Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — New York Mortgage Trust — Q1 2025 Earnings Presentation
50 slides from Adamas Trust's earnings presentation, Apr 30, 2025
Slide 1: 2025 First Quarter Financial Summary
2025 First 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 real estate investment trust (“REIT”) for U.S. federal income tax purposes in the business of acquiring, investing in, financing and managing primarily mortgage- related residential assets. Our principal objective is
Slide 6: Financial Performance
Financial Performance • Earnings per share (basic) of $0.33 • Earnings Available for Distribution (“EAD”) per share of $0.20* • Book value per share of $9.37 (+0.97% change QoQ) • Adjusted Book Value per share of $10.43* (+0.77% change QoQ) • 3.13% Quarterly Economic Return • 2.71% Quarterly Economi
Slide 7: Entering 2025 from a Position of Strength
7 Entering 2025 from a Position of Strength See Glossary and End Notes in the Appendix. Continue to grow EAD • Expand recurring income through further balance sheet growth • Rotate remaining real property exposure into interest earning investments over time • Further reduce operational G&A Optimize
Slide 8: 2025 Key Economic Factors
8 2025 Key Economic Factors Continuing Theme See Glossary and End Notes in the Appendix. Federal Spending The U.S. budget deficit is projected to grow from $1.9 trillion in 2025 to $2.7 trillion by 2035. Instead of cutting the deficit, the planned cost-saving measures may only slow its growth. Trade
Slide 9: Balance Sheet Structured for Earnings Stability
Balance Sheet Structured for Earnings Stability 9 *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 Avail
Slide 10: NYMT Share Price Has Significant Potential Upside
1. Represents closing common stock price on March 31, 2025. 2. Any realized credit losses or loan sales below par would reduce the net discount to par. 10 NYMT Share Price Has Significant Potential Upside Adjusted Book Value*Valuation Per Share Stock Price1 $6.49 Adjusted Book Value* $10.43 NYMT’s s
Slide 11: Financial Summary
Financial Summary /SSNYMT / 4
Slide 12: Financial Snapshot
$10.35 $10.43 4Q 2024 1Q 2025 $0.16 $0.20 4Q 2024 1Q 2025 1.1x 0.5x 8.6x 8.4x 2.9x 3.2x 4Q 2024 1Q 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 13: Portfolio Financing and Corporate Debt
$522 $607 $974 $1,182 $426 $1,991 $2,347 $2,638 $2,831 $4,061 $1,652 $1,749 $1,979 $2,203 $2,411 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Repo - Credit/Other Repo - Agency Securitization Financing NYMT Debt Structure Quarterly Portfolio Financing Exposure (Dollar amounts in millions) Portfolio Recour
Slide 14: NYMT Holds a Diversified Portfolio of Assets
Single-Family Credit 40% Single-Family Agency 54% Agency RMBS $4,559 MM | 54% 14 BPL-Bridge $1,075 MM | 13% BPL-Rental $920 MM | 11% Performing Loans $525 MM | 6% RPL $434 MM | 5% Non-Agency RMBS $212 MM | 3% SFR $140 MM | 2% Mezzanine Lending $159 MM | 2% Cross-Collateralized Mezzanine Lending $136
Slide 15: Market & Strategy Update
Market & My, Strategy Upda ] , ASSNYMT //7 f
Slide 16: NYMT Strategy for Long-Term Shareholder Value
$306 $466 $636 $560 $397 $298 $467 $372 $363 $1,451 $604 $933 $1,008 $923 $1,848 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Residential Credit Agency RMBS NYMT Strategy for Long-Term Shareholder Value Strategy for Sustainable Earnings Growth • NYMT has been growing the investment portfolio with the goa
Slide 17: Single-Family Agency RMBS Market
$- $1,000 $2,000 $3,000 $4,000 $5,000 100 125 150 175 200 NYMT Agency RMBS Holdings Agency RMBS Current Coupon Spread Single-Family Agency RMBS Market • In the quarter, current coupon mortgage spreads widened by 8 bps to 143 bps as the market digested the new administration’s agenda. Spreads further
Slide 18: Single-Family Agency RMBS Strategy
Single-Family Agency RMBS Strategy • As a core strategy, Agency RMBS 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 econom
Slide 19: Single-Family Business Purpose Loan-Bridge Strategy
