Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 242

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 242
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487 Income tax expense (benefit)12 — (310)(298)Net income (loss)72,044 (3,776)(28,483)39,785 Net loss attributable to non-controlling interests5,035 — — 5,035 Net income (loss) attributable to Company77,079 (3,776)(28,483)44,820 Preferred stock dividends— — (12,118)(12,118)Net income (loss) attributable to Company's common stockholders$77,079 $(3,776)$(40,601)$32,702 

For the Nine Months Ended September 30, 2025Investment PortfolioConstructiveCorporate/OtherTotalTotal net interest income (loss)$125,987 $124 $(19,980)$106,131 Total net loss from real estate(9,126)— — (9,126)Total other income57,302 12,162 1,828 71,292 Total general, administrative and operating expenses27,906 16,062 42,849 86,817 Income (loss) from operations before income taxes146,257 (3,776)(61,001)81,480 Income tax expense26 — 163 189 Net income (loss)146,231 (3,776)(61,164)81,291 Net loss attributable to non-controlling interests14,231 — — 14,231 Net income (loss) attributable to Company160,462 (3,776)(61,164)95,522 Preferred stock dividends— — (36,021)(36,021)Net income (loss) attributable to Company's common stockholders$160,462 $(3,776)$(97,185)$59,501 

For more information regarding segment reporting, please see Note 25 to our condensed consolidated financial statements included in this report.

112

Analysis of Changes in GAAP Book Value 

The following table analyzes the changes in GAAP book value of our common stock for the three and nine months ended September 30, 2025 (amounts in thousands, except per share data):

For the Three Months Ended September 30, 2025For the Nine Months Ended September 30, 2025AmountSharesPer Share (1)AmountSharesPer Share (1)Beginning Balance$822,705 90,314