Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 102

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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17,863 15,235 Net loss from real estate(2,235)(16,369)14,134 Total other income (loss)31,952 (57,323)89,275 General and administrative expenses12,414 13,054 (640)Portfolio operating expenses7,206 7,742 (536)Debt issuance costs5,482 3,545 1,937 Income (loss) from operations before income taxes37,713 (80,170)117,883 Income tax expense (benefit)648 (111)759 Net loss attributable to non-controlling interests 5,090 22,158 (17,068)Net income (loss) attributable to Company42,155 (57,901)100,056 Preferred stock dividends (11,870)(10,439)(1,431)Net income (loss) attributable to Company's common stockholders30,285 (68,340)98,625 Basic earnings (loss) per common share$0.33 $(0.75)$1.08 Diluted earnings (loss) per common share$0.33 $(0.75)$1.08 

Interest Income and Interest Expense 

Interest income increased in 2025 primarily due to increased investments in Agency RMBS and business purpose loans. The increase in interest expense in 2025 was due primarily to an increase in financing obtained to fund investing activity through repurchase agreements and securitizations as well as issuance of senior unsecured notes.

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Net Loss from Real Estate

The following table presents the components of net loss from real estate for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):

Three Months Ended March 31,20252024$ ChangeIncome from real estate$20,655 $38,076 $(17,421)Expenses related to real estate:Interest expense, mortgages payable on real estate (6,007)(20,769)14,762 Depreciation expense on operating real estate(5,895)(11,149)5,254 Amortization of lease intangibles related to operating real estate— (1,427)1,427 Other real estate expenses(10,988)(21,100)10,112 Total expenses related to real estate(22,890)(54,445)31,555 Net loss