Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 111

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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 Interest Income (1) (2)$75,426 $2,665 $— $78,091 Adjusted Interest Expense (1)(48,762)— (3,134)(51,896)Adjusted Net Interest Income (Loss) (1)$26,664 $2,665 $(3,134)$26,195 Average Interest Earning Assets (3)$4,798,871 $95,382 $1,000 $4,895,253 Average Interest Bearing Liabilities (4)$3,895,156 $— $219,298 $4,114,454 Yield on Average Interest Earning Assets (1) (5)6.29 %11.18 %— 6.38 %Average Financing Cost (1) (6)(5.03)%— (5.75)%(5.07)%Net Interest Spread (1) (7)1.26 %11.18 %(5.75)%1.31 %

(1)Represents a non-GAAP financial measure. 

(2)Includes interest income earned on cash accounts held by the Company.

(3)Average Interest Earning Assets for the respective periods include residential loans, multi-family loans and investment securities and exclude all Consolidated SLST assets other than those securities owned by the Company. Average Interest Earning Assets is calculated based on the daily average amortized cost for the respective periods.

(4)Average Interest Bearing Liabilities for the respective periods include repurchase agreements, residential loan securitization and non-Agency RMBS re-securitization CDOs, senior unsecured notes and subordinated debentures and exclude Consolidated SLST CDOs and mortgages payable on real estate as the Company does not directly incur interest expense on these liabilities that are consolidated for GAAP purposes.  Average Interest Bearing Liabilities is calculated based on the daily average outstanding balance for the respective periods.

(5)Yield on Average Interest Earning Assets is calculated by dividing our annualized adjusted interest income relating to our portfolio of interest earning assets by our Average Interest Earning Assets for the respective periods.

(6)Average Financing Cost is calculated by dividing our annualized adjusted interest expense by our Average Interest Bearing Liabilities.

(7)Net Interest Spread is the difference between our Yield on Average Interest Earning Assets and our Average Financing Cost.

99

(8)The Company has determined it is the primary beneficiary of Consolid