Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 96

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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 tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized.  Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. To the extent that the Company incurs interest and accrued penalties in connection with its tax obligations, including expenses related to the Company’s evaluation of unrecognized tax positions, such amounts will be included in income tax expense.

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22.      Net Interest IncomeThe following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024Interest incomeResidential loansResidential loans$7,639 $11,798 $18,658 $23,486 Consolidated SLST11,890 9,154 22,630 17,281 Residential loans held in securitization trusts45,977 30,101 89,218 57,032 Total residential loans65,506 51,053 130,506 97,799 Investment securities available for sale71,492 35,450 132,541 68,354 Multi-family loans2,176 2,669 4,756 5,311 Other1,727 1,603 2,833 3,202 Total interest income140,901 90,775 270,636 174,666 Interest expenseRepurchase agreements56,022 41,580 108,513 80,733 Collateralized debt obligationsConsolidated SLST8,429 6,752 15,393 12,553 Residential loan securitizations32,855 20,652 63,180 39,027 Non-Agency RMBS re-securitization1,265 — 2,555 — Total collateralized debt obligations42,549 27,404 81,128 51,580 Senior unsecured notes4,928 1,676