Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 108

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 108
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 the time of acquisition. Changes in the market values of investment securities where the Company elected the fair value option are reflected in earnings instead of in OCI.  As of March 31, 2025, all of the Company's investment securities are accounted for using the fair value option.

96

Analysis of Changes in GAAP Book Value 

The following table analyzes the changes in GAAP book value of our common stock for the three months ended March 31, 2025 (amounts in thousands, except per share data):

Three Months Ended March 31, 2025AmountSharesPer Share (1)Beginning Balance$840,610 90,575 $9.28 Common stock issuance, net (2)861 (46)Balance after share activity841,471 90,529 9.30 Adjustment of redeemable non-controlling interest to estimated redemption value(5,337)(0.06)Dividends and dividend equivalents declared(18,583)(0.20)Net income attributable to Company's common stockholders30,285 0.33 Ending Balance$847,836 90,529 $9.37 

(1)Outstanding shares used to calculate book value per common share for the three months ended March 31, 2025 are 90,529,421.

(2)Includes amortization of stock based compensation.

97

Non-GAAP Financial Measures

In addition to the results presented in accordance with GAAP, this Quarterly Report on Form 10-Q includes certain non-GAAP financial measures, including adjusted interest income, adjusted interest expense, adjusted net interest income (loss), yield on average interest earning assets, average financing cost, net interest spread, earnings available for distribution and adjusted book value per common share. Our management team believes that these non-GAAP financial measures, when considered with our GAAP financial statements, provide supplemental information useful for investors as it enables them to evaluate our current performance and trends using the metrics that management uses to operate our business. Our presentation of non-GAAP financial measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. Because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations of the non-GAAP financial measures included in this Quarterly Report on Form 10-Q to the most directly comparable financial measures prepared in accordance