Company: ADAMM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001273685-25-000028
Chunk: 250

Company: ADAMAS TRUST, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 250
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 in consolidated joint venture equity investments. 

Expenses

The following tables present the components of general, administrative and portfolio operating expenses for the years ended December 31, 2024 and 2023, respectively (dollar amounts in thousands):

For the Years Ended December 31,20242023$ ChangeGeneral and Administrative ExpensesSalaries, benefits and directors’ compensation$34,798 $36,609 $(1,811)Professional fees5,891 4,748 1,143 Other7,983 8,208 (225)Total general and administrative expenses$48,672 $49,565 $(893)

75

The decrease in general and administrative expenses in 2024 is primarily related to decreases in salary and stock compensation expenses, partially offset by increases in legal and tax advisory fees.

For the Years Ended December 31,20242023$ ChangePortfolio operating expenses$30,688 $23,952 $6,736 

The increase in portfolio operating expenses in 2024 is primarily related to the growth in our residential loan portfolio as well as an increase in expenses related to our non-performing residential loan portfolio..

For the Years Ended December 31,20242023$ ChangeSecuritization transaction costs$9,855 $— $9,855 Senior unsecured notes transaction costs2,480 — 2,480 Total debt issuance costs$12,335 $— $12,335 

We elected the fair value option with respect to CDOs and senior unsecured notes issued by the Company after January 1, 2024.  Accordingly, costs associated with the issuance of debt subject to the fair value election are expensed as they are incurred and are included in debt issuance costs in 2024.

Comprehensive Loss

The main components of comprehensive loss for the years ended December 31, 2024 and 2023, respectively, are detailed in the following table (dollar amounts in thousands):

For the Years Ended December 31,20242023$ ChangeNET LOSS ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$(103,785)$(90,035)$(13,750)OTHER COMPREHENSIVE INCOMEIncrease in fair value of available for sale securitiesNon-Agency RMBS— 144 (144)Total — 144 (144)Reclassification adjustment for net loss included in net loss4 1,822 (1,818)TOTAL OTHER