Core Insights - Adamas Trust, Inc. reported a net income of $32.7 million for Q3 2025, with earnings per share of $0.36, marking a significant performance in the company's financial results [2][39]. Financial Performance - Net income attributable to common stockholders for Q3 2025 was $32,702,000, with a basic earnings per share of $0.36 [2][39]. - Interest income for the quarter was $160,633,000, while interest expense totaled $124,047,000, resulting in a net interest income of $36,586,000 [2][39]. - The yield on average interest-earning assets was reported at 6.33%, with a net interest spread of 1.50% [2][39]. Investment Activities - The company acquired approximately $1.8 billion in Agency investments with an average coupon of 5.27% and $525.7 million in residential loans with an average gross coupon of 8.81% [7]. - Adamas completed the issuance of $115 million in Senior Notes due 2030, generating approximately $111.4 million in net proceeds [6]. - The company also exited remaining joint venture equity investments at a carrying value of $17 million and received $26.4 million from redemptions of Mezzanine Lending investments [7]. Capital Allocation - As of September 30, 2025, total investments amounted to $10,518,504,000, with significant allocations in investment securities and residential loans [9]. - The company reported a Company Recourse Leverage Ratio of 5.0x and a Portfolio Recourse Leverage Ratio of 4.7x [9]. Dividend and Returns - The quarterly dividend was increased to $0.23 per common share, reflecting the company's commitment to returning value to shareholders [10]. - Economic return on book value was 3.51%, while the economic return on adjusted book value was 3.41% [2][4]. Management Commentary - The CEO highlighted the third quarter as a strategically significant period, noting the highest level of quarterly investment activity since inception and a focus on assets with greater earnings durability [8].

Core Viewpoint - New York Mortgage Trust, Inc. reported a net loss for the second quarter of 2025, but highlighted strong recurring earnings that exceeded dividends, indicating effective capital allocation and liquidity management [2][8]. Financial Performance - The net loss attributable to common stockholders was $3.486 million, translating to a loss of $0.04 per share [2]. - Earnings available for distribution were $20.024 million, or $0.22 per share [2]. - Interest income increased to $140.901 million, up from $90.775 million in the same quarter of the previous year [37]. - Interest expense rose to $104.454 million, compared to $71.731 million in the prior year [37]. - Net interest income for the quarter was $36.447 million, compared to $19.044 million in the same quarter last year [37]. - The book value per common share at the end of the period was $9.11, while the adjusted book value was $10.26 [2]. Investment Activities - The company acquired approximately $503.7 million in Agency investments with an average coupon of 5.29% and $280.2 million in residential loans with an average gross coupon of 9.76% [7]. - On July 8, 2025, the company completed the issuance of $90 million in Senior Notes due 2030, raising approximately $86.6 million in net proceeds [6]. - The acquisition of Constructive Loans, LLC for approximately $38.4 million is expected to enhance the company's position in residential business purpose lending [10]. Capital Allocation - As of June 30, 2025, the total investment portfolio carrying value was $8.609 billion, with significant allocations in residential loans and investment securities [9]. - The company reported a recourse leverage ratio of 3.8x and a portfolio recourse leverage ratio of 3.6x [9]. Subsequent Events - On July 24, 2025, the company completed a securitization of residential loans, resulting in approximately $345.9 million in net proceeds [10].