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Adamas Trust (ADAM) investor relations material
Adamas Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly investment activity, expanding the portfolio by $1.8 billion (20%) to $10.4 billion, with a strategic pivot to Agency RMBS and business purpose loans.
Net income attributable to common stockholders was $32.7 million ($0.36 per share) for Q3 2025; EAD per share rose 9% sequentially and 140% year-over-year.
Completed full acquisition of Constructive Loans, LLC, consolidating results and expanding origination capacity.
Increased quarterly dividend by 15% to $0.23 per share, yielding 13.2% annualized, marking the sixth consecutive quarter of EAD growth.
Rebranding to Adamas Trust reflected a broader vision and focus on strength and durability.
Financial highlights
Q3 2025 net income attributable to common stockholders: $32.7 million ($0.36 per share); EAD per share: $0.24 (up 9% QoQ, 140% YoY); adjusted net interest income per share: $0.47.
Book value per share at September 30, 2025: $9.20 (+1.0% QoQ); adjusted book value per share: $10.38 (+1.2% QoQ).
Total investment portfolio: $10.4 billion (+20% QoQ); interest income: $160.6 million; net interest income: $36.6 million.
Dividend per common share increased to $0.23; annualized yield at 13.2%.
Economic return on book value: 3.51% for Q3; 3.41% on adjusted book value.
Outlook and guidance
Management expects further EAD advancement in Q4, leveraging Constructive's origination platform and focusing on high-quality, income-producing assets.
Anticipates continued, but slower, growth in Agency RMBS portfolio and plans to leverage excess liquidity for further investments.
Strategic capital rotation and portfolio expansion are expected to support continued earnings growth.
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