ADAMAS TRUST, INC.
For the period ended Oct 28, 2026. Filed Oct 28, 2026.
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Oct 28, 2026 · Filed Oct 28, 2026
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Contents
EX-99.1 · Segment Information
Segment Information
The following table presents summarized financial information by our two reportable segments, investment portfolio and Constructive, for the three and nine months ended September 30, 2026, respectively, which, with the inclusion of unallocated amounts, in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands). Unallocated amounts 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 and financing transaction costs unrelated to securitizations.
| For the Three Months Ended September 30, 2026 · For the Nine Months Ended September 30, 2026 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Investment Portfolio · Constructive (1) · Total Reportable Segments · Investment Portfolio · Constructive (1) · Total Reportable Segments | ||||||||
| Total net interest income | $58,515 | $469 | $58,984 | $174,556 | $1,447 | $176,003 | ||
| Total net loss from real estate | (2,761) | — | (2,761) | (7,651) | — | (7,651) | ||
| Total other (loss) income | (183,467) | 12,305 | (171,162) | (133,357) | 43,698 | (89,659) | ||
| Total general, administrative and operating expenses | 14,324 | 14,670 | 28,994 | 43,562 | 47,043 | 90,605 | ||
| Loss from operations before income taxes | $(142,037) | $(1,896) | $(143,933) | $(10,014) | $(1,898) | $(11,912) | ||
| Total unallocated amounts | (18,219) | (10,450) | ||||||
| Consolidated loss from operations before income taxes | $(162,152) | $(22,362) | ||||||
(1)Includes direct income (loss) from Constructive and certain allocated general and administrative expenses and other income (loss). The following table presents a reconciliation of direct (loss) income from Constructive for the periods presented to the reportable segment amounts:
| For the Three Months Ended September 30, 2026 | For the Nine Months Ended September 30, 2026 | |
|---|---|---|
| Interest income | $2,655 | $9,208 |
| Interest expense | (2,186) | (7,761) |
| Mortgage banking activities, net | 10,856 | 42,394 |
| General and administrative expenses | (8,783) | (27,889) |
| Loan origination costs | (4,198) | (13,070) |
| Direct (loss) income from operations before income tax from Constructive | (1,656) | 2,882 |
| Allocated expenses and other income (loss) | (240) | (4,780) |
| Total Constructive segment loss from operations before income tax | $(1,896) | $(1,898) |
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