$199 $179 $173 $170 $168 $772 $884 $1,007 $1,007 $925 $971 $1,063 $1,180 $1,177 $1,093 0% 25% 50% 75% 100% $- $500 $1,000 $1,500 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 DQ 60+ Performing DQ 60+ % BPL- Bridge Loan Portfolio Breakdown Single-Family Business Purpose Loan-Bridge Strategy • NYMT BPL-Brid
Slide 20: Single-Family Credit Strategy Portfolio
Dollar amounts in millions Total Investment Portfolio 95% Strategy Sub-Sector Asset Value Capital Portfolio Recourse Leverage Ratio Portfolio Leverage Ratio Characteristics Commentary % $ % $ Avg. FICO Avg. LTV Avg. Coupon BPL-Bridge • Bridge loans 13% $1,075 21% $253 0.6x 3.7x 741 65% 10.48% − BPL-
Slide 21: Multi-Family Strategy Portfolio
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 93% $295 92% $247 1.32x 84% 12.04% − Asset count of 28 with
Slide 22: Quarterly Financial Information
Quarterly Financial Information 22
Slide 23: Financial Results First Quarter 2025
Financial Results First Quarter 2025 Profit & Loss Dollar amounts in millions, except per share data Description Amount EPS Contribution Interest income $ 129.7 $ 1.43 Interest expense (96.6) (1.07) Net Interest Income $ 33.1 $ 0.36 Income from real estate 20.7 0.23 Expenses related to real estate (
Slide 24: Yields By Strategy
Yields By Strategy Quarter over Quarter Comparison See Glossary and End Notes in the Appendix. *Represents a non-GAAP financial measure. See Non-GAAP Financial Measures in the Appendix. Dollar Amounts in Thousands 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Single-Family Avg. Interest Earning Assets $ 7,086,396 $
Slide 25: Adjusted Net Interest Income
Adjusted Net Interest Income* Quarter over Quarter Comparison Adjusted Net Interest Income* (1Q’25 vs 4Q’24) Increase in Adjusted Net Interest Income primarily attributable to increased investment in Agency RMBS and business purpose loans in the first quarter. Dollar Amounts in Thousands 1Q'25 4Q'24
Slide 26: Net Loss from Real Estate
Net Loss from Real Estate Quarter over Quarter Comparison Net Loss from Real Estate (1Q’25 vs 4Q’24) Decrease in net loss from real estate during the quarter primarily due to the full quarter impact of sales of underlying properties or membership interests in, and de-consolidation of, five multi-fam
Slide 27: Other Income (Loss)
Other Income (Loss) Quarter over Quarter Comparison Realized Losses, Net (1Q’25 vs 4Q’24) Net realized losses in the first quarter primarily related to: • Losses recognized on the sale of U.S. Treasury securities (largely offset by realized gains included in Losses on Derivative Instruments, Net) •
Slide 28: Other Income (Loss): Derivative Instruments
Other Income (Loss) Quarter over Quarter Comparison (Losses) Gains on Derivative Instruments, Net (1Q’25 vs 4Q’24) Net losses on derivative investments in the first quarter primarily related to: • Unrealized losses on interest rate swaps as a result of a decrease in interest rates • Realized gains o
Slide 29: Other Income (Loss): Impairment and Other
Other Income (Loss) Quarter over Quarter Comparison Impairment of Real Estate (1Q’25 vs 4Q’24) Impairment losses recognized as a result of a decrease in the fair value of real estate due to lower valuations. Other Income (Loss) (1Q’25 vs 4Q’24) Other income in the first quarter is primarily related
Slide 30: Expenses Quarter over Quarter Comparison
Expenses Quarter over Quarter Comparison General and Administrative Expenses Portfolio Operating Expenses Dollar Amounts in Thousands 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Salaries, benefits and directors' compensation $ 9,070 $ 8,458 $ 8,736 $ 8,331 $ 9,273 Other general and administrative expenses 3,344 3
Slide 31: Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) Dollar Amounts in Thousands 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Net Income (Loss) Attributable to Company's Common Stockholders $ 30,285 $ (41,828) $ 32,410 $ (26,028) $ (68,340) Other Comprehensive Income: Reclassification adjustment for net loss included in net loss — —
Slide 32: 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 March 31, 2025. Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP Book Value $ 840,610 90,575 $ 9.28 Co
