← 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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General and administrative expenses | $15.2m | $18.4m | $22.9m | $35.1m | $42.2m | $48.9m | $52.4m | $49.6m | $48.7m | $72.7m | $90.8m | |
| 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 expense | $17.8m | $17.3m | $377.1m | $566.8m | $223.1m | $83.2m | $129.4m | $192.1m | $317.4m | $452.6m | $499.4m | |
| Interest expense, mortgages payable on real estate | — | — | — | — | $0 | $4.0m | $56.0m | $90.2m | $60.2m | $21.6m | $499.4m | |
| Interest income | $319.3m | $366.1m | $455.8m | $694.6m | $350.2m | $206.9m | $258.4m | $258.7m | $401.3m | $601.9m | $677.8m | |
| Total net interest income | $64.6m | $58.0m | $78.7m | $127.9m | $127.1m | $123.6m | $129.0m | $66.5m | $83.9m | $149.3m | — | |
| Other income | $19.1m | $13.6m | $16.6m | $25.8m | $1.1m | $5.5m | $16.3m | $4.7m | $29.1m | $16.5m | — | |
| Total other income (loss) | $41.2m | $75.0m | $66.5m | $94.4m | ($359.8m) | $171.7m | ($120.5m) | ($39.4m) | ($42.2m) | $123.9m | — | |
| 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 | ||
| Income tax expense | $3.1m | $3.4m | ($1.1m) | ($419k) | $981k | $2.5m | $542k | $75k | $1.0m | $145k | ($170k) | |
| NET INCOME (LOSS) | $67.6m |
$88.6m
+31.09%
|
$104.8m
+18.32%
|
$172.9m
+64.98%
|
($288.2m)
-266.71%
|
$188.5m
+165.39%
|
($340.6m)
-280.74%
|
($77.8m)
+77.16%
|
($94.0m)
-20.76%
|
$137.7m
+246.52%
|
$154.6m
+12.33%
|
|
| Net loss attributable to non-controlling interests | ($9k) | $3.4m | ($1.9m) | $840k | ($267k) | $4.7m | $42.0m | $29.1m | $31.9m | $11.4m | — | |
| 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 | $154.6m | |
| Total net loss from real estate | $0 | $7.3m | $6.2m | $215k | $419k | $15.2m | $141.7m | ($31.3m) | ($42.8m) | ($12.4m) | — | |
| 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 | $154.6m | |
| Preferred stock dividends | ($12.9m) | ($15.7m) | ($23.7m) | $28.9m | ($41.2m) | ($42.9m) | ($42.0m) | ($41.8m) | ($41.8m) | ($47.9m) | $47.5m | |
| 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 | — | |
| 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 | $20.4m | |
| Other real estate expenses | — | — | — | — | $377k | $9.6m | $72.4m | $88.2m | $75.4m | $44.0m | — | |
| 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 | — | |
| Loan origination costs | — | — | — | — | — | — | — | $0 | $0 | $8.1m | — | |
| Financing transaction costs | — | — | — | — | — | — | $0 | $0 | $12.3m | $14.2m | — | |
| Gain on repurchase of preferred stock | — | — | — | — | — | $0 | $0 | $467k | $0 | $0 | — | |
| Total income from real estate | — | — | — | — | — | $15.2m | $141.7m | $171.8m | $132.6m | $76.3m | — | |
| Total expenses related to real estate | — | — | — | — | $763k | $32.8m | $255.2m | $203.1m | $175.5m | $88.8m | — |