Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — Q3 2025 Earnings Presentation
59 slides from Adamas Trust's earnings presentation, Oct 30, 2025
Slide 1: 2025 Third Quarter Financial Summary
2025 Third 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 third quarter was an active and strategically significant period for Adamas. We marked the Company’s recent rebranding with its highest level of quarterly investment activity since inception, expanding the investment portfolio by $1.8 billion. The momentum
Slide 6: Adamas Overview
Adamas Overview Adamas Trust, Inc. (NASDAQ: ADAM) is an internally-managed real estate investment trust $10.4B $1.1B 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 $0.36 • Earnings Available for Distribution (“EAD”) per share of $0.24* Financial • Book value per share of $9.20 (+1.0% change QoQ) • Adjusted Book Value per share of $10.38* (+1.2% change QoQ) Performance • 3.51% Quarterly Economic Return • 3.41% Qu
Slide 8: Financial Snapshot
Financial Snapshot Adjusted Book Value Per Share* Dividend Per Share EAD Per Share* $0.24 BOOK VALUE $0.23 & EARNINGS $10.26 $10.38 $0.22 $0.20 2Q 2025 3Q 2025 2Q 2025 3Q 2025 2Q 2025 3Q 2025 Quarterly Economic Return on 13.20% Dividend Yield Adjusted Book Value*: 3.41% Adjusted Net Interest Income
Slide 9: Earnings Improvement
Continued Momentum in EAD Growth EARNINGS IMPROVEMENT Adamas is focused on continuing to EAD Per Share* increase earnings: $0.30 • EAD per share rose $0.02, $0.25 $0.24 representing a 9% increase QoQ $0.22 $0.20 and 140% increase YoY $0.20 • 3Q 2025 marks the sixth $0.16 $0.15 consecutive quarter of
Slide 10: Expanding Investment Portfolio to Drive EAD Growth
Expanding Investment Portfolio to Drive EAD Growth Investment Portfolio Size $12.0 +20% +4% $10.4 +12% $8.0 +7% $8.3 $8.6 $7.4 $6.9 $4.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 (Dollar amounts in billions) Investment Portfolio Capital Rotation 57% 60% Enhanced Portfolio Liquidity 40% 15% 20% Strateg
Slide 11: Adamas Share Price Has Significant Potential Upside
Adamas Share Price Has Significant Potential Upside Valuation Per Share Stock Price1 $6.97 $12 Adjusted Book Value* $10.38 $10.38 Adamas’ stock price is $10 Other discounted by 33% to $1.98 Adjusted Book Value $8 17% Agency Capital $8.40 Discount • Adamas’ stock price is discounted to Adjusted Book
Slide 12: Adamas Holds a Diversified Investment Portfolio
Adamas Holds a Diversified Investment Portfolio Agency RMBS $6,659 MM | 63% Single-Family Agency BPL-Rental 63% $1,183 MM | 11% BPL-Bridge $906 MM | 9% Mezzanine Lending $10.4 Billion $116 MM | 1% Performing Loans Investment $492 MM | 5% Portfolio Cross-Collateralized +$181 MM Mezzanine Lending RPL
Slide 13: Adamas Debt Structure
Adamas Debt Structure Portfolio Financing and Corporate Debt Portfolio Financing Portfolio Recourse Leverage Ratio Securitization Financing $2,591 | 27% 2.5x 2.9x 3.2x 3.6x 4.7x $578 Credit & Other Financing Agency Leverage $578 | 6% $471 $5,934 | 62% $426 Corporate Senior Unsecured Notes $358 | 4%
Slide 14: Market & Strategy Update
MARKET & STRATEGY UPDATE GYADAMAS
Slide 15: 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 with the aim of $1,008 $923 generating higher recurring net interest $798 $1,817 income and EAD. $
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 $6,659 98% 2% <1% ◦ Diversification of overall portf
Slide 17: Agency RMBS Market
Single-Family Investment Portfolio Agency RMBS Market Agency Specified Pools at Different • In the quarter, current coupon mortgage spreads tightened by 20 bps to 126 bps. Coupons This was significant tightening from the end $4,000 200 of the prior quarter, as interest rate volatility ZV Spread (bps
Slide 18: Single-Family Investment Portfolio: BPL-Rental
Single-Family Investment Portfolio BPL-Rental • Adamas’ BPL-Rental strategy has been in place since Loan 3Q 2025 2021, trading $1.3 billion with 12 counterparties. Characteristics Portfolio Acquisitions • 93% of BPL-Rental loans are currently held in UPB ($MM) $1,158 $252 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 Portfolio 3Q 2025 2019, trading $5.5 billion with 20 originator/aggregator Characteristics Acquisitions counterparties. UPB ($MM) $919 $208 • Adamas has issued $1.2 billion of BPL-Bridge Loan Cou
Slide 20: Multi-Family Investment Portfolio
