Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 251

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 251
---
73 — — — — — Adjusted interest income$211,458 $178,684 $6,931 $7,675 $404,748 $111,652 $142,324 $8,072 $1,051 $263,099 GAAP interest expense$(147,403)$(150,025)$— $(27,709)$(325,137)$(90,022)$(125,048)$— $(10,813)$(225,883)Adjusted for:Consolidated SLST CDO interest expense— 26,592 — — 26,592 — 19,928 — — 19,928 Net interest benefit of interest rate swaps10,532 946 — 1,388 12,866 22,350 508 — 2,217 25,075 Adjusted interest expense$(136,871)$(122,487)$— $(26,321)$(285,679)$(67,672)$(104,612)$— $(8,596)$(180,880)Adjusted net interest income (loss) (1)$74,587 $56,197 $6,931 $(18,646)$119,069 $43,980 $37,712 $8,072 $(7,545)$82,219 

(1)Adjusted net interest income (loss) is calculated by subtracting adjusted interest expense from adjusted interest income.

Earnings Available for Distribution

Previously, we presented undepreciated earnings (loss) as a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company's common stockholders. Commencing with the quarter ended March 31, 2025, we have discontinued disclosure of undepreciated earnings (loss). Beginning with the quarter ended March 31, 2025, we are presenting earnings available for distribution attributable to Company's common stockholders ("EAD") (and by calculation, EAD per common share) as a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company's common stockholders.

When presented in prior periods, undepreciated earnings (loss) was calculated as GAAP net income (loss) attributable to Company's common stockholders excluding the Company's share in depreciation expense and lease intangible amortization expense, if any, related to operating real estate