Short answer
ADAMAS TRUST, INC. (ADAM) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $161M (up 48.2% year over year) with net income of $45M.
Q3 2025 key financials · XBRL
- Revenue
- $161M
- +48.2% YoY · +14.0% QoQ
- Net income
- $45M
- +4.6% YoY · +424.5% QoQ
- Operating margin
- 24.6%
- EPS (diluted)
- $0.36
- +0.0% YoY · +1000.0% QoQ
Source: XBRL data from the ADAMAS TRUST, INC. (ADAM) Q3 2025 10-Q on SEC EDGAR. USD.
ADAMAS TRUST, INC. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Net income attributable to common stockholders $32.7M, or $0.36 per share, for quarter ended September 30, 2025
- Earnings available for distribution $0.24 per share, up 140% YoY
- Best-performing platform Constructive, generating $14.1M mortgage banking income and originating $439.3M of loans
- Investment portfolio expanded 20% to $10.4B, including $1.8B Agency RMBS and $522M business purpose loans
- Near-term headwinds: trade policy, labor-market uncertainty, inflation, geopolitical instability and continued asset-price volatility through year-end 2025
Risk Factors
- New trade-disruption risk triggered by U.S. tariffs and potential retaliatory tariffs from China
- New REIT-compliance risk from uncertain TBA qualification under 75% asset and gross-income tests
- Expanded liquidity risk from uneconomic TBA rolls, margin calls, and potential cash settlement obligations
- New acquisition risk triggered by July 2025 purchase of Constructive’s remaining 50% ownership interest
- New regulatory and integration risk from directly originating mortgage loans through Constructive
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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