Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 245

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 245
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401,280 $258,660 $142,620 Interest expense317,425 192,134 125,291 Net interest income83,855 66,526 17,329 Net loss from real estate(42,841)(31,302)(11,539)Total other loss(42,236)(39,431)(2,805)General and administrative expenses48,672 49,565 (893)Portfolio operating expenses30,688 23,952 6,736 Debt issuance costs12,335 — 12,335 Loss from operations before income taxes(92,917)(77,724)(15,193)Income tax expense1,036 75 961 Net loss attributable to non-controlling interests31,924 29,134 2,790 Net loss attributable to Company(62,029)(48,665)(13,364)Preferred stock dividends(41,756)(41,837)81 Gain on repurchase of preferred stock— 467 (467)Net loss attributable to Company's common stockholders(103,785)(90,035)(13,750)Basic loss per common share$(1.14)$(0.99)$(0.15)Diluted loss per common share$(1.14)$(0.99)$(0.15)

Interest Income and Interest Expense

Interest income increased in 2024 primarily due to increased investments in Agency RMBS and business purpose loans. The increase in interest expense in 2024 was due primarily to an increase in financing obtained to fund investing activity through repurchase agreements and securitizations as well as issuance of the 9.125% Senior Notes due 2029.

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Net Loss from Real Estate

The following table presents the components of net loss from real estate for the years ended December 31, 2024 and 2023, respectively (dollar amounts in thousands):

For the Years Ended December 31,20242023$ ChangeIncome from real estate$132,639 $171,774 $(39,135)Expenses related to real estate:Interest expense, mortgages payable on real estate (60,232)(90,221)29,989 Depreciation expense on operating real estate(37,444)(24,620)(12,824)Amortization of lease intangibles related to operating real estate(2,378)— (2,378)Other real estate expenses(75