Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 249

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 249
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 approximately $34.5 million and $104.8 million, respectively, as a result of increased financing obtained to fund investing activity through repurchase agreements and securitizations as well as issuance of senior unsecured notes. Average financing cost decreased for the three- and nine-month periods primarily due to improved financing terms and base interest rate movements. 

A reconciliation of GAAP interest income to adjusted interest income, GAAP interest expense to adjusted interest expense and GAAP total net interest income (loss) to adjusted net interest income (loss) for the three and nine months ended September 30, 2025 and 2024, respectively, is presented below (dollar amounts in thousands):

For the Three Months Ended September 30,20252024AgencySingle-Family CreditMulti-Family CreditCorporate/OtherTotalAgencySingle-Family CreditMulti-Family CreditCorporate/OtherTotalGAAP interest income$85,975 $70,504 $2,124 $2,030 $160,633 $43,260 $61,351 $2,699 $1,051 $108,361 GAAP interest expense(60,472)(53,080)— (10,495)(124,047)(35,116)(47,641)— (5,367)(88,124)GAAP total net interest income (loss)$25,503 $17,424 $2,124 $(8,465)$36,586 $8,144 $13,710 $2,699 $(4,316)$20,237 GAAP interest income$85,975 $70,504 $2,124 $2,030 $160,633 $43,260 $61,351 $2,699 $1,051 $108,361 Adjusted for:Consolidated SLST CDO interest expense— (11,199)— — (11,199)— (7,375)— — (7,375)TBA dollar roll income66 — — — 66 — — — — — Adjusted interest income$86,041 $59,305 $2,124 $2,030 $149,500 $43,260 $53,976 $2,699 $1,051 $100,986 GAAP interest expense$(60,472)$(53