<span item_type="fundamental" item_id="0a13488fc77f70ebf4d84441d4579b15" counter_id="ST/US/ADAMH" env="prod"></span><span item_type="announcement" item_id="579190093674124801" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 229.96 M.</p><p>EPS: As of FY2025 Q3, the actual value is USD 0.36.</p><p>EBIT: As of FY2025 Q3, the actual value is USD 2.901 M.</p><p></p><h3>Segment Revenue</h3><ul><li><strong>Investment Portfolio Segment</strong>: Revenue from investment securities available for sale was $6,838,715 as of September 30, 2025, compared to $3,828,544 as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Constructive Segment</strong>: Revenue from residential loans held for sale was $105,036 as of September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li><strong>Net Income</strong>: The net income for the nine months ended September 30, 2025, was $81,291, compared to a net loss of - $63,674 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Gross Margin</strong>: Total net interest income for the nine months ended September 30, 2025, was $106,131, compared to $57,144 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Operating Profit</strong>: Income from operations before income taxes for the nine months ended September 30, 2025, was $81,480, compared to a loss of - $61,118 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Operating Margin</strong>: The operating margin for the nine months ended September 30, 2025, was 0.66, compared to - 0.68 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Operating Costs</strong>: General, administrative, and operating expenses for the nine months ended September 30, 2025, were $86,817, compared to $70,767 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul><h3>Cash Flow</h3><ul><li><strong>Operating Cash Flow</strong>: Net cash provided by operating activities for the nine months ended September 30, 2025, was $71,959, compared to net cash used in operating activities of - $15,045 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Free Cash Flow</strong>: Free cash flow was - $290.1 million for the nine months ended September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li><strong>Investment Securities Available for Sale</strong>: The fair value of investment securities available for sale was $6,838,715 as of September 30, 2025, compared to $3,828,544 as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li><strong>Residential Loans Held for Sale</strong>: The fair value of residential loans held for sale was $105,036 as of September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><h4>Core Business Focus</h4><ul><li>The company plans to continue strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li><li>The company aims to maintain its focus on credit-sensitive single-family and multi-family assets, as well as other types of fixed-income investments such as Agency RMBS.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul><h4>Non-Core Business</h4><ul><li>The company has completed its disposition of the real property held by its joint venture equity investments in multi-family properties and plans to reallocate its capital away from such assets to its targeted assets.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul><h4>Priority</h4><ul><li>The company emphasizes strategies with concrete projections or quantitative indicators, such as the completion of securitizations and the acquisition of residential loans, to achieve its growth targets and improve margins.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000088/adam-20250930.htm"></span></li></ul>

ADAMAS TRUST INC. 9.875% NTS 01/10/2030 USD25 | 10-Q: FY2025 Q3 Revenue: USD 229.96 M