ADAMAS TRUST, INC.
For the period ended Jul 29, 2026. Filed Jul 29, 2026.
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Jul 29, 2026 · Filed Jul 29, 2026
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EX-99.1 · Segment Information
Segment Information
The following tables present summarized financial information by our two reportable segments, investment portfolio and Constructive, for the three and six months ended June 30, 2026, respectively (dollar amounts in thousands). The activities within Corporate/Other are reconciling items to the condensed consolidated financial statements and primarily consist of general and administrative expenses not directly attributable to the investment portfolio or Constructive, interest expense on senior unsecured notes and subordinated debentures, financing transaction costs unrelated to securitizations and preferred stock dividends.
| Investment Portfolio | Constructive | Corporate/Other | Total | |
|---|---|---|---|---|
| Total net interest income (loss) | $58,779 | $470 | $(9,040) | $50,209 |
| Total net loss from real estate | (2,289) | — | — | (2,289) |
| Total other income (loss) | 43,634 | 15,623 | (14,099) | 45,158 |
| Total general, administrative and operating expenses (1) | 15,203 | 16,752 | 8,057 | 40,012 |
| Income (loss) from operations before income taxes | 84,921 | (659) | (31,196) | 53,066 |
| Income tax expense (benefit) | 12 | 8 | (7) | 13 |
| Net income (loss) | 84,909 | (667) | (31,189) | 53,053 |
| Net loss attributable to non-controlling interests | 2,129 | — | — | 2,129 |
| Net income (loss) attributable to Company | 87,038 | (667) | (31,189) | 55,182 |
| Preferred stock dividends | — | — | (11,758) | (11,758) |
| Net income (loss) attributable to Company's common stockholders | $87,038 | $(667) | $(42,947) | $43,424 |
(1)General, administrative and operating expenses of the Constructive segment include $9.8 million of direct general and administrative expenses and $4.8 million of direct loan origination costs incurred by Constructive.
| Investment Portfolio | Constructive | Corporate/Other | Total | |
|---|---|---|---|---|
| Total net interest income (loss) | $116,039 | $979 | $(18,397) | $98,621 |
| Total net loss from real estate | (4,891) | — | — | (4,891) |
| Total other income | 50,112 | 31,392 | 44,602 | 126,106 |
| Total general, administrative and operating expenses (1) | 29,240 | 32,373 | 18,434 | 80,047 |
| Income (loss) from operations before income taxes | 132,020 | (2) | 7,771 | 139,789 |
| Income tax expense | 27 | 8 | 137 | 172 |
| Net income (loss) | 131,993 | (10) | 7,634 | 139,617 |
| Net income attributable to non-controlling interests | (35,836) | — | — | (35,836) |
| Net income (loss) attributable to Company | 96,157 | (10) | 7,634 | 103,781 |
| Preferred stock dividends | — | — | (23,461) | (23,461) |
| Net income (loss) attributable to Company's common stockholders | $96,157 | $(10) | $(15,827) | $80,320 |
(1)General, administrative and operating expenses of the Constructive segment include $19.1 million of direct general and administrative expenses and $8.9 million of direct loan origination costs incurred by Constructive.
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