Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 239

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 239
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91,759)Undepreciated loss per common share (1)$(1.01)Comprehensive loss attributable to Company's common stockholders$(103,781)Comprehensive loss attributable to Company's common stockholders per share (basic)$(1.14)Yield on average interest earning assets (1) (2)6.54 %Interest income$401,280 Interest expense$317,425 Net interest income$83,855 Net interest spread (1) (3)1.33 %Book value per common share at the end of the period$9.28 Adjusted book value per common share at the end of the period (1)$10.35 Economic return on book value (4)(10.88)%Economic return on adjusted book value (5)(11.93)%Dividends per common share$0.80 

(1)Represents a non-GAAP financial measure.  A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included in "Non-GAAP Financial Measures" elsewhere in this section. 

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period. 

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments During Full Year 2024

Investing Activities

•Purchased approximately $2.2 billion of investment securities, including $1.5 billion of Agency RMBS with an average coupon of 5.69%.

•Purchased approximately $1.9 billion of residential loans with an average gross coupon of 9.93%. 

•Sold three multi-family apartment communities held by joint venture equity investments which generated a net gain attributable to the Company's common stockholders of approximately $12.3 million.

•Sold or distributed equity interests in joint venture equity investments that owned ten multi-family apartment communities which generated a gain on de-consolidation attributable to