Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — Q4 2025 Earnings Presentation
59 slides from Adamas Trust's earnings presentation, Feb 19, 2026
Slide 1: 2025 Fourth Quarter Financial Summary
2025 Fourth Quarter Financial Summary
Slide 2: Forward Looking Statements
Forward Looking Statements When used in this presentation, statements which are not historical in integrate Constructive into our Company and the risks associated with nature, including those containing words such as “will,” “believe,” the ongoing operation thereof; our ability to manage or hedge cr
Slide 3: Table of Contents
Table of Contents • Company Overview • Market & Strategy Update • Quarterly Financial Information • Appendix
Slide 4: Company Overview
COMPANY OVERVIEW GYADAMAS
Slide 5: Management Update To Our Stockholders
Management Update To Our Stockholders “2025 was a pivotal year for Adamas, defined by substantial investment portfolio expansion, greater profitability and our strategic acquisition of Constructive. Over the course of the year, we increased quarterly EAD by 44%, generated more than $100 million in n
Slide 6: Adamas Overview
Adamas Overview Adamas Trust, Inc. (NASDAQ: ADAM) is an internally-managed real estate investment trust $10.5B $1.2B focused on strategically deploying capital across Investment Total Market complementary businesses to generate durable Portfolio Capitalization1 earnings and long-term value for stock
Slide 7: Key Developments
Key Developments • Earnings per share (basic) of $0.46 • Earnings Available for Distribution (“EAD”) per share of $0.23* • Book value per share of $9.60 (+4.3% change QoQ) Financial • Adjusted Book Value per share of $10.63* (+2.4% change QoQ) • 6.85% Quarterly Economic Return Performance • 4.62% Qu
Slide 8: Building Stockholder Value
Building Stockholder Value Earnings Growth Driving EAD per Share* Stockholder Returns in 2025 $0.30 YoY Growth: +44% • Strong growth of 44% in quarterly EAD $0.25 $0.24 per share, reflecting disciplined portfolio $0.23 $0.22 expansion and earnings momentum. $0.20 • Dividend growth of 15% reflects $0
Slide 9: Expanding Investment Portfolio to Drive EAD Growth
Expanding Investment Portfolio to Drive EAD Growth Investment Portfolio Size $12.0 YoY Growth: +42% $10.4 $10.5 $8.0 $8.6 $8.3 $7.4 $4.0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 (Dollar amounts in billions) Investment Portfolio Capital Rotation 56% • We have built a solid and diversified EAD base 60%
Slide 10: Acquisition of Constructive
Acquisition of Constructive In 3Q 2025, Adamas acquired the remaining 50% interest in Constructive, advancing Adamas’ business purpose lending strategy. Founded in 2017 Operates in 48 states & DC Over $1.7 billion of BPLs originated over the last 12 months Headquartered in Oakbrook Terrace, IL and h
Slide 11: 2026 Strategic Priorities
2026 Strategic Priorities Positioning the Company to Expand Earnings and Create Stockholder Value Grow Book Value through Disciplined Investment Strategy Prioritize prudent asset selection and active portfolio management to grow book value and generate consistent recurring earnings, anchored by liqu
Slide 12: Financial Snapshot
Financial Snapshot Adjusted Book Value Per Share* Dividend Per Share EAD Per Share* $0.24 $0.23 BOOK VALUE $0.23 $0.23 & EARNINGS $10.63 $10.38 3Q 2025 4Q 2025 3Q 2025 4Q 2025 3Q 2025 4Q 2025 Quarterly Economic Return on 12.60% Dividend Yield Adjusted Book Value*: 4.62% Adjusted Net Interest Income
Slide 13: Adamas’ Stock Price Has Significant Potential Upside
Adamas’ Stock Price Has Significant Potential Upside Valuation Per Share Stock Price1 $7.30 $12 Adjusted Book Value* $10.63 $10.63 Adamas’ stock price was $10 Other $2.15 discounted by 31% to Adjusted Book Value 14% $8 Agency Capital Discount $8.48 • Adamas’ stock price was discounted to Adjusted Bo
Slide 14: Adamas Holds a Diversified Investment Portfolio
Adamas Holds a Diversified Investment Portfolio Agency RMBS $6,633 MM | 62% Single-Family Agency BPL-Rental 62% $1,444 MM | 13% BPL-Bridge $808 MM | 8% Cross-Collateralized $10.5 Billion Mezzanine Lending Performing Loans Investment $136 MM | 1% $485 MM | 5% Portfolio +$206 MM Mezzanine Lending RPL
Slide 15: Adamas Debt Structure
Adamas Debt Structure Portfolio Financing and Corporate Debt Portfolio Financing Portfolio Recourse Leverage Ratio Securitization Financing $2,532 | 26% 2.9x 3.2x 3.6x 4.7x 4.7x $578 $859 Credit & Other Financing Agency Leverage $859 | 9% $471 $5,894 | 61% $426 Corporate Senior Unsecured Notes $358
Slide 16: Market & Strategy Update
