activity through repurchase agreements and securitizations as well as issuance of senior unsecured notes. Average financing cost decreased for the three- and nine-month periods primarily due to improved financing terms and base interest rate movements. 

A reconciliation of GAAP interest income to adjusted interest income, GAAP interest expense to adjusted interest expense and GAAP total net interest income (loss) to adjusted net interest income (loss) for the three and nine months ended September 30, 2025 and 2024, respectively, is presented below (dollar amounts in thousands):

For the Three Months Ended September 30,20252024AgencySingle-Family CreditMulti-Family CreditCorporate/OtherTotalAgencySingle-Family CreditMulti-Family CreditCorporate/OtherTotalGAAP interest income$85,975 $70,504 $2,124 $2,030 $160,633 $43,260 $61,351 $2,699 $1,051 $108,361 GAAP interest expense(60,472)(53,080)— (10,495)(124,047)(35,116)(47,641)— (5,367)(88,124)GAAP total net interest income (loss)$25,503 $17,424 $2,124 $(8,465)$36,586 $8,144 $13,710 $2,699 $(4,316)$20,237 GAAP interest income$85,975 $70,504 $2,124 $2,030 $160,633 $43,260 $61,351 $2,699 $1,051 $108,361