Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 136

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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, non-Agency RMBS re-securitization CDOs amounting to $70.8 million and mortgages payable on real estate, including mortgages payable on real estate of disposal group held for sale, totaling $460.0 million as they are non-recourse debt.

(5)Represents the Company's outstanding recourse repurchase agreement financing divided by the Company's total stockholders' equity.  

104

Results of Operations

The following discussion provides information regarding our results of operations for the three and nine months ended September 30, 2025 and 2024, including a comparison of year-over-year results and related commentary. A number of the tables contain a “change” column that indicates the amount by which results from the three and nine months ended September 30, 2025 are greater or less than the results from the respective period in 2024. Unless otherwise specified, references in this section to increases or decreases in the “three-month period” refer to the change in results for the three months ended September 30, 2025 when compared to the three months ended September 30, 2024 and increases or decreases in the “nine-month period” refer to the change in results for the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024.

The following table presents the main components of our net income (loss) for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands, except per share data):

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change20252024$ ChangeInterest income$160,633 $108,361 $52,272 $431,268 $283,027 $148,241 Interest expense124,047 88,124 35,923 325,137 225,883 99,254 Total net interest income36,586 20,237 16,349 106,131 57,144 48,987 Total net loss from real estate(3,878)(7,495)3,617 (9,126)(36,968)27,842 Total other income (loss) 48,604 52,875 (4,271)71,292 (10,527)81,819 General and administrative expenses23,349 11,941 11,408