Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — New York Mortgage Trust — Q2 2025 Earnings Presentation
56 slides from Adamas Trust's earnings presentation, Jul 30, 2025
Slide 1: 2025 Second Quarter Financial Summary
2025 Second Quarter Financial Summary New York Mortgage Trust, Inc.
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taki
Slide 3: Table of Contents
Table of Contents • Company Overview • Financial Summary • Market & Strategy Update • Quarterly Financial Information • Appendix 3
Slide 4: Company Overview
Company Overview /SNYMT / 4
Slide 5: NYMT Overview
NYMT Overview New York Mortgage Trust, Inc. (NASDAQ: NYMT) is an internally-managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related residential assets. Our principal objective is to generate long- term stable earnings for distribution to our stockho
Slide 6: Financial Performance
Financial Performance • Loss per share (basic) of $(0.04) • Earnings Available for Distribution (“EAD”) per share of $0.22* • Book value per share of $9.11 (-2.77% change QoQ) • Adjusted Book Value per share of $10.26* (-1.63% change QoQ) • (0.64)% Quarterly Economic Return • 0.29% Quarterly Economi
Slide 7: 2025 Key Economic Factors
7 2025 Key Economic Factors Continuing Themes See Glossary and End Notes in the Appendix. Federal Spending The “One Big Beautiful Bill” boosts short-term growth but raises long-term deficit and inflation concerns. Sustained levels of high spending may pressure bond markets and limit future policy fl
Slide 8: Expanding Investment Portfolio to Drive EAD Growth
Expanding Investment Portfolio to Drive EAD Growth 8 *Represents a non-GAAP financial measure. See Non-GAAP Financial Measures in the Appendix. NYMT Adjusted Interest Income*NYMT Investment Portfolio Size (Dollar amounts in millions, except per share amounts) (Dollar amounts in billions) Earnings Av
Slide 9: NYMT Share Price Has Significant Potential Upside
Stock Price $6.70 Adjusted Book Value $10.26 Available Cash $1.73 Agency Capital $5.74 BPL-Bridge Capital $2.24 Net Discount to Par $1.82 $(1) $1 $3 $5 $7 $9 $11 $13 Adjusted Book Value Capital Allocation A d ju st ed B o o k V al u e p er S h ar e Other $0.55 (2) 1. Represents closing common stock
Slide 10: Financial Summary
Financial Summary /SNYMT / 4
Slide 11: Financial Snapshot
$10.43 $10.26 1Q 2025 2Q 2025 $0.20 $0.22 1Q 2025 2Q 2025 0.5x 0.5x 8.4x 8.6x 3.2x 3.6x 1Q 2025 2Q 2025 Credit and Other Agency Financial Snapshot Book Value & Earnings Investment Portfolio Financing & Liquidity Available Cash Portfolio Allocation SF Credit 59% SF Credit 44% Recourse Leverage Ratio
Slide 12: Portfolio Financing and Corporate Debt
$607 $974 $1,182 $426 $471 $2,347 $2,638 $2,831 $4,061 $4,446 $1,749 $1,979 $2,203 $2,411 $2,353 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Credit & Other Repo Agency Leverage Securitization Financing NYMT Debt Structure Quarterly Portfolio Financing Exposure (Dollar amounts in millions) Portfolio Reco
Slide 13: NYMT Holds a Diversified Portfolio of Assets
Single-Family Credit 36% Single-Family Agency 56% Agency $4,940 MM | 56% 13 BPL-Rental $943 MM | 11% BPL-Bridge $940 MM | 11% Performing Loans $515 MM | 6% RPL $428 MM | 5% Non-Agency RMBS $200 MM | 2% SFR $137 MM | 1% Mezzanine Lending $147 MM | 2% Cross-Collateralized Mezzanine Lending $138 MM | 2
Slide 14: Market & Strategy Update
Market & My, Strategy Upda ] , ASSNYMT //7 f
Slide 15: Earnings Growth Through Strategic Capital Deployment
$466 $636 $560 $397 $294 $467 $372 $363 $1,451 $504 $933 $1,008 $923 $1,848 $798 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Residential Credit Agency Earnings Growth Through Strategic Capital Deployment Sustained Investment Activity • NYMT has been growing the investment portfolio to generate higher re
Slide 16: Single-Family Agency Strategy
Single-Family Agency Strategy • Agency as a core strategy provides several benefits: ◦ Attractive carry and compelling risk-adjusted returns ◦ Diversification of overall portfolio and complimentary performance to our credit assets ◦ Expected outperformance in a rate easing cycle or economic downturn
