---
title: "Adamas Trust Pref Share ADAMM 7.875 Perp 01/15/25 | 8-K: FY2025 Q3 Revenue: USD 228.34 M"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/263368154.md"
published_at: "2025-10-29T20:27:32.000Z"
---

# Adamas Trust Pref Share ADAMM 7.875 Perp 01/15/25 | 8-K: FY2025 Q3 Revenue: USD 228.34 M

Revenue: As of FY2025 Q3, the actual value is USD 228.34 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

-   **Interest Income**: $160,633 thousand for the three months ended September 30, 2025.
-   Total investment portfolio increased by $1.8 billion, a 20% change quarter-over-quarter (QoQ).
-   Acquired $2.3 billion of new single-family residential investments, including $1.8 billion of Agency at a 5.27% average coupon and $522 million of business purpose loans (BPLs).

### Operational Metrics

-   **Net Income**: $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.
-   **Net Interest Spread**: 1.50% for the three months ended September 30, 2025.
-   **General, Administrative and Operating Expenses**: $41,825 thousand for the three months ended September 30, 2025.
-   **Income (Loss) from Operations Before Income Taxes**: $39,487 thousand for the three months ended September 30, 2025.
-   Earnings per share (basic) of $0.36.
-   Earnings Available for Distribution (EAD) per share of $0.24, a 9% increase from the prior quarter and a 140% increase year-over-year (YoY).
-   Book value per share of $9.20, a 1.0% change QoQ.
-   Adjusted Book Value per share of $10.38, a 1.2% change QoQ.
-   Declared third quarter common stock dividend of $0.23 per share, a 15% change QoQ.

### Cash Flow

-   **Cash and Cash Equivalents**: $185,285 thousand as of September 30, 2025.
-   Excess liquidity capacity of $424 million, with available cash of $181 million and additional financing of $243 million available for unencumbered/under-levered assets.

### Unique Metrics

-   **Book Value Per Common Share**: $9.20 as of September 30, 2025.
-   **Adjusted Book Value Per Common Share**: $10.38 as of September 30, 2025.
-   **Economic Return on Book Value**: 3.51% for the three months ended September 30, 2025.
-   **Economic Return on Adjusted Book Value**: 3.41% for the three months ended September 30, 2025.
-   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.

### Outlook / Guidance

-   The company marked its highest level of quarterly investment activity since inception, expanding the investment portfolio by $1.8 billion.
-   Adamas plans to continue investing in its core strategies and utilize its excess liquidity to capitalize on opportunities during periods of volatility.
-   The company anticipates continued growth of the portfolio, albeit at a lower pace than the third quarter of 2025.

### Related Stocks

- [ADAMM.US - Adamas Trust Pref Share ADAMM 7.875 Perp 01/15/25](https://longbridge.com/en/quote/ADAMM.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Adamas Trust Inc. 宣佈 2025 年股息分配的税務處理方案 | Adamas Trust Inc. 宣佈了其 2025 年普通股和優先股股息分配的税務處理，表示股息的任何部分都不會被視為超額包含收入。2026 年 1 月宣佈的現金分配將在聯邦所得税方面被視為 2026 年的分配 | [Link](https://longbridge.com/en/news/274358419.md) |

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.