Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — Q2 2026 Earnings Presentation
57 slides from Adamas Trust's earnings presentation, Jul 30, 2026
Slide 1: 2026 Second Quarter Financial Summary
2026 Second 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 “The second quarter marked another significant step forward in Adamas' evolution. Over the past eighteen months, we have built a larger and more diversified investment platform, strengthened our earnings power, sharpened our competitive edge with the addition of
Slide 6: Adamas Overview
Adamas Overview Adamas Trust, Inc. (NASDAQ: ADAM) is an internally-managed real estate investment trust $11.7B $1.4B 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 $0.48 • Earnings Available for Distribution (“EAD”) per share of $0.30* • Book value per share of $10.16 (+1.8% change QoQ) Financial • Adjusted Book Value per share of $11.05* (+2.3% change QoQ) • 4.51% Quarterly Economic Return and 11.04% YTD Econom
Slide 8: Building Stockholder Value
Building Stockholder Value Earnings Growth Driving EAD per Share* +36% Stockholder Returns $0.35 YoY • Quarterly EAD per share increased 36% YoY. $0.30 $0.30 $0.29 • Sustained EAD growth provides robust dividend coverage, underscoring improved $0.25 $0.24 earnings power and capital resilience. $0.23
Slide 9: Expanding Investment Portfolio to Drive EAD Growth
Expanding Investment Portfolio to Drive EAD Growth Investment Portfolio Growth +36% YoY $12.0 $11.7 $10.0 $10.9 $10.4 $10.5 $8.0 $8.6 $6.0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 (Dollar amounts in billions) Single-Family Agency Portfolio Allocation Drives Earnings Stability $7,500 $7,228 • We have
Slide 10: 2026 Strategic Priorities
2026 Strategic Priorities 01 Sustainable +30.4% $0.30 Up in 9 of the last 10 EAD Growth Quarterly EAD per 2Q 2026 EAD share* increase in 20261 per share* quarters Up 4 02 Book Value +4.0% $11.05 consecutive Growth Adjusted Book 2Q 2026 Adjusted Value* Increase YTD Book Value per share* quarters Stoc
Slide 11: Financial Snapshot
Financial Snapshot Adjusted Book Value Per Share* Dividend Per Share EAD Per Share* $11.05 $0.30 BOOK VALUE $0.27 & EARNINGS $0.29 $10.80 $0.23 1Q 2026 2Q 2026 1Q 2026 2Q 2026 1Q 2026 2Q 2026 Quarterly Economic Return on 11.51% Dividend Yield Adjusted Book Value*: 4.81% Adjusted Net Interest Income
Slide 12: Adamas Holds a Diversified Investment Portfolio
Adamas Holds a Diversified Investment Portfolio Single-Family Agency BPL-Rental 61% $2,323 MM | 19% BPL-Bridge Agency $520 MM | 4% $7,228 MM | 61% $11.7 Billion Performing Loans Investment $471 MM | 4% Portfolio Multi-Family +$182 MM RPL Available Cash $192 MM | 2% $304 MM | 3% Non-Agency RMBS Other
Slide 13: Adamas Debt Structure
Adamas Debt Structure Company Financing Company Financing Securitization Financing Portfolio Recourse Leverage Ratio $2,676 | 25% 3.6x 4.7x 4.7x 4.9x 5.2x $1,255 Agency Financing Credit & Other Financing $1,121 $578 $859 $6,475 | 60% $1,255 | 12% Corporate Senior Unsecured Notes $471 $348 | 3% Corpo
Slide 14: Market & Strategy Update
MARKET & STRATEGY UPDATE GYADAMAS
Slide 15: Earnings Growth through Strategic Capital Deployment
Earnings Growth through Strategic Capital Deployment Single-Family Acquisitions $2,343 Sustained Pace of $526 Investment Activity $1,478 • Acquired a record $632 million of BPLs during the quarter, supported by the $1,012 $680 strength of Constructive's origination $798 $810 $1,817 pipeline. $502 $2
Slide 16: Single-Family Investment Portfolio: Agency Strategy
Single-Family Investment Portfolio Agency Strategy Agency Portfolio Characteristics • Agency as a core strategy provides several benefits: Asset Value ($MM) Specified Pool % Agency IO % TBA % ◦ Attractive carry and compelling risk-adjusted returns $7,228 89% 2% 9% ◦ Diversification of overall portfo
Slide 17: Single-Family Investment Portfolio: Agency RMBS Market
Single-Family Investment Portfolio Agency RMBS Market Agency Specified Pools at Different • Current coupon mortgage spreads Coupons tightened 18 bps to 107 bps in 2Q 2026, $4,000 200 marking material tightening from the end ZV Spread (bps) Agency RMBS of 1Q 2026 as interest rate volatility fell. $3,
Slide 18: Single-Family Investment Portfolio: BPL-Rental
Single-Family Investment Portfolio BPL-Rental • Adamas’ BPL-Rental strategy has been in place since 2021- 2Q 2026 Loan Characteristics Portfolio Acquisitions traded $2.6 billion with 17 counterparties. • 82% of BPL-Rental loans are currently held in UPB ($MM) $2,277 $547 securitizations. Loan Count
Slide 19: Single-Family Investment Portfolio: BPL-Bridge
Single-Family Investment Portfolio BPL-Bridge • Adamas’ BPL-Bridge strategy has been in place since Loan Characteristics Portfolio 2019 - traded $5.9 billion with 20 originator/aggregator counterparties. UPB ($MM) $540 • Adamas has issued $1.2 billion of BPL-Bridge Loan Count 1,154 securitizations i
Slide 20: Constructive is a Differentiated Platform