MARKET & STRATEGY UPDATE GYADAMAS
Slide 17: Earnings Growth through Strategic Capital Deployment
Earnings Growth through Strategic Capital Deployment Residential Investment Acquisitions $2,343 Sustained Pace of $1,848 $526 Investment Activity $397 • Adamas has been growing its investment portfolio to generate higher $923 recurring net interest income and EAD. $798 $810 $1,817 $1,451 • Recent ac
Slide 18: Single-Family Investment Portfolio: Agency Strategy
Single-Family Investment Portfolio Agency Strategy Agency Portfolio Characteristics • Agency as a core strategy provides several benefits: Asset Value ($MM) Specified Pool % Agency IO % ◦ Attractive carry and compelling risk-adjusted returns $6,633 99% 1% ◦ Diversification of overall portfolio and c
Slide 19: Single-Family Investment Portfolio: Agency RMBS Market
Single-Family Investment Portfolio Agency RMBS Market Agency Specified Pools at Different • In the quarter, current coupon mortgage spreads tightened by 16 bps to 110 bps. Coupons This marked material tightening from the $4,000 200 end of the prior quarter, as interest rate ZV Spread (bps) Agency RM
Slide 20: Single-Family Investment Portfolio: BPL-Rental
Single-Family Investment Portfolio BPL-Rental • Adamas’ BPL-Rental strategy has been in place since Loan 4Q 2025 2021, trading $1.6 billion with 15 counterparties. Characteristics Portfolio Acquisitions • 75% of BPL-Rental loans are currently held in UPB ($MM) $1,407 $269 securitizations. Loan Count
Slide 21: Single-Family Investment Portfolio: BPL-Bridge
Single-Family Investment Portfolio BPL-Bridge • Adamas’ BPL-Bridge strategy has been in place since Loan Portfolio 4Q 2025 2019, trading $5.7 billion with 20 originator/aggregator Characteristics Acquisitions counterparties. UPB ($MM) $820 $133 • Adamas has issued $1.2 billion of BPL-Bridge Loan Cou
Slide 22: Scaling Constructive’s National Origination Platform
Scaling Constructive’s National Origination Platform Constructive’s National Origination Footprint Constructive Cumulative Loan Origination Volume $7,000 Loan Origination Volume $6,077 $6,000 $5,000 $4,323 $4,000 $2,947 $3,000 $1,953 $2,000 $885 $1,000 $288 $30 $168 $0 2018 2019 2020 2021 2022 2023
Slide 23: Constructive BPL Origination Overview
Constructive BPL Origination Overview Loan Characteristics Constructive LTM Originations Avg. Loan Size $197,154 • Constructive originated $474 million of business purpose loans in the quarter, representing an 8% Loan Count 8,895 increase from the prior quarter. Avg. FICO 751 • Origination quality i
Slide 24: Multi-Family Investment Portfolio
Multi-Family Investment Portfolio Mezzanine Lending & Cross-Collateralized Mezzanine Lending • Adamas expects redemptions in the multi- family portfolio to continue to accelerate, Total Count 22 allowing for rotation into higher yielding Asset Value ($MM) $233 investments. • Average portfolio occupa
Slide 25: Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION
Slide 26: Financial Results
Financial Results Fourth Quarter 2025 Profit & Loss Dollar amounts in millions, except per share data Description Amount EPS Contribution Interest income $ 170.7 $ 1.89 Interest expense (127.5) (1.41) Net Interest Income $ 43.2 $ 0.48 Income from real estate 15.9 0.18 Expenses related to real estate
Slide 27: Yield By Strategy
Yield By Strategy Net Interest Spread* Average Financing Cost improved, driven by lower base rates on repurchase agreements and warehouse facilities and the full-quarter impact of more favorable financing of certain business purpose rental loans securitized at the end of the prior quarter. Yield on
Slide 28: Adjusted Net Interest Income
Adjusted Net Interest Income* Adjusted Net Interest Income* The increase in Adjusted Net Interest Income was primarily driven by higher investment in Agency RMBS, lower repurchase agreement and warehouse facility financing costs due to a decrease in base rates and the full-quarter impact of more fav
Slide 29: Net Loss from Real Estate
Net Loss from Real Estate Net Loss from Real Estate Net loss from real estate decreased primarily due to the full-quarter impact of the sale of two joint venture equity investments in the prior quarter. Additionally, depreciation expense declined in the current quarter due to one property sale and o
Slide 30: Other Income (Loss)
Other Income (Loss) Realized Losses, Net Net realized losses in the fourth quarter primarily related to: • Valuation adjustments on foreclosed properties and the write-off of related advance receivables • Discounted payoffs of certain non-performing business purpose bridge loans as part of asset res
