<span item_type="fundamental" item_id="3edfbcaa6fe4126672a43c5cf5f8b867" counter_id="ST/US/ADAMI" env="prod"></span><span item_type="announcement" item_id="576986245967453441" env="prod"></span><p>营收：截至 2025 财年 Q3，公布值为 2.28 亿美元。</p><p>每股收益：截至 2025 财年 Q3，公布值为 0.36 美元。</p><p>息税前利润：截至 2025 财年 Q3，公布值为 2.9 百万美元。</p><p></p><h3>主要财务数据</h3><h4>净收入</h4><ul><li>净收入归属于公司普通股股东：$32,702 千美元。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>分配可用收益</h4><ul><li>分配可用收益归属于公司普通股股东：$21,991 千美元。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>利息收入和支出</h4><ul><li>利息收入：$160,633 千美元。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>利息支出：$124,047 千美元。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>净利息收入：$36,586 千美元。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>资产收益率</h4><ul><li>平均利息收益资产收益率：6.33%。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>净利息差：1.50%。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>账面价值</h4><ul><li>每股账面价值：$9.20。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>调整后每股账面价值：$10.38。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>经济回报</h4><ul><li>账面价值经济回报：3.51%。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>调整后账面价值经济回报：3.41%。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>股息</h4><ul><li>每股普通股股息：$0.23。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>投资活动</h4><ul><li>收购约 $1.8 亿的机构投资，平均票面利率为 5.27%。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>收购约 $5.257 亿的住宅贷款，平均总票面利率为 8.81%。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>退出剩余的合资企业股权投资，账面价值约为 $1,700 万。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>从夹层贷款投资赎回中获得约 $2,640 万的收益。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>通过完成会员权益购买协议，收购 Constructive Loans, LLC 剩余的 50% 所有权。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h4>融资活动</h4><ul><li>发行总额为 $1.15 亿的 9.875% 高级票据，2030 年到期，扣除承销商折扣和佣金及发行费用后的总收益约为 $1.114 亿。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>完成两次住宅贷款证券化，扣除交易相关费用后的净收益约为 $6.192 亿。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>使用部分净收益赎回两次住宅贷款证券化，并偿还约 $2.705 亿的未偿回购协议。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li><li>将 2025 年 9 月宣布的普通股股息增加至每股 $0.23。<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/exhibit991q32025.htm"></span></li></ul><h3>前瞻性声明</h3><p>Adamas 将继续投资其核心战略，并利用其超额流动性在市场波动期间抓住机会。预计投资组合将继续增长，但增速将低于 2025 年第三季度。<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1273685/000127368525000086/adamasq32025-supplementa.htm"></span></p>

ADAMAS TRUST INC. 9.125% NTS 07/01/29 USD25｜8-K：2025 财年 Q3 营收 2.28 亿美元