Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 87

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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1.9 billion during the three months ended March 31, 2025. These efforts contributed to a 55% increase in interest income and a more than 57% increase in adjusted interest income, a supplemental non-GAAP financial measure, for the first quarter of 2025 over the same period in 2024. In addition, we generated net income attributable to common stockholders of $0.33 per share and earnings available for distribution, a supplemental non-GAAP financial measure, of $0.20 per share for the first quarter of 2025, demonstrating continued momentum in portfolio growth and income generation.

In September 2022, we announced that our Board of Directors approved a strategic repositioning of our business through the opportunistic disposition of our joint venture equity investments in multi-family properties over time and the reallocation of the returned capital from such investments to our targeted assets.  As of March 31, 2025, we have reduced our exposure to this disposal group of multi-family investments to $19.9 million over two multi-family properties. We are not currently targeting multi-family investments and anticipate allocating minimal new capital to such investments in the future solely to protect our existing interests. We expect that our multi-family portfolio, including our Mezzanine Lending investments, will wind down over time.  

Our targeted investments include (i) residential loans, including business purpose loans, (ii) Agency RMBS, (iii) non-Agency RMBS and (iv) certain other mortgage-, residential housing- and credit-related assets and strategic investments in companies from which we purchase, or may in the future purchase, our targeted assets. Subject to maintaining our qualification as a REIT and the maintenance of our exclusion from registration as an investment company under the Investment Company Act, we also may opportunistically acquire and manage various other types of mortgage-, residential housing- and other credit-related or alternative investments that we believe will compensate us appropriately for the risks associated with them, including, without limitation, CMBS, collateralized mortgage obligations, MSRs, excess mortgage servicing spreads, securities issued by newly originated securitizations, including credit sensitive securities from these securitizations, ABS and debt or equity investments in alternative assets or businesses.

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As of March 31, 2025, the Company’s Recourse Leverage Ratio and Portfolio Recourse Leverage Ratio (as defined in footnotes 4 and 5 to the table under "— Capital Allocation") increased to 3.4x and 3.