Slide 31: Other Income (Loss)
Other Income (Loss) Gains (Losses) on Derivative Instruments, Net Net gains on derivative instruments in the fourth quarter were driven by favorable market movements, including swap spread widening that benefited interest rate swaps and declining interest rates that supported treasury futures positi
Slide 32: Other Income (Loss)
Other Income (Loss) (Loss) Income from Equity Investments Net loss from equity investments in the fourth quarter reflected decreased income from mezzanine lending investments accounted for as equity due to redemptions coupled with a decline in fair valuation of one mezzanine lending investment. Doll
Slide 33: Other Income (Loss)
Other Income (Loss) Other Income Loan Origination Costs (Loss) (3Q’25 vs 2Q’25) Other income in the fourth quarteriswas third quarter drivenrelated primarily by a gain on the sale to servicing feeofincome a property withinon generated ourmortgage Cross-Collateralized Mezzanine servicing rights Lendi
Slide 34: Expenses
Expenses General and Administrative Expenses Compensation and other general and administration expenses increased in the fourth quarter primarily due to the full-quarter impact of the consolidation of Constructive and increased professional fees related to Constructive. Dollar Amounts in Thousands 4
Slide 35: Expenses
Expenses Loan Origination Costs Loan origination costs include expenses related to business purpose loans originated by Constructive. Increase in the fourth quarter primarily due to the full-quarter impact of the consolidation of Constructive. Dollar Amounts in Thousands 4Q'25 3Q'25 2Q'25 1Q'25 4Q'2
Slide 36: Book Value
Book Value Changes in Book Value The following table analyzes the changes in GAAP Book Value and Adjusted Book Value* of our common stock for the quarter and year ended December 31, 2025. Quarter Ended December 31, 2025 Year Ended December 31, 2025 Amounts in Thousands, except per share Amount Share
Slide 37: Annual and Quarterly Returns
Annual and Quarterly Returns Economic/Total Rate Economic Return: Economic Return on Adjusted Book Value:* Change in book value per share for the period + dividend per Change in Adjusted Book Value per share for the period + dividend share declared for the period, divided by the beginning period per
Slide 38: Appendix
APPENDIX S3ADAMAS
Slide 39: Single-Family
Single-Family Portfolio Overview Total Investment Portfolio: 96% Dollar amounts in millions Asset Value Capital Portfolio Characteristics Portfolio Recourse Strategy Sub-Sector Leverage Leverage Ratio Avg. % $ % $ Ratio Avg. FICO Avg. LTV Coupon BPL-Rental (1) • DSCR 15% $1,444 13% $187 1.6x 6.8x 74
Slide 40: Multi-Family
Multi-Family Portfolio Overview Total Investment Portfolio: 2% Dollar amounts in millions Asset Value Capital (1) Characteristics Strategy Sub-Sector Avg. Adjusted % $ % $ Avg. DSCR Avg. Coupon(3) LTV (2) • Mezzanine Lending and Cross-Collateralized Multi-Family Mezzanine Lending 100% $233 100% $189
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Interest Income (Loss) and Net Interest Spread In addition to the results presented in accordance with GAAP, this supplemental presentation includes certain non-GAAP financial measures, including adjusted interest income, adjusted interest expense, adjusted n
Slide 42: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Agency Adjusted Net Interest Income Dollar Amounts in Thousands 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 Agency GAAP interest income $ 94,743 $ 85,975 $ 69,743 $ 55,668 $ 45,054 GAAP interest expense (63,766) (60,472) (48,564) (38,367) (34,393) GAAP total net inter
Slide 43: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Single-Family Credit Adjusted Net Interest Income Dollar Amounts in Thousands 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 Single-Family Credit GAAP interest income $ 71,700 $ 70,504 $ 67,506 $ 67,266 $ 65,026 GAAP interest expense (52,710) (53,080) (48,637) (48,308) (
Slide 44: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Corporate/Other Adjusted Net Interest Loss Dollar Amounts in Thousands 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 Corporate/Other GAAP interest income $ 2,526 $ 2,030 $ 1,449 $ 4,195 $ 5,490 GAAP interest expense (11,034) (10,495) (7,253) (9,961) (10,095) GAAP total
