---
title: "ADAMAS TRUST INC. 8% SERIS D FXD TO FLOTIG RTE CUM RED PRE | 8-K: FY2025 Q3 Revenue: USD 179.74 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/263367790.md"
datetime: "2025-10-29T20:26:16.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/263367790.md)
  - [en](https://longbridge.com/en/news/263367790.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/263367790.md)
---

# 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.

### Segment Revenue

-   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.

### Operational Metrics

-   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.

### Cash Flow

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

### Unique Metrics

-   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.

### Outlook / Guidance

-   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.

### Related Stocks

- [ADAMN.US](https://longbridge.com/en/quote/ADAMN.US.md)

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