Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 7

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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,493)Stock based compensation expense, net5 — 3,496 — — 3,501 — 3,501 Dividends declared on common stock— — — (54,481)— (54,481)— (54,481)Dividends declared on preferred stock— — — (31,317)— (31,317)— (31,317)Dividends attributable to dividend equivalents— — — (818)— (818)— (818)Reclassification adjustment for net loss included in net loss— — — — 4 4 — 4 Increase in non-controlling interest related to de-consolidation of VIEs— — — — — — 1,502 1,502 Contributions of non-controlling interest in Consolidated VIEs— — — — — — 462 462 Decrease in non-controlling interest related to distributions from Consolidated VIEs— — — — — — (2,937)(2,937)Adjustment of redeemable non-controlling interest to estimated redemption value— — (18,221)— — (18,221)— (18,221)Balance, September 30, 2024$906 $535,445 $2,278,869 $(1,371,073)$— $1,444,147 $5,989 $1,450,136 

The accompanying notes are an integral part of the condensed consolidated financial statements.9

Table of ContentsADAMAS TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollar amounts in thousands)(unaudited)

For the Nine Months EndedSeptember 30,20252024Cash Flows from Operating Activities:  Net income (loss)$81,291 $(63,674)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:Net amortization 13,365 14,673 Depreciation and amortization expense related to operating real estate17,759 32,942 Realized losses, net50,481 19,404 Unrealized gains, net(197,670)(41,046)Losses (gains) on