---
title: "Adamas Trust Pref Share ADAMM 7.875 Perp 01/15/25 | 10-Q: FY2025 Q3 Revenue: USD 228.34 M"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/264297442.md"
published_at: "2025-11-04T22:21:00.000Z"
---

# 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.

### Segment Revenue

-   **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.

### Operational Metrics

-   **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.

### Cash Flow

-   **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.

### Unique Metrics

-   **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.

### Future Outlook and Strategy

-   **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.

### Related Stocks

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

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