← ADAMAS TRUST, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Portfolio operating expenses $10.7m $8.7m $8.9m $482k $12.3m $26.7m $40.9m $24.0m $30.7m $28.0m
Total general, administrative and operating expenses $35.2m $41.1m $41.5m $49.8m $54.6m $104.4m $348.6m $73.5m $91.7m $122.9m
Interest income $319.3m $366.1m $455.8m $694.6m $350.2m $206.9m $258.4m $258.7m $401.3m $601.9m
Rental income — — — — $408k $14.3m $126.3m $141.1m $112.5m $66.0m
Other real estate income — — — — $11k $927k $15.4m $30.7m $20.2m $10.3m
Depreciation and amortization — — — — $386k $19.2m $126.8m $24.6m $39.8m $23.1m
Realized losses, net — $20.8m $52.8m $35.8m ($148.1m) $21.5m $27.5m ($27.1m) ($29.4m) ($65.4m)
Unrealized gains (losses), net — — $52.8m $35.8m ($160.2m) $95.6m ($321.1m) $97.2m ($90.5m) $217.4m
(Losses) gains on derivative instruments, net — — — — — $0 $27.2m ($26.4m) $96.0m ($58.3m)
Mortgage banking activities, net — — — — — — — $0 $0 $26.6m
(Loss) income from equity investments — — $10.6m $23.6m $26.7m $33.9m $15.1m $17.8m $16.0m ($3.2m)
Impairment of real estate — — — — — $0 ($2.4m) ($89.5m) ($48.9m) ($9.8m)
Loss on reclassification of disposal group — — — — — $0 $0 ($16.2m) ($14.6m) $0
Other income $19.1m $13.6m $16.6m $25.8m $1.1m $5.5m $16.3m $4.7m $29.1m $16.5m
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES $70.7m $91.9m $103.7m $172.5m ($287.3m) $190.9m ($340.1m) ($77.7m) ($92.9m) $137.8m
Net loss attributable to non-controlling interests ($9k) $3.4m ($1.9m) $840k ($267k) $4.7m $42.0m $29.1m $31.9m $11.4m
Preferred stock dividends ($12.9m) ($15.7m) ($23.7m) $28.9m ($41.2m) ($42.9m) ($42.0m) ($41.8m) ($41.8m) ($47.9m)
Gain on repurchase of preferred stock — — — — — $0 $0 $467k $0 $0
Total net interest income $64.6m $58.0m $78.7m $127.9m $127.1m $123.6m $129.0m $66.5m $83.9m $149.3m
Total income from real estate — — — — — $15.2m $141.7m $171.8m $132.6m $76.3m
Total net loss from real estate $0 $7.3m $6.2m $215k $419k $15.2m $141.7m ($31.3m) ($42.8m) ($12.4m)
Total other income (loss) $41.2m $75.0m $66.5m $94.4m ($359.8m) $171.7m ($120.5m) ($39.4m) ($42.2m) $123.9m
NET INCOME (LOSS) $67.6m $88.6m $104.8m $172.9m ($288.2m) $188.5m ($340.6m) ($77.8m) ($94.0m) $137.7m
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY $67.6m $92.0m $102.9m $173.7m ($288.5m) $193.2m ($298.6m) ($48.7m) ($62.0m) $149.0m
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $54.7m $76.3m $79.2m $144.8m ($329.7m) $144.2m ($340.6m) ($90.0m) ($103.8m) $101.1m
Basic earnings (loss) per common share (in dollars per share) $0.50 $0.68 $0.62 $0.65 ($0.89) $0.38 ($0.90) ($0.99) ($1.14) $1.12
Diluted earnings (loss) per common share (in dollars per share) $0.50 $0.66 $0.61 $0.64 ($0.89) $0.38 ($0.90) ($0.99) ($1.14) $1.10
Weighted average shares outstanding-basic (in shares) 109.6m 111.8m 127.2m 221.4m 371.0m 379.2m 377.3m 91.0m 90.8m 90.4m
Weighted average shares outstanding-diluted (in shares) 109.6m 130.3m 147.4m 242.6m 371.0m 381.0m 377.3m 91.0m 90.8m 91.5m
Interest expense $17.8m $17.3m $377.1m $566.8m $223.1m $83.2m $129.4m $192.1m $317.4m $452.6m
Interest expense, mortgages payable on real estate — — — — $0 $4.0m $56.0m $90.2m $60.2m $21.6m
Other real estate expenses — — — — $377k $9.6m $72.4m $88.2m $75.4m $44.0m
General and administrative expenses $15.2m $18.4m $22.9m $35.1m $42.2m $48.9m $52.4m $49.6m $48.7m $72.7m
Loan origination costs — — — — — — — $0 $0 $8.1m
Financing transaction costs — — — — — — $0 $0 $12.3m $14.2m
Income tax expense $3.1m $3.4m ($1.1m) ($419k) $981k $2.5m $542k $75k $1.0m $145k
Total expenses related to real estate — — — — $763k $32.8m $255.2m $203.1m $175.5m $88.8m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.