Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 253

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 253
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 when determining the amount, if any, of dividends on our common stock include, among others, our earnings and financial condition, capital requirements, maintenance of our REIT qualification, restrictions on making distributions under Maryland law and such other factors as our Board of Directors deems relevant. EAD should not be considered as an indication of our REIT taxable income, a guaranty of our ability to pay dividends, or as a proxy for the amount of dividends we may pay, as EAD excludes certain items that impact our liquidity. 

A reconciliation of GAAP net income (loss) attributable to Company's common stockholders to EAD for the three and nine months ended September 30, 2025 and 2024, respectively, is presented below (amounts in thousands, except per share data):

For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024GAAP net income (loss) attributable to Company's common stockholders$32,702 $32,410 $59,501 $(61,957)Adjustments:Realized losses, net5,610 1,380 50,481 19,404 Unrealized gains, net(54,852)(96,949)(197,670)(41,046)Losses on derivative instruments, net (1)19,172 69,093 99,713 21,033 Unrealized losses, net on equity investments (2)2,860 1,097 7,310 7,685 Impairment of real estate1,619 7,823 9,437 48,142 Loss on reclassification of disposal group— — — 14,636 Other losses (gains) (3)311 (21,124)(1,012)(19,114)Depreciation and amortization of operating real estate5,936 8,131 17,759 32,942 Non-cash expenses (4)2,961 2,531 7,720 7,033 Transaction expenses (5)9,233 2,454 16,891 10,915 Income tax effect of adjustments(336)2,325 (23)2,393 EAD adjustments attributable to non-controlling interests(3,225)155 (9,899)(22,628)Earnings available for distribution attributable to Company's common stockholders$21