Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 113

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 113
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$19,487 $2,665 $(4,289)$17,863 GAAP interest income$122,932 $2,605 $4,197 $129,734 $81,227 $2,665 $— $83,892 Adjusted for:Consolidated SLST CDO interest expense(6,964)— — (6,964)(5,801)— — (5,801)Adjusted interest income$115,968 $2,605 $4,197 $122,770 $75,426 $2,665 $— $78,091 GAAP interest expense$(85,560)$— $(11,076)$(96,636)$(61,740)$— $(4,289)$(66,029)Adjusted for:Consolidated SLST CDO interest expense6,964 — — 6,964 5,801 — — 5,801 Net interest benefit of interest rate swaps2,180 — 932 3,112 7,177 — 1,155 8,332 Adjusted interest expense$(76,416)$— $(10,144)$(86,560)$(48,762)$— $(3,134)$(51,896)Adjusted net interest income (loss) (1)$39,552 $2,605 $(5,947)$36,210 $26,664 $2,665 $(3,134)$26,195 

(1)Adjusted net interest income (loss) is calculated by subtracting adjusted interest expense from adjusted interest income.

100

Earnings Available for Distribution

Previously, we presented undepreciated earnings (loss) as a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company's common stockholders.  Commencing with the quarter ended March 31, 2025, we have discontinued disclosure of undepreciated earnings (loss). Beginning with the quarter ended March 31, 2025, we are presenting earnings available for distribution attributable to Company's common stockholders ("EAD") (and by calculation, EAD per common share) as a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company's common stockholders.

When presented in prior periods, undepreciated earnings (loss) was calculated as GA