Adamas Trust Pref Share ADAMM 7.875 Perp 01/15/25 | 8-K: 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 2.901 M.

Segment Revenue

• Interest Income: $160,633 thousand for the three months ended September 30, 2025.
• Total investment portfolio increased by $1.8 billion, a 20% change quarter-over-quarter (QoQ).
• Acquired $2.3 billion of new single-family residential investments, including $1.8 billion of Agency at a 5.27% average coupon and $522 million of business purpose loans (BPLs).

Operational Metrics

• Net Income: $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.
• Net Interest Spread: 1.50% for the three months ended September 30, 2025.
• General, Administrative and Operating Expenses: $41,825 thousand for the three months ended September 30, 2025.
• Income (Loss) from Operations Before Income Taxes: $39,487 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, a 9% increase from the prior quarter and a 140% increase year-over-year (YoY).
• Book value per share of $9.20, a 1.0% change QoQ.
• Adjusted Book Value per share of $10.38, a 1.2% change QoQ.
• Declared third quarter common stock dividend of $0.23 per share, a 15% change QoQ.

Cash Flow

• Cash and Cash Equivalents: $185,285 thousand as of September 30, 2025.
• Excess liquidity capacity of $424 million, with available cash of $181 million and additional financing of $243 million available for unencumbered/under-levered assets.

Unique Metrics

• Book Value Per Common Share: $9.20 as of September 30, 2025.
• Adjusted Book Value Per Common Share: $10.38 as of September 30, 2025.
• Economic Return on Book Value: 3.51% for the three months ended September 30, 2025.
• Economic Return on Adjusted Book Value: 3.41% for the three months ended September 30, 2025.
• 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.

Outlook / Guidance

• The company marked its highest level of quarterly investment activity since inception, expanding the investment portfolio by $1.8 billion.
• Adamas plans to continue investing in its core strategies and utilize its excess liquidity to capitalize on opportunities during periods of volatility.
• The company anticipates continued growth of the portfolio, albeit at a lower pace than the third quarter of 2025.