Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 158

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 158
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,114)Depreciation and amortization of operating real estate5,936 8,131 17,759 32,942 Non-cash expenses (4)2,961 2,531 7,720 7,033 Transaction expenses (5)9,233 2,454 16,891 10,915 Income tax effect of adjustments(336)2,325 (23)2,393 EAD adjustments attributable to non-controlling interests(3,225)155 (9,899)(22,628)Earnings available for distribution attributable to Company's common stockholders$21,991 $9,326 $60,208 $19,438 Weighted average shares outstanding - basic90,406 90,582 90,437 90,895 GAAP net income (loss) attributable to Company's common stockholders per common share - basic$0.36 $0.36 $0.66 $(0.68)EAD per common share - basic$0.24 $0.10 $0.67 $0.21 

(1)Excludes net interest benefit of interest rate swaps of approximately $6.1 million and $8.5 million for the three months ended September 30, 2025 and 2024, respectively, and $12.9 million and $25.1 million for the nine months ended September 30, 2025 and 2024, respectively. Also excludes TBA dollar roll income of approximately $66.2 thousand and $73.0 thousand for the three and nine months ended September 30, 2025, respectively.

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(2)Included in income from equity investments on the Company's condensed consolidated statements of operations.

(3)Included in other income on the Company's condensed consolidated statements of operations and primarily includes non-recurring items such as gains (losses) on sales of real estate, gains (losses) on de-consolidation, gains (losses) on extinguishment of debt, preferred equity premiums resulting from early redemption, property loss insurance proceeds and provision for uncollectible receivables.

(4)Includes stock based compensation and intangible asset amortization.

(5)Includes non-recurring expenses such as financing transaction costs and transaction and/or restructuring expenses.

Adjusted Book Value Per Common Share

Adjusted book value per common share is a supplemental non-GAAP financial measure calculated by making the following