**Adamas Trust Reports Third Quarter 2025 Financial Results**
Adamas Trust, Inc. (formerly New York Mortgage Trust, Inc.) reported net income attributable to the company's common stockholders of $32.7 million, or $0.36 per share, for the three months ended September 30, 2025. This compares to $32.4 million, or $0.36 per share, for the same period in 2024. The company's net interest income increased to $36.6 million from $20.2 million in the prior year, driven by higher interest income of $160.6 million compared to $108.4 million, offset by an increase in interest expense to $124.0 million from $88.1 million. The company's total assets increased significantly to $12.4 billion as of September 30, 2025, compared to $9.2 billion as of December 31, 2024, primarily due to increases in investment securities available for sale and residential loans.
For the nine months ended September 30, 2025, Adamas Trust reported net income attributable to the company's common stockholders of $59.5 million, or $0.66 per share, compared to a net loss of $62.0 million, or $0.68 per share, for the same period in 2024. Net interest income increased to $106.1 million from $57.1 million in the prior year, with interest income rising to $431.3 million from $283.0 million, and interest expense increasing to $325.1 million from $225.9 million. The company's general and administrative expenses increased to $47.5 million for the nine months ended September 30, 2025, compared to $36.6 million for the same period in 2024, reflecting the company's acquisition of Constructive Loans, LLC.
Key operational developments included the acquisition of the remaining 50% ownership interest in Constructive Loans, LLC on July 15, 2025, increasing the company's ownership to 100%. This acquisition resulted in the consolidation of Constructive's operations, including $14.1 million in mortgage banking activities, net, for the three months ended September 30, 2025. The company also completed two securitizations of residential loans, generating net proceeds of approximately $619.2 million. As of September 30, 2025, the company's residential loan portfolio, at fair value, totaled $4.15 billion, while residential loans held for sale, at fair value, totaled $105.0 million.
Looking ahead, Adamas Trust intends to maintain a disciplined approach to portfolio growth, supported by the integration of Constructive’s origination platform and a focus on high-quality, income-producing assets. The company believes its current balance sheet, diversified capital sources, and expanded origination capacity position it to capitalize on market opportunities and enhance long-term stockholder value. The company's Board of Directors declared a quarterly dividend of $0.23 per share, a 15% increase from the prior quarter.
About NEW YORK MORTGAGE TRUST INC
New York Mortgage Trust, Inc. is a real estate investment trust focused on acquiring, financing, and managing mortgage-related residential assets, including single-family and multi-family loans, mortgage-backed securities, and credit-sensitive investments. It seeks to generate long-term stable distributions through net interest spreads and capital gains, leveraging diverse funding sources and strategic asset management in the U.S. housing and credit markets.
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