ADAMAS TRUST INC. 8% SERIS D FXD TO FLOTIG RTE CUM RED PRE | 8-K: FY2025 Q3 Revenue: USD 179.74 M

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.

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.

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.

Excess liquidity capacity of $424 million, including available cash of $181 million and additional financing of $243 million available for unencumbered/under-levered assets.

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.

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.