ADAMAS TRUST, INC. SEC 10-Q Report

Adamas Trust, Inc., a company specializing in real estate investment and loan origination, has released its Form 10-Q report for the third quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting its strategic initiatives and market positioning.

Financial Highlights

Total Net Interest Income: $36.6 million, reflecting an increase from $20.2 million in the prior year period, driven by higher interest income.

Total Net Loss from Real Estate: $(3.9) million, showing an improvement from $(7.5) million in the prior year period, due to reduced real estate expenses.

Total Other Income (Loss): $48.6 million, compared to $52.9 million in the prior year period, impacted by realized losses and gains on derivative instruments.

Income (Loss) from Operations Before Income Taxes: $39.5 million, slightly down from $42.8 million in the prior year period, influenced by increased general and administrative expenses.

Net Income (Loss): $39.8 million, compared to $40.5 million in the prior year period, with a slight decrease due to higher operating expenses.

Net Income (Loss) Attributable to Company's Common Stockholders: $32.7 million, consistent with $32.4 million in the prior year period, reflecting stable performance.

Basic Earnings (Loss) Per Common Share: $0.36, unchanged from the prior year period, indicating consistent earnings per share.

Diluted Earnings (Loss) Per Common Share: $0.36, consistent with the prior year period, showing stable diluted earnings per share.

Business Highlights

Revenue Segments: The company operates in two reportable segments: the investment portfolio and Constructive. The investment portfolio includes credit-sensitive single-family and multi-family assets, as well as other types of fixed-income investments such as Agency RMBS. Constructive focuses on originating business purpose loans for residential real estate investors.

Geographical Performance: The residential loans and multi-family loans have significant geographical concentrations in states like California, Florida, New York, New Jersey, and Pennsylvania, indicating a focus on these regions for real estate investments.

Sales Units: During the nine months ended September 30, 2025, the company completed four securitizations of residential loans, receiving net proceeds of approximately $945.5 million. This reflects the company's active engagement in securitizing its loan portfolio to obtain non-recourse, longer-term financing.

New Product Launches: The company, through its subsidiary Constructive, has been actively originating business purpose loans for sale to secondary market investors, indicating a strategic focus on expanding its loan origination business.

New Production Launches: On July 15, 2025, the company acquired the remaining 50% ownership interest in Constructive Loans, LLC, increasing its ownership to 100%. This acquisition is expected to enhance the company's capabilities in originating and managing business purpose loans.

Future Outlook: The company aims to strategically deploy capital across complementary businesses to generate durable earnings and long-term value for stockholders. It plans to continue focusing on disciplined portfolio management and capturing opportunities across real estate and capital markets.

SEC Filing: ADAMAS TRUST, INC. [ ADAM ] - 10-Q - Nov. 04, 2025