Slide 17: Single-Family Agency RMBS Market
$- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 100 125 150 175 NYMT Agency RMBS Holdings Agency RMBS Current Coupon Spread Single-Family Agency RMBS Market • In the quarter, current coupon mortgage spreads widened by 3 bps to 146 bps. This was a modest change from the end of 1Q 2025, despite material
Slide 18: Single-Family BPL-Bridge Strategy
$179 $173 $170 $168 $137 $884 $1,007 $1,007 $925 $819 $1,063 $1,180 $1,177 $1,093 $956 $- $500 $1,000 $1,500 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 U P B DQ 60+ Performing BPL- Bridge Loan Portfolio Breakdown Single-Family BPL-Bridge Strategy • NYMT's BPL-Bridge strategy has been in place since 201
Slide 19: Single-Family BPL-Rental Strategy
$5 $5 $9 $11 $16 $384 $599 $761 $905 $918 $389 $604 $770 $916 $934 $- $250 $500 $750 $1,000 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 U P B DQ 60+ Performing BPL-Rental Loan Portfolio by DSCR Single-Family BPL-Rental Strategy • NYMT's BPL-Rental strategy has been in place since 2021, trading $1.1 bill
Slide 20: Total Investment Portfolio by Strategy
Dollar amounts in millions Total Investment Portfolio 94% Strategy Sub-Sector Asset Value Capital Portfolio Recourse Leverage Ratio Portfolio Leverage Ratio Characteristics Commentary % $ % $ Avg. FICO Avg. LTV Avg. Coupon BPL-Rental • DSCR loans 12% $943 10% $122 0.8x 6.9x 745 73% 6.98% − NYMT is a
Slide 21: Multi-Family Strategy Overview
Strategy Sub-Sector Asset Value Capital (1) Characteristics Commentary % $ % $ Avg. DSCR Avg. Adjusted LTV (2) Avg. Coupon (3) Mezzanine Lending & Cross- Collateralized Mezzanine Lending • Preferred equity and mezzanine direct originations 94% $285 93% $234 1.17x 84% 11.95% − Asset count of 27 with
Slide 22: Acquisition of Constructive
22 Acquisition of Constructive See Glossary and End Notes in the Appendix. Constructive is a leading originator of BPLs for residential real estate investors. • Originated over $5.2 billion of business purpose loans since its inception in 2017. • Constructive has sourced BPLs from nearly 800 broker
Slide 23: Acquisition Overview
23 Acquisition Overview See Glossary and End Notes in the Appendix. Transaction Overview Structure Partnership History Organizational Impact Strategic Rationale Earnings Diversification Alignment with Core Strategy Credit & Underwriting Alignment Scalability & Growth Potential • Nov. 2021: Entered i
Slide 24: Growth of Origination Volume on a National Scale
$30 $168 $288 $885 $1,953 $2,947 $4,323 $5,163 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2018 2019 2020 2021 2022 2023 2024 1H 2025 Lo an O ri g in at io n V o lu m e 24 Growth of Origination Volume on a National Scale See Glossary and End Notes in the Appendix. (Dollar amounts in millions) Const
Slide 25: Constructive BPL Origination Overview
BPL-Rental 93% BPL-Bridge 7% 25 See Glossary and End Notes in the Appendix. Constructive BPL Origination Overview Constructive BPL Product Mix Wholesale 85% Retail 15% Constructive BPLs by Channel • Origination quality is anchored by strong underwriting standards and creditworthy borrowers. • Origin
Slide 26: Market Opportunity
60% 62% 64% 66% 68% 70% 19 80 19 85 19 90 19 95 20 00 20 05 20 10 20 15 20 20 20 25 Homeownership Rate in the U.S. 26 Market Opportunity See Glossary and End Notes in the Appendix. • Economic - High interest rates and low housing inventory promote rentership as future homeowners delay their purchase
Slide 27: Quarterly Financial Information
Quarterly Financial Information 27
Slide 28: Financial Results Second Quarter 2025
Financial Results Second Quarter 2025 Profit & Loss Dollar amounts in millions, except per share data Description Amount EPS Contribution Interest income $ 140.9 $ 1.56 Interest expense (104.5) (1.16) Net Interest Income $ 36.4 $ 0.40 Income from real estate 20.6 0.23 Expenses related to real estate
Slide 29: Yields By Strategy
Yields By Strategy Quarter over Quarter Comparison See Glossary and End Notes in the Appendix. Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Single-Family Avg. Interest Earning Assets $ 7,972,569 $ 7,086,396 $ 6,193,037 $ 5,841,444 $ 5,103,593 Avg. Interest Bearing Liabilities $ 6,969,89
Slide 30: Adjusted Net Interest Income
Adjusted Net Interest Income* Quarter over Quarter Comparison Adjusted Net Interest Income* (2Q’25 vs 1Q’25) Increase in Adjusted Net Interest Income primarily attributable to increased investment in Agency RMBS and business purpose loans and improved financing terms. Dollar Amounts in Thousands 2Q'
Slide 31: Net Loss from Real Estate
Net Loss from Real Estate Quarter over Quarter Comparison Net Loss from Real Estate (2Q’25 vs 1Q’25) Increase in net loss from real estate during the quarter primarily due to increases in insurance and property tax expenses. Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Income from real
Slide 32: Other (Loss) Income
Other (Loss) Income Quarter over Quarter Comparison Realized Losses, Net (2Q’25 vs 1Q’25) Net realized losses in the second quarter primarily related to: • Losses incurred on foreclosed properties due to lower valuations • Losses recognized on the write-down of certain investment securities Unrealiz
Slide 33: Other (Loss) Income: Derivatives and Equity Investments
Other (Loss) Income Quarter over Quarter Comparison (Losses) Gains on Derivative Instruments, Net (2Q’25 vs 1Q’25) Net losses on derivative investments in the second quarter primarily related to: • Unrealized losses on interest rate swaps as a result of a decrease in interest rates • Realized gains
Slide 34: Other (Loss) Income: Impairment and Other
Other (Loss) Income Quarter over Quarter Comparison Impairment of Real Estate (2Q’25 vs 1Q’25) Impairment losses in the second quarter primarily due to reduction in fair value of two multi-family properties owned by joint venture equity investments to the agreed-upon sales prices for sales that occu
Slide 35: Expenses Quarter over Quarter Comparison
Expenses Quarter over Quarter Comparison General and Administrative Expenses Portfolio Operating Expenses Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Salaries, benefits and directors' compensation $ 8,473 $ 9,070 $ 8,458 $ 8,736 $ 8,331 Other general and administrative expenses 3,313 3
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 ended June 30, 2025. Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP Book Value $ 847,836 90,529 $ 9.37 Com
Slide 37: Annual and Quarterly Returns
Annual and Quarterly Returns Economic/Total Rate Economic Return: Change in book value per share for the period + dividend per share declared for the period, divided by the beginning period book value per share. Economic Return on Adjusted Book Value:* Change in Adjusted Book Value per share for the
Slide 38: Appendix
Appendix /NNYMT /7 38
Slide 39: Non-GAAP Financial Measures: Adjusted Net Interest Income
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 40: Reconciliation of Single-Family Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Single-Family Adjusted Net Interest Income Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Single-Family GAAP interest income $ 137,246 $ 122,932 $ 110,078 $ 104,608 $ 88,067 GAAP interest expense (96,107) (85,560) (80,096) (81,214) (67,434) GA
Slide 41: Reconciliation of Corporate/Other Adjusted Net Interest Loss
Non-GAAP Financial Measures Reconciliation of Corporate/Other Adjusted Net Interest Loss Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Corporate/Other GAAP interest income $ 1,452 $ 4,197 $ 5,492 $ 1,054 $ — GAAP interest expense (8,347) (11,076) (11,446) (6,910) (4,297) GAAP total net i
Slide 42: Reconciliation of Total Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income 1. Adjusted Net Interest Income is calculated by subtracting Adjusted Interest Expense from Adjusted Interest Income. Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 GAAP interest income $ 140,901 $ 129,734 $
Slide 43: Non-GAAP Financial Measures: Earnings Available for Distribution
Non-GAAP Financial Measures Earnings Available for Distribution Previously, we presented undepreciated earnings (loss) as a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Company's common stockholders. Commencing with the quarter ended March 31, 2025, we
Slide 44: Reconciliation of Earnings Available for Distribution
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 GAAP net (loss) income attributable to Company's common stockholders $ (3,486) $ 30,285 $ (41,828) $ 32,410 $ (26,028) Adjustments: Real
Slide 45: Adjusted Book Value Per Common Share
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 46: Reconciliation of Adjusted Book Value Per Common Share
Non-GAAP Financial Measures Reconciliation of Adjusted Book Value Per Common Share Dollar Amounts in Thousands (except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Company's stockholders' equity $ 1,381,203 $ 1,401,946 $ 1,394,720 $ 1,444,147 $ 1,431,910 Preferred stock liquidation preference (558,
Slide 47: Definitions of Commonly Used Terms
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 Financial Meas
Slide 48: Definitions of Commonly Used Terms (continued)
"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 that cou
Slide 49: Definitions of Commonly Used Terms (continued)
"TBAs" refers to to-be-announced securities that are forward contracts for the purchase or sale of Agency fixed-rate RMBS at a predetermined price, face amount, issuer, coupon, and stated maturity on an agreed-upon future date; "TBA dollar roll income" refers to the difference in price between two T
Slide 50: End Notes
End Notes Slide 1 − Image(s) used under license from PowerPoint Stock Images. Slide 3 − Image(s) used under license from PowerPoint Stock Images. Slide 4 − Image(s) used under license from PowerPoint Stock Images. Slide 5 − Refer to Appendix - "Capital Allocation" for a detailed breakout of Capital
Slide 51: End Notes
End Notes Slide 16 − Asset value includes Agency RMBS with a fair value of $4.9 billion and underlying securities in outstanding TBA contracts with a fair value of $10.2 million as of June 30, 2025. − Average coupon represents the weighted average coupon rate of Specified Pools as of June 30, 2025.
Slide 52: − Ground up and multi-family percentages are calculated using the interest bearing balances of
− Ground up and multi-family percentages are calculated using the interest bearing balances of BPL-Bridge loans as of June 30, 2025. − DQ 60+ refers to loans greater than 60 days delinquent as of the end of the periods indicated. DQ 60+ percentage calculated using the interest bearing balances of BP
Slide 53: Slide − Average loan size is calculated using loan amounts funded during the 12
Slide 25 − Average loan size is calculated using loan amounts funded during the 12 months ended June 30, 2025. − Average FICO and Average Coupon represent the weighted average borrower FICO score and weighted average gross coupon rate for loans funded during the 12 months ended June 30, 2025. − Aver
Slide 54: Capital Allocation
Capital Allocation At June 30, 2025 (Dollar Amounts in Thousands) Single-Family (1) Multi-Family Corporate/Other Total Residential loans $ 4,026,027 $ — $ — $ 4,026,027 Consolidated SLST CDOs (1,031,897) — — (1,031,897) Investment securities available for sale and TBAs (2) 4,979,330 — 140,435 5,119,
Slide 55: Capital Allocation (continued)
Capital Allocation (continued) 55 3. Represents the Company's equity investments in consolidated multi-family properties that are not in disposal group held for sale. A reconciliation of the Company's equity investments in consolidated multi-family properties and disposal group held for sale to the
Slide 56: Reconciliation of Joint Venture Equity and Consolidated Mezzanine Lending Investments
1. Includes the Company's equity investments in unconsolidated multi-family apartment properties. 2. The Company's net equity investment consists of $155.6 million of net equity investments in consolidated multi-family properties and $17.4 million of net equity investments in disposal group held for
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