Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 197

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 197
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 3,545 Income tax effect of adjustments486 (274)EAD adjustments attributable to non-controlling interests(4,027)(17,229)Earnings available for distribution attributable to Company's common stockholders$18,194 $2,117 Weighted average shares outstanding - basic90,583 91,117 GAAP net income (loss) attributable to Company's common stockholders per common share - basic$0.33 $(0.75)EAD per common share - basic$0.20 $0.02 

(1)Excludes net interest benefit of interest rate swaps of approximately $3.1 million and $8.3 million for the three months ended March 31, 2025 and 2024, respectively.

(2)Included in income from equity investments on the Company's condensed consolidated statements of operations.

(3)Included in other income on the Company's condensed consolidated statements of operations and primarily includes non-recurring items such as gains (losses) on sales of real estate, gains (losses) on de-consolidation, gains (losses) on extinguishment of debt, preferred equity premiums resulting from early redemption, property loss insurance proceeds and provision for uncollectible receivables.

(4)Primarily includes stock based compensation.

(5)Includes non-recurring expenses such as debt issuance costs and transaction and/or restructuring expenses.

Adjusted Book Value Per Common Share

Adjusted book value per common share is a supplemental non-GAAP financial measure calculated by making the following adjustments to GAAP book value: (i) exclude the Company's share of cumulative depreciation and lease intangible amortization expenses related to real estate held at the end of the period for which an impairment has not been recognized, (ii) exclude the cumulative adjustment of redeemable non-controlling interests to estimated redemption value and (iii) adjust our amortized cost liabilities that finance our investment portfolio to fair value.  

Our rental property portfolio includes fee simple interests in single-family rental homes and joint venture equity interests in multi-family properties owned by Consolidated Real Estate VIEs. By excluding our share of cumulative non-cash depreciation and amortization expenses related to real estate held at the end of the period for which an impairment has not been recognized, adjusted book value reflects the value, at their undepreciated basis, of our single-family rental properties and joint venture equity investments that the Company has determined to be recoverable at the end of the period.

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