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 2.901 M.<h3>Segment Revenue</h3><ul><li>Interest income: $160,633 thousand for the three months ended September 30, 2025.</li><li>Total Investment Portfolio: Increased by $1.8 billion, a 20% change quarter-over-quarter (QoQ), reaching $10.4 billion.</li><li>Adjusted Interest Income: $149.5 million, a 13% increase QoQ.</li></ul><h3>Operational Metrics</h3><ul><li>Net income attributable to Company’s common stockholders: $32,702 thousand for the three months ended September 30, 2025.</li><li>Net income attributable to Company’s common stockholders per share (basic): $0.36 for the three months ended September 30, 2025.</li><li>Earnings available for distribution attributable to Company’s common stockholders: $21,991 thousand for the three months ended September 30, 2025.</li><li>Earnings available for distribution per common share: $0.24 for the three months ended September 30, 2025, increased by 9% from the prior quarter.</li><li>Yield on average interest earning assets: 6.33% for the three months ended September 30, 2025.</li><li>Interest expense: $124,047 thousand for the three months ended September 30, 2025.</li><li>Net interest income: $36,586 thousand for the three months ended September 30, 2025.</li><li>Net interest spread: 1.50% for the three months ended September 30, 2025.</li><li>Book value per common share at the end of the period: $9.20, a 1.0% increase QoQ.</li><li>Adjusted book value per common share at the end of the period: $10.38, a 1.2% increase QoQ.</li><li>Economic return on book value: 3.51%.</li><li>Economic return on adjusted book value: 3.41%.</li><li>Dividends per common share: $0.23.</li></ul><h3>Cash Flow</h3><ul><li>Cash and cash equivalents: $185,285 thousand as of September 30, 2025.</li><li>Excess Liquidity Capacity: $424 million, with available cash of $181 million and additional financing of $243 million available for unencumbered/under-levered assets.</li></ul><h3>Unique Metrics</h3><ul><li>Acquired approximately $1.8 billion of Agency investments with an average coupon of 5.27%.</li><li>Acquired approximately $525.7 million in residential loans with an average gross coupon of 8.81%.</li><li>Exited remaining joint venture equity investments at their approximate carrying value of $17.0 million.</li><li>Received approximately $26.4 million in proceeds from redemptions of Mezzanine Lending investments.</li><li>Acquired the outstanding 50% ownership interests in Constructive Loans, LLC that were not previously owned by the Company, enhancing the business purpose loan origination platform.</li><li>Completed the issuance of $115.0 million in aggregate principal amount of 9.875% Senior Notes due 2030.</li><li>Completed two securitizations of residential loans, resulting in approximately $619.2 million in net proceeds.</li><li>Increased common stock dividend declared in September 2025 to $0.23 per common share.</li><li>Agency Portfolio Recourse Leverage Ratio: 7.8x.</li></ul><h3>Outlook / Guidance</h3><ul><li>The company expects to continue its disciplined capital rotation strategy, focusing on assets with greater earnings durability.</li><li>The acquisition of the remaining 50% interest in Constructive Loans, LLC is expected to deepen relationships across the investment ecosystem.</li><li>Adamas plans to continue investing in its core strategies, particularly in Agency RMBS and BPLs, to drive earnings growth. The company anticipates a slower pace of portfolio growth compared to the third quarter of 2025, but remains focused on capitalizing on opportunities during periods of market volatility.</li></ul>

ADAMAS TRUST INC. 9.875% NTS 01/10/2030 USD25 | 8-K: FY2025 Q3 Revenue: USD 228.34 M