Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 109

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 109
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.3 million of goodwill is deductible for tax purposes.The amount of revenue of Constructive included in the Company's condensed consolidated statements of operations for the period from the Acquisition Date through September 30, 2025 is $14.4 million.  The Company recognized acquisition-related costs of approximately $1.3 million, which are included in portfolio operating expenses on the condensed consolidated statements of operations.The following table presents the pro forma consolidated revenue and net income (loss) attributable to the Company's common stockholders as if Constructive had been included in the consolidated results of the Company for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Revenue$151,715 $142,053 $403,443 $242,153 Net income (loss) attributable to Company's common stockholders$33,787 $30,808 $73,531 $(53,373)Basic proforma earnings per common share$0.37 $0.34 $0.81 $(0.59)Diluted pro forma earnings per common share$0.37 $0.34 $0.80 $(0.59)These amounts have been calculated after applying the Company's accounting policies and adjustments for consolidation and amortization that would have been recorded assuming the estimated fair value adjustments to intangible assets had been applied on January 1, 2024. Material, nonrecurring pro forma adjustments directly attributable to the business combination have been included in the pro forma revenue and net income (loss) attributable to the Company's common stockholders shown above as if the transaction occurred on January 1, 2024. These adjustments include acquisition expenses and estimated income tax expense.

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25.      Segment ReportingAs of September 30, 2025, the Company operates in two reportable segments: (i) investment portfolio and (ii) Constructive.  The accounting policies applied to the segments are the same as those described in Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as updated in Note 2 in this Quarterly Report on Form 10-Q, with the exception of allocations of certain corporate expenses not directly assigned or allocated to one of the Company's two reportable segments. The activities