Slide 45: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income Dollar Amounts in Thousands 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 GAAP interest income $ 170,680 $ 160,633 $ 140,901 $ 129,734 $ 118,253 GAAP interest expense (127,510) (124,047) (104,454) (96,636) (91,542) GAAP total net inter
Slide 46: Non-GAAP Financial Measures
Non-GAAP Financial Measures Earnings Available for Distribution Beginning with the quarter ended March 31, 2025, we present Earnings Available for Distribution attributable to Company's common stockholders ("EAD") (and by calculation, EAD per common share) as a supplemental non-GAAP financial measur
Slide 47: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 data) GAAP net income (loss) attributable to Company's common $ 41,605 $ 32,702 $ (3,486) $ 30,285 $ (41,828) stockholders Adjustments: Realiz
Slide 48: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Book Value Per Common Share Adjusted Book Value per common share is a supplemental non-GAAP financial measure calculated by making the following adjustments to GAAP book value: (i) exclude the Company's share of cumulative depreciation and lease intangible amorti
Slide 49: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Book Value Per Common Share Dollar Amounts in Thousands (except per share 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 data) Company's stockholders' equity $ 1,426,922 $ 1,390,777 $ 1,381,203 $ 1,401,946 $ 1,394,720 Preferred stock liquidation preference (559,
Slide 50: Glossary
Glossary The following defines certain of the commonly used terms in this presentation: "Adjusted Book Value" has the meaning set forth in Appendix - "Non-GAAP Financial Measures—Adjusted Book Value Per Common Share"; "Adjusted Interest Income" has the meaning set forth in Appendix - "Non-GAAP Finan
Slide 51: Glossary
Glossary "Consolidated VIEs" refers to variable interest entities (“VIEs”) where the Company is the primary beneficiary, as it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity
Slide 52: Glossary
Glossary "S&D" refers to scratch and dent mortgage loans secured by a mortgage lien on a one- to four- family residential property intended by the originator to conform with Fannie Mae, Freddie Mac or other conduit standards but did not meet the originally intended origination guidelines due to erro
Slide 53: End Notes
End Notes Slide 1 Slide 9 − Image(s) used under license from PowerPoint Stock Images. − Investment Portfolio Size amounts represent the Investment Portfolio Slide 3 carrying values as of end of the periods presented (see Appendix – − Image(s) used under license from PowerPoint Stock Images. “Capital
Slide 54: End Notes
End Notes Slide 14 Slide 18 − Other Investments include U.S. Treasury securities. − Average coupon represents the weighted average coupon rate of − Investment Portfolio amounts for Agency RMBS, BPL-Bridge, RPL, Specified Pools as of December 31, 2025. Performing Loans, BPL-Rental, Non-Agency RMBS, M
Slide 55: End Notes
End Notes Slide 21 − Life-to-date amount traded includes purchased interest bearing − Average FICO and Average Coupon represent the weighted average balances and funded interest bearing holdback for the BPL-Bridge borrower FICO score and weighted average gross coupon rate for strategy. loans origina
Slide 56: End Notes
End Notes Slide 30 − Unrealized gains/losses on investment securities includes unrealized − Average LTV for BPL-Rental and Performing/RPL Loans represents the gains/losses on the residential loans held in Consolidated SLST and weighted average loan-to-value for residential loans held as of unrealize
Slide 57: Capital Allocation
Capital Allocation Investment Corporate/ At December 31, 2025 (Dollar Amounts in Thousands) Constructive Total Portfolio (1)(2) Other Investment securities available for sale $ 6,904,781 $ — $ — $ 6,904,781 Residential loans 4,224,864 133,311 — 4,358,175 Consolidated SLST CDOs (1,006,919) — — (1,006
Slide 58: Capital Allocation (continued)
Capital Allocation (continued) (2) Investment amounts include Agency RMBS with a carrying value of $6.6 billion, single-family credit investments with a carrying value of $3.4 billion, multi-family investments with a carrying value of $233.7 million and other investments with a carrying value of $24
Slide 59: Reconciliation of Consolidated Investments in Multi-family Properties
Reconciliation of Consolidated Investments in Multi-family Properties Cross- Consolidated Collateralized Mezzanine Joint Venture Mezzanine Lending Dollar Amounts in Thousands Equity (1) Lending Investment Total Cash and cash equivalents $ — $ 3,569 $ 284 $ 3,853 Real estate, net — 371,235 53,420 424