Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 240

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 240
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-month periods are primarily related to the consolidation of Constructive.

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For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangePortfolio operating expenses$6,747 $8,531 $(1,784)$21,307 $23,672 $(2,365)

The decreases in portfolio operating expenses in the three- and nine-month periods are primarily related to decreased expenses related to the management of the business purpose loan portfolio, partially offset by increases in residential loan servicing fees driven by growth in the size of the loan portfolio since September 30, 2024.

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangeLoan origination costs$3,788 $— $3,788 $3,788 $— $3,788 

The increases in loan origination expenses in the three- and nine-month periods are related to the consolidation of Constructive.

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangeFinancing Transaction CostsSecuritization transaction costs$4,306 $2,354 $1,952 $6,590 $7,972 $(1,382)Senior unsecured notes transaction costs3,635 — 3,635 7,293 2,480 4,813 Equity transaction costs— — — 290 — 290 Total financing transaction costs$7,941 $2,354 $5,587 $14,173 $10,452 $3,721 

Financing transaction costs increased in the three- and nine-month periods as a result of increased debt issuances in 2025 as compared to 2024. Senior unsecured notes transaction costs recognized in the three months ended September 30, 2025 are related to the issuance of the 9.875% 2030 Senior Notes.

Comprehensive Income (Loss)

The main components of comprehensive income (loss) for the three and nine months ended September 30, 2025 and 2024, respectively, are detailed in the following table (dollar amounts in thousands):

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangeNET INCOME