What is the revenue and EPS growth rate for Adamas Pref F year over year?

What is Adamas Pref F's gross profit margin?

What does Adamas Pref F do and what are its main business segments?

What is the market's earnings forecast for Adamas Pref F next quarter?

What guidance did Adamas Pref F's management provide for the next earnings period?

Did Adamas Pref F beat or miss consensus estimates last quarter?

What were the key takeaways from Adamas Pref F’s earnings call?

What is Adamas Pref F's latest dividend and current dividend yield?

- **Strategic Rebranding Success**: EDA up 6 consecutive quarters to $0.24, dividend increased 29% to $0.23, with Agency RMBS portfolio tripling to $6.7B.
- **Constructive Integration**: Full ownership of BPL originator drives $14.1M in mortgage banking income, with 94% of Q3 originations in high-margin BPL Rental.
- **Financial Strength**: $10.4B investment portfolio, 47% YoY net interest income growth, and book value up 1.2% QoQ to $10.38.
- **Leverage Management**: 5x recourse leverage reflects disciplined capital deployment, with credit book leverage <1x via securitization.
- **Share Value**: 30% discount to book value highlights undervaluation, with Agency RMBS alone trading at 17% premium.

**【CEO Summary Section】**
- Adamas rebranded to reflect a broader strategic vision, with EDA rising to $0.24 per share (6th consecutive quarterly increase) and dividend increased to $0.23 per share.
- Agency RMBS now comprises 57% of total capital ($6.7B), up from 19% a year ago, driving earnings durability.
- Acquired full ownership of Constructive Loans, a leading BPL originator, to capitalize on housing affordability trends.
- Shares trade at 30% discount to adjusted book value, with Agency RMBS alone valued 17% above current price.

**【CFO Financial Commentary】**
- Investment portfolio grew to $10.4B (21% QoQ), with EAD per share up 9% to $0.24 and net interest income per share at $0.47 (47% YoY growth).
- Constructive contributed $14.1M in mortgage banking income, despite $3.8M net loss due to integration costs.
- Leverage ratios increased to 5x (recourse) and 4.7x (portfolio), driven by Agency RMBS acquisitions and Constructive consolidation.
- GAAP and adjusted book value per share rose to $9.20 and $10.38, respectively.

**【President's Market Update】**
- Q3 investment activity reached $2.3B, with $1.8B allocated to Agency RMBS and $262M to BPL Bridge loans.
- BPL Rental portfolio grew 24% to $1.16B, with 98% of loans having prepayment penalties and 60+ day delinquencies at 1.3%.
- Constructive originated $439M in loans (94% BPL Rental), with Adamas purchasing <50% of production to maintain market access.
- Multifamily JV exited, with mezzanine portfolio generating a 32.4% payoff rate (vs. 25.8% historical average).

**【Q&A Highlights】**
- Agency allocation to slow from 57% (Q3) as spreads tighten, with focus shifting to BPL Rental and Constructive origination.
- Share buybacks considered but balanced against asset allocation opportunities; no Q3 repurchases due to capital deployment.
- Book value up 2.5%-3% YTD, driven by Agency RMBS and whole loan valuation improvements.
- Leverage on credit book expected to remain below 1x, with securitization market access key to financing strategy.

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