Adamas Trust Pref Share ADAMM 7.875 Perp 01/15/25 | 10-Q: 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 8.31 M.

Investment Portfolio Segment: Revenue from investment securities available for sale was $6,838.7 million as of September 30, 2025, compared to $3,828.5 million as of December 31, 2024.
Constructive Segment: Revenue from residential loans held for sale was $105.0 million as of September 30, 2025.

Net Income: The net income for the nine months ended September 30, 2025, was $81.3 million, compared to a net loss of - $63.7 million for the same period in 2024.
Gross Margin: Total net interest income for the nine months ended September 30, 2025, was $106.1 million, compared to $57.1 million for the same period in 2024.
Operating Profit: Income from operations before income taxes for the nine months ended September 30, 2025, was $81.5 million, compared to a loss of - $61.1 million for the same period in 2024.
Operating Margin: Operating margin improved significantly, with net income attributable to the company’s common stockholders being $59.5 million for the nine months ended September 30, 2025, compared to a loss of - $62.0 million for the same period in 2024.
Operating Costs: General, administrative, and operating expenses for the nine months ended September 30, 2025, were $86.8 million, compared to $70.8 million for the same period in 2024.

Operating Cash Flow: Net cash provided by operating activities for the nine months ended September 30, 2025, was $72.0 million, compared to net cash used in operating activities of - $15.0 million for the same period in 2024.
Free Cash Flow: Free cash flow was - $2,749.1 million for the nine months ended September 30, 2025, compared to - $1,660.2 million for the same period in 2024.

Unrealized Gains: The company recognized $148.8 million in net unrealized gains on investment securities available for sale for the nine months ended September 30, 2025, compared to $10.4 million for the same period in 2024.
Impairment of Real Estate: The company recognized $9.4 million in impairment of real estate for the nine months ended September 30, 2025, compared to $48.1 million for the same period in 2024.

Core Business Focus: The company plans to continue strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets.
Non-Core Business: The company has completed its disposition of the real property held by its joint venture equity investments in multi-family properties and will reallocate its capital away from such assets to its targeted assets.
Priority: The company aims to maintain its REIT status by distributing at least 90% of its REIT taxable income to its stockholders and complying with various other requirements.