Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — New York Mortgage Trust — Maxim Group 2012 Growth Conference
13 slides from Adamas Trust's conference presentation, Mar 26, 2012
Slide 1: Maxim Group 2012 Growth Conference
Maxim Group 2012 Growth Conference March 26, 2012
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: 2011 Company Highlights
2011 Company Highlights Increased quarterly dividend run rate from $0.18 to $0.25, an increase of 39% from the previous year (Declared $1.00 in total dividends in 2011) Issued 4.5 million shares of common stock at an average public issuance price of $7.13 per share Invested $39.5 million in a Agency
Slide 4: Experienced Professional Team
Experienced Professional Team Risk Management NYMT Management RMBS / Residential (25+ years Experience) Credit Investments Accounting Regulatory Imowitz Koenig CFO Controller (Outsourced Accounting) (30+ years) (15+ years) Multi-Family Interest Only Agency RMBS Credit Strategy Prepayment Leverage Re
Slide 5: Best in Class Managers
Core Residential Investments Leveraged Agency ARM Portfolio Agency Prepayment Strategy Credit Sensitive Multi Family Commercial Real Estate Residential Credit Best in Class Managers 5
Slide 6: Agency ARM Portfolio
Agency ARM Portfolio Primarily Seasoned 5/1’s - 13 months to the roll Hedged with Interest Rate Swaps Conservative Leverage Ratios - 6:1 Funded with short term Repos Liquidity Trade Weighted Average Quarterly CPRs 60 50 FNMA/FHLMC HARP I Loan Buyouts 40 HARP II 30 20 10 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Slide 7: Agency Prepayment Strategy (The Midway Group)
Agency Prepayment Strategy (The Midway Group) The Midway Group has a 10-yr audited track record managing residential securities Portfolio strategy focuses on prepayment sensitive securities, more specifically Interest-Only structured securities Dynamically hedged with the use of TBAs, futures and op
Slide 8: HARP II Exposure
HARP II Exposure Eligible Agency RMBS (Collateralized by loans originated prior to June 2009) Weighted Average Coupon (“WAC”) of Underlying Loans < 4.0% < 4.5% < 5.0% < 5.5% > 5.5% Agency Arms $ 21,556 - - - $ 15,006 Agency IOs - - - $ 4,261 $ 11,211 Prepayment History Agency RMBS Portfolio Quarterl
Slide 9: Multi-Family Credit – RiverBanc
Multi-Family Credit – RiverBanc Experienced, dedicated management team with extensive origination and credit underwriting experience Multifamily Focus: • Subordinate CMBS (Freddie Mac K Series) • Mezzanine Loans • Preferred Equity directly with property owners Targeted unlevered yields of approximat
Slide 10: Residential Securitizations
Residential Securitizations Profitability: • $207 mm in loans / $200 mm in CDO => $7 mm net investment • 2.82% Gross WAC / 0.72% Debt => 190 Basis Point Spread • 144 basis points (annualized) Loan Loss Reserve • Net 115 Basis Points or approximately 22% ROE Risks: • $24 million Delinquent loans • 75
Slide 11: Portfolio Allocation – December 31, 2011
Portfolio Allocation – December 31, 2011 Agency Agency Securitized ($ Amounts in Millions) RMBS IOs Multi-Family Loans Other(1) Total Carrying Value $68,776 $63,681 $41,185 $206,920 $44,301 $424,863 Liabilities Callable (56,913) (49,226) (21,531) - (6,535) (134,205) Non-Callable (199,762) (45,000) (
Slide 12: Hidden Values
Hidden Values CLO Notes – Cratos • $9 million investment ($46 million notes) • Sold $10.4 million notes – Realized Gain $4.7 million • Approximately 28% Interest Yield • $35.6 million remaining notes (D & E Classes) Distress Residential Loans - Headlands Asset Management • $19.4 million invested to
Slide 13: New York Mortgage Trust
NYMI YORK MORTGAGE TRUST
New York Mortgage Trust — Maxim Group 2012 Growth Conference on 6ix