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

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

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

What is Adamas Pref G's gross profit margin?

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

What factors drove the changes in Adamas Pref G's revenue and profit?

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

What were the key takeaways from Adamas Pref G's earnings call?

- **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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