Company: ADAMM
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001273685-25-000038
Chunk: 118

Company: ADAMAS TRUST, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 118
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 income earned by the Consolidated SLST securities that are actually owned by the Company as the Company only receives income or absorbs losses related to the Consolidated SLST securities actually owned by the Company.

A reconciliation of GAAP interest income to adjusted interest income for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 and the year ended December 31, 2024 is presented below (dollar amounts in thousands):

|                                        |     | For the Three Months Ended | March 31, 2024 |     |   | June 30, 2024 |     |   | September 30, 2024 |     |   | December 31, 2024 |     | For the Year Ended | December 31, 2024 |
|:---------------------------------------|:----|:---------------------------|---------------:|:----|:--|--------------:|:----|:--|-------------------:|:----|:--|------------------:|:----|:-------------------|------------------:|
| GAAP interest income                   |     | $                          |         83,892 |     | $ |        90,775 |     | $ |            108,361 |     | $ |           118,252 |     | $                  |           401,280 |
| Adjusted for:                          |     |                            |                |     |   |               |     |   |                    |     |   |                   |     |                    |                   |
| Consolidated SLST CDO interest expense |     |                            |         -5,801 |     |   |        -6,752 |     |   |             -7,375 |     |   |            -6,563 |     |                    |           -26,491 |
| Adjusted interest income               |     | $                          |         78,091 |     | $ |        84,023 |     | $ |            100,986 |     | $ |           111,689 |     | $                  |           374,789 |

| A-1 |

Undepreciated (Loss) Earnings

Undepreciated (loss) earnings is a supplemental non-GAAP financial measure defined as GAAP net (loss) income attributable to Company's common stockholders excluding the Company's share in depreciation expense and lease intangible amortization expense, if any