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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.
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Q3 2025 earnings summary30 Oct, 2025

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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Frequently asked questions

New York Mortgage Trust Inc. is a real estate investment trust (REIT) focused on investing in and managing residential mortgage-related assets. The company’s portfolio includes residential mortgage-backed securities (RMBS), loans, and other financial instruments linked to residential properties. New York Mortgage Trust aims to generate income through a diversified approach to real estate finance, emphasizing risk-adjusted returns. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.

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