Constructive is a Differentiated Platform History Market Our Advantage 01 02 03 Nearly a decade of Deep demand for Differentiated high-quality loan BPL-Rental loans by BPL-Rental origination investors originator • Top 5 business purpose loan • BPL-Rental is well • 100% of BPL-Rental focused originat
Slide 21: Constructive BPL Origination Overview
Constructive BPL Origination Overview Constructive has built a scaled platform for Loan Characteristics 2Q 2026 Constructive Originations originating business purpose loans to Origination Volume $428M residential real estate investors: Loan Count 2,252 • Constructive has sourced BPLs from over 800 b
Slide 22: Multi-Family Investment Portfolio
Multi-Family Investment Portfolio Mezzanine Lending & • Adamas expects redemptions in the multi- Cross-Collateralized Mezzanine Lending family portfolio to continue, allowing for rotation into higher yielding investments. Asset Value ($MM) $192 Total Count 19 • Substantial seasoning of 48 months fro
Slide 23: Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION
Slide 24: Financial Results
Financial Results Second Quarter 2026 Profit & Loss Dollar amounts in thousands, except per share data Description Amount EPS Contribution Interest income $ 174,393 $ 1.94 Interest expense (124,184) (1.38) Net Interest Income $ 50,209 $ 0.56 Income from real estate 14,016 0.15 Expenses related to re
Slide 25: Yield By Strategy
Yield By Strategy Net Interest Spread* Net interest spread increased during the quarter, driven by lower financing costs resulting from improved repurchase agreement terms on residential loans and more favorable financing of certain business purpose rental loans through securitizations completed in
Slide 26: Adjusted Net Interest Income by Investment Category
Adjusted Net Interest Income by Investment Category* Adjusted Net Interest Income* Adjusted Net Interest Income increased primarily due to continued portfolio growth in Agency investments, US Treasuries and business purpose rental loans, partially offset by higher net expense on interest rate swaps
Slide 27: Net Loss from Real Estate
Net Loss from Real Estate Net Loss from Real Estate Net loss from real estate declined primarily due to lower expenses driven by the full-quarter impact of a prior quarter property sale within our Cross-Collateralized Mezzanine Lending investment. Income from real estate decreased primarily due to t
Slide 28: Other Income (Loss)
Other Income (Loss) Realized Losses, Net Net realized losses in the second quarter primarily reflected net realized losses recognized on the sale of certain investment securities, valuation adjustments on foreclosed properties and related receivables and discounted payoffs of certain non-performing
Slide 29: Other Income (Loss)
Other Income (Loss) Gains (Losses) on Derivative Instruments, Net Net gains on derivative instruments in the second quarter were driven by higher interest rates, which benefited interest rate swap valuations. Net gains also included realized gains on the settlement of derivative instruments during t
Slide 30: Other Income (Loss)
Other Income (Loss) (Loss) Income from Equity Investments Dollar Amounts in Thousands 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 (Loss) income from Mezzanine Lending investments accounted for (231) 721 (3,735) (1,642) 1,704 as equity Loss from unconsolidated joint venture equity investments in multi- — — — — (61
Slide 31: Other Income (Loss)
Other Income (Loss) Loan Origination Costs (Loss) (3Q’25 vs 2Q’25) Other Income Other income in the third quarter is primarily related to servicing fee income generated on mortgage servicing rights acquired in the fourthincome Other quarterinofthe 2024. second quarter primarily reflected servicing f
Slide 32: Expenses
Expenses General, Administrative, and Operating Expenses Dollar Amounts in Thousands 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 General and Administrative Expenses Salaries, benefits and directors' compensation $ 18,585 $ 18,179 $ 18,125 $ 17,214 $ 8,473 Other general and administrative expenses 7,028 6,308 6,98
Slide 33: 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, 2026. Quarter Ended June 30, 2026 Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP Book Value
Slide 34: 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 35: Appendix
APPENDIX S3ADAMAS
Slide 36: Single-Family
Single-Family Portfolio Overview Total Investment Portfolio: 95% 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 21% $2,323 19% $282 1.3x 7.4x 75
Slide 37: 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% $192 100% $162
Slide 38: 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 39: Reconciliation of Agency Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Agency Adjusted Net Interest Income Dollar Amounts in Thousands 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 Agency GAAP interest income $ 92,911 $ 93,955 $ 94,743 $ 85,975 $ 69,743 GAAP interest expense (56,683) (58,596) (63,766) (60,472) (48,564) GAAP total net inter
