<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>營收：截至 2025 財年 Q3，公佈值為 2.28 億美元。</p><p>每股收益：截至 2025 財年 Q3，公佈值為 0.36 美元。</p><p>息税前利潤：截至 2025 財年 Q3，公佈值為 2.9 百萬美元。</p><p></p><h3>主要財務數據</h3><h4>淨收入</h4><ul><li>淨收入歸屬於公司普通股股東：$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>分配可用收益歸屬於公司普通股股東：$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>淨利息收入：$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>資產收益率</h4><ul><li>平均利息收益資產收益率：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>淨利息差：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>賬面價值</h4><ul><li>每股賬面價值：$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>調整後每股賬面價值：$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>經濟回報</h4><ul><li>賬面價值經濟回報：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>調整後賬麪價值經濟回報：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>投資活動</h4><ul><li>收購約 $1.8 億的機構投資，平均票面利率為 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>收購約 $5.257 億的住宅貸款，平均總票面利率為 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>退出剩餘的合資企業股權投資，賬面價值約為 $1,700 萬。<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>從夾層貸款投資贖回中獲得約 $2,640 萬的收益。<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>通過完成會員權益購買協議，收購 Constructive Loans, LLC 剩餘的 50% 所有權。<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>融資活動</h4><ul><li>發行總額為 $1.15 億的 9.875% 高級票據，2030 年到期，扣除承銷商折扣和佣金及發行費用後的總收益約為 $1.114 億。<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>完成兩次住宅貸款證券化，扣除交易相關費用後的淨收益約為 $6.192 億。<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>使用部分淨收益贖回兩次住宅貸款證券化，並償還約 $2.705 億的未償回購協議。<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>將 2025 年 9 月宣佈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>前瞻性聲明</h3><p>Adamas 將繼續投資其核心戰略，並利用其超額流動性在市場波動期間抓住機會。預計投資組合將繼續增長，但增速將低於 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 財年 Q3 營收 2.28 億美元