Multi-Family Investment Portfolio • Adamas expects redemptions of MF investments to continue to accelerate, allowing for rotation into higher Mezzanine Lending & yielding investments. Cross-Collateralized Mezzanine Lending • Average portfolio occupancy rate of 92%. Asset Value ($MM) $255 • Redeemed
Slide 21: Acquisition of Constructive
Acquisition of Constructive On July 15, 2025, Adamas acquired the remaining 50% interest in Constructive, advancing Adamas’ business purpose lending strategy. Founded in 2017 Operates in 48 states & D.C. Over $1.8 billion of BPLs originated over the last 12 months Headquartered in Oakbrook Terrace,
Slide 22: Growth of Origination Volume on a National Scale
Growth of Origination Volume on a National Scale Constructive’s National Origination Footprint Constructive Cumulative Loan Origination Volume $6,000 $5,603 Loan Origination Volume $5,000 $4,323 $4,000 $2,947 $3,000 $1,953 $2,000 $885 $1,000 $168 $288 $30 $0 2018 2019 2020 2021 2022 2023 2024 YTD 20
Slide 23: Constructive BPL Origination Overview
Constructive BPL Origination Overview Loan Characteristics Constructive LTM Originations • Constructive originated $439MM of business purpose loans in the quarter, representing a 9% increase from the prior quarter and a 10% Avg. Loan Size $201,471 increase from 3Q 2024. Loan Count 8,729 • Originatio
Slide 24: Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION
Slide 25: Financial Results
Financial Results Third Quarter 2025 Profit & Loss Dollar amounts in millions, except per share data Description Amount EPS Contribution Interest income $ 160.6 $ 1.78 Interest expense (124.0) (1.37) Net Interest Income $ 36.6 $ 0.40 Income from real estate 19.1 0.21 Expenses related to real estate
Slide 26: Yield By Strategy
Yield By Strategy Net Interest Spread* Yield on Average Interest Earning Assets declined due to a higher allocation in lower-yielding Agency securities and business purpose rental loans compared to business purpose bridge loans. Average Financing Cost improved, driven by lower rates and more favorab
Slide 27: 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, partially offset by an increase in corporate debt interest expense resulting from baby bonds issued during the quarter. Adjusted Interest
Slide 28: Net Loss from Real Estate
Net Loss from Real Estate Net Loss from Real Estate The increase in net loss from real estate during the quarter was primarily driven by lower rental income due to the sale of two joint venture equity investments during the quarter. In addition, certain property-related expenses were fully recognize
Slide 29: Other Income (Loss)
Other Income (Loss) Realized Losses, Net Net realized losses in the third quarter primarily related to: • Losses on foreclosed properties resulting from lower valuations • Losses on discounted payoffs on non-performing business purpose bridge loans Dollar Amounts in Thousands 3Q'25 2Q'25 1Q'25 4Q'24
Slide 30: Other Income (Loss)
Other Income (Loss) (Losses) Gains on Derivative Instruments, Net Net losses on derivative investments in the third quarter primarily related to: • Unrealized losses on interest rate swaps as a result of a decrease in interest rates • Realized losses on the settlement of derivative instruments Dolla
Slide 31: Other Income (Loss)
Other Income (Loss) (Loss) Income from Equity Investments Net loss from equity investments in the third quarter primarily related to unrealized loss recognized on a preferred equity investment due to a decline in fair value, partially offset by preferred return on preferred equity investments. Dolla
Slide 32: 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 Other fourth income quarter in of the third quarter is primarily related to servicing
Slide 33: Expenses
Expenses General and Administrative Expenses Compensation and other general and administration expenses increased in the third quarter primarily due to the acquisition and consolidation of Constructive and higher incentive compensation accrual. Dollar Amounts in Thousands 3Q'25 2Q'25 1Q'25 4Q'24 3Q'
Slide 34: Expenses
Expenses Loan Origination Costs Loan origination costs reflect the consolidation of Constructive and the recognition of expenses related to business purpose loans originated by Constructive. Dollar Amounts in Thousands 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 Loan Origination Costs $ 3,788 $ — $ — $ — $ — See