Slide 33: 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 34: Appendix
Appendix /NNYMT /7
Slide 35: 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 36: Reconciliation of Single-Family Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Single-Family Adjusted Net Interest Income Dollar Amounts in Thousands 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Single-Family GAAP interest income $ 122,932 $ 110,078 $ 104,608 $ 88,067 $ 81,227 GAAP interest expense (85,560) (80,096) (81,214) (67,434) (61,740) GAA
Slide 37: Reconciliation of Corporate/Other Adjusted Net Interest Loss
Non-GAAP Financial Measures Reconciliation of Corporate/Other Adjusted Net Interest Loss Dollar Amounts in Thousands 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Corporate/Other GAAP interest income $ 4,197 $ 5,492 $ 1,054 $ — $ — GAAP interest expense (11,076) (11,446) (6,910) (4,297) (4,289) GAAP total net inter
Slide 38: 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 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 GAAP interest income $ 129,734 $ 118,253 $
Slide 39: 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 40: Reconciliation of Earnings Available for Distribution
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share data) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 GAAP net income (loss) attributable to Company's common stockholders $ 30,285 $ (41,828) $ 32,410 $ (26,028) $ (68,340) Adjustments: Rea
Slide 41: Adjusted Book Value Per Common Share
Non-GAAP Financial Measures Adjusted Book Value Per Common Share See Glossary and End Notes in the Appendix. 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 cumulat
Slide 42: 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) 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 Company's stockholders' equity $ 1,401,946 $ 1,394,720 $ 1,444,147 $ 1,431,910 $ 1,485,256 Preferred stock liquidation preference (554,
Slide 43: 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 44: Definitions of Commonly Used Terms (continued)
"Economic Return on Adjusted Book Value" is calculated based on the periodic change in Adjusted Book Value per common share, a supplemental non-GAAP measure, plus dividends declared per common share during the respective periods; "IOs" refers collectively to interest only and inverse interest only m
Slide 45: 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 46: End Notes
End Notes 46 Slide 18 − Asset value represents the fair value of the Agency RMBS strategy portfolio as of March 31, 2025. − Average coupon represents the weighted average coupon rate of Specified Pools as of March 31, 2025. − WALA represents the weighted average loan age of the underlying collateral
Slide 47: End Notes
Slide 20 − Total Investment Portfolio, Total Capital, and Capital represent amounts derived from the investment portfolio carrying value and net Company capital allocated as of March 31, 2025. Refer to Appendix - "Capital Allocation" for a detailed breakout of Total Investment Portfolio, Total Capit
Slide 48: End Notes
End Notes 48 Slide 32 − Outstanding shares used to calculate book value per common share and Adjusted Book Value per common share for the quarter ended March 31, 2025 are 90,529,421. − Common stock issuance, net includes amortization of stock based compensation. Slide 34 − Image(s) used under licens
Slide 49: Capital Allocation
Capital Allocation At March 31, 2025 (Dollar Amounts in Thousands) Single-Family (1) Multi-Family Corporate/ Other Total Residential loans $ 3,913,268 $ — $ — $ 3,913,268 Consolidated SLST CDOs (805,273) — — (805,273) Investment securities available for sale 4,622,507 — 24,305 4,646,812 Multi-family
Slide 50: Reconciliation of Joint Venture Equity and Consolidated Mezzanine Lending Investments
Reconciliation of Joint Venture Equity and Consolidated Mezzanine Lending Investments Dollar Amounts in Thousands Joint Venture Equity Cross- Collateralized Mezzanine Lending Consolidated Mezzanine Lending Investment Total Cash and cash equivalents $ — $ 3,155 $ 774 $ 3,929 Real estate, net — 423,73
New York Mortgage Trust — Q1 2025 Earnings Presentation on 6ix