Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 256

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 256
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, 2025 and December 31, 2024, respectively, is presented below (amounts in thousands, except per share data):

September 30, 2025December 31, 2024Company's stockholders' equity$1,390,777 $1,394,720 Preferred stock liquidation preference(559,642)(554,110)GAAP book value831,135 840,610 Add:Cumulative depreciation expense on real estate (1)26,357 20,837 Cumulative amortization of lease intangibles related to real estate (1)4,620 4,620 Cumulative adjustment of redeemable non-controlling interest to estimated redemption value54,782 40,675 Adjustment of amortized cost liabilities to fair value20,481 30,619 Adjusted book value$937,375 $937,361 Common shares outstanding90,308 90,575 GAAP book value per common share (2)$9.20 $9.28 Adjusted book value per common share (3)$10.38 $10.35 

(1)Represents cumulative adjustments for the Company's share of depreciation expense and amortization of lease intangibles related to real estate held as of the end of the period presented for which an impairment has not been recognized.

(2)GAAP book value per common share is calculated using the GAAP book value and the common shares outstanding for the periods indicated.

(3)Adjusted book value per common share is calculated using the adjusted book value and the common shares outstanding for the periods indicated.

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Critical Accounting Estimates 

We prepare our consolidated financial statements in conformity with GAAP, which requires the use of estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based, in part, on our judgment and assumptions regarding various economic conditions that we believe are reasonable based on facts and circumstances existing at the time of reporting. We believe that the estimates, judgments and assumptions utilized in the preparation of our consolidated financial statements are prudent and reasonable. Although our estimates contemplate conditions as of September 30, 2025 and how we expect them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially affect reported amounts of assets and liabilities at the date of the consolidated financial statements and