I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2025 Q3, the actual value is USD 179.74 M.
EPS: As of FY2025 Q3, the actual value is USD 0.36.
EBIT: As of FY2025 Q3, the actual value is USD 2.901 M.
Segment Revenue
- Total investment portfolio increased by $1.8 billion (+20% change QoQ).
- Total adjusted interest income of $150 million (+13% change QoQ).
- Interest Income: $160,633 thousand for the three months ended September 30, 2025.
Operational Metrics
- Earnings per share (basic) of $0.36.
- Earnings Available for Distribution (EAD) per share of $0.24 (+9% change QoQ).
- Book value per share of $9.20 (+1.0% change QoQ).
- Adjusted Book Value per share of $10.38 (+1.2% change QoQ).
- 3.51% Quarterly Economic Return.
- 3.41% Quarterly Economic Return on Adjusted Book Value.
- Declared third quarter common stock dividend of $0.23 per share (+15% change QoQ).
- Common stock dividend yield of 13.20% (share price as of September 30, 2025).
- Net income attributable to common stockholders was $32.7 million.
- Net Income Attributable to Company’s Common Stockholders: $32,702 thousand for the three months ended September 30, 2025.
- Net Interest Income: $36,586 thousand for the three months ended September 30, 2025.
- Total General, Administrative and Operating Expenses: $41,825 thousand for the three months ended September 30, 2025.
Cash Flow
- Excess liquidity capacity of $424 million, including available cash of $181 million and additional financing of $243 million available for unencumbered/under-levered assets.
Unique Metrics
- Acquired remaining 50% ownership interest in Constructive Loans, LLC, a leading originator of business purpose loans for residential real estate investors.
- Issued $115 million of 9.875% senior unsecured notes due 2030.
- Issued $370 million rated performing and re-performing residential loan securitization with a 5.70% effective cost.
- Issued $275 million rated BPL-Rental securitization with a 5.17% effective cost.
- Company Recourse Leverage Ratio of 5.0x.
- Portfolio Recourse Leverage Ratio of 4.7x.
- Agency Portfolio Recourse Leverage Ratio of 7.8x.
- Credit and Other Portfolio Recourse Leverage Ratio of 0.9x.
- Yield on Average Interest Earning Assets: 6.33% for the three months ended September 30, 2025.
- Net Interest Spread: 1.50% for the three months ended September 30, 2025.
Outlook / Guidance
- Adamas anticipates continued growth of the portfolio, albeit at a lower pace than 3Q 2025.
- Adamas will continue to invest in its core strategies and utilize its excess liquidity to capitalize on opportunities during periods of volatility.
- The targeted profile of Agency purchases remains current coupon specified pools with lower pay-ups.
- The company has increased its quarterly dividend to $0.23 per common share, reflecting a strategic focus on assets with greater earnings durability.
- The acquisition of the remaining 50% interest in a market-leading business purpose loan origination platform is expected to drive earnings available for distribution higher for the sixth consecutive quarter.
- The company aims to continue its disciplined capital rotation strategy to enhance long-term value creation for stockholders.