Slide 40: Reconciliation of Single-Family Credit Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Single-Family Credit Adjusted Net Interest Income Dollar Amounts in Thousands 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 Single-Family Credit GAAP interest income $ 75,734 $ 73,457 $ 71,700 $ 70,504 $ 67,506 GAAP interest expense (55,199) (53,206) (52,710) (53,080) (
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'26 1Q'26 4Q'25 3Q'25 2Q'25 Corporate/Other GAAP interest income $ 4,034 $ 2,999 $ 2,526 $ 2,030 $ 1,449 GAAP interest expense (12,302) (11,852) (11,034) (10,495) (7,253) GAAP total
Slide 42: Reconciliation of Total Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income Dollar Amounts in Thousands 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 GAAP interest income $ 174,393 $ 172,065 $ 170,680 $ 160,633 $ 140,901 GAAP interest expense (124,184) (123,654) (127,510) (124,047) (104,454) GAAP total net int
Slide 43: Earnings Available for Distribution
Non-GAAP Financial Measures Earnings Available for Distribution Earnings available for distribution attributable to Company's common stockholders ("EAD") (and by calculation, EAD per common share) is a supplemental non-GAAP financial measure comparable to GAAP net income (loss) attributable to Compa
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 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 data) GAAP net income (loss) attributable to Company's common $ 43,424 $ 36,897 $ 41,605 $ 32,702 $ (3,486) stockholders Adjustments: Realized
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 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 data) Company's stockholders' equity $ 1,472,463 $ 1,456,461 $ 1,426,922 $ 1,390,777 $ 1,381,203 Preferred stock liquidation preference (559,
Slide 47: 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 48: Glossary
Glossary "Consolidated SLST" refers to Freddie Mac-sponsored residential loan securitizations, comprised of seasoned re-performing and non-performing residential mortgage loans, of which we own the first loss subordinated securities and certain IOs, that we consolidate in our financial statements in
Slide 49: Glossary
Glossary "non-Agency RMBS" refers to RMBS that are not guaranteed by any agency of the U.S. Government or GSE; "Non-QM" refers to non-qualifying mortgage; "Portfolio Recourse Leverage Ratio" represents outstanding recourse repurchase agreement and warehouse facility financing and cost basis of outst
Slide 50: End Notes
End Notes Slide 1 − Image(s) used under license from PowerPoint Stock Images. − Dividend yield calculated using the current quarter dividend declared Slide 3 on common stock (annualized) and the closing share price of the − Image(s) used under license from PowerPoint Stock Images. Company's common s
Slide 51: End Notes
End Notes Slide 12 Slide 15 − Investment Portfolio amounts for Agency include Agency RMBS with a − Single Family Acquisitions represent the cost of Residential Credit, fair value of $6.6 billion and underlying securities in outstanding TBA Agency RMBS and the cost basis of new TBA positions entered
Slide 52: End Notes
End Notes − Average DSCR represents the weighted average DSCR calculated at − Percentages shown in the BPL-Bridge Loan Portfolio Breakdown chart origination. calculated using the interest bearing balances of BPL-Bridge loans as − Prepayment penalty protection calculated as the aggregate UPB of of Ju
Slide 53: End Notes
End Notes − Average coupon rate of Mezzanine Lending & Cross-Collateralized − Asset Value and Capital for Non-Agency RMBS include Consolidated Mezzanine Lending investments is a weighted average rate based upon SLST securities owned by the Company with a fair value of the unpaid principal amount and
Slide 54: End Notes
End Notes Slide 37 − Total Investment Portfolio and Capital represent the carrying value and net capital allocated as of June 30, 2026. Refer to Appendix - "Capital Allocation" for additional information. − Asset Value for Multi-Family includes the fair value of Mezzanine Lending investments and the
Slide 55: Capital Allocation
Capital Allocation Investment Corporate/ At June 30, 2026 (Dollar Amounts in Thousands) Constructive Total Portfolio (1)(2) Other Investment securities available for sale and TBAs (3) $ 7,647,797 $ — $ — $ 7,647,797 Residential loans 4,722,364 59,071 — 4,781,435 Consolidated SLST CDOs (956,329) — —
Slide 56: Capital Allocation (continued)
Capital Allocation (continued) (2) Investment amounts include Agency with a carrying value of $7.2 billion, single-family credit investments with a carrying value of $4.0 billion, multi-family investments with a carrying value of $191.8 million and other investments with a carrying value of $355.8 m
Slide 57: Reconciliation of Consolidated Investments in Multi-family Properties
Reconciliation of Consolidated Investments in Multi-family Properties Dollar Amounts in Thousands Total Cash and cash equivalents $ 3,939 Real estate, net 341,352 Other assets 30,800 Total assets $ 376,091 Mortgages payable on real estate, net $ 274,940 Other liabilities 6,021 Total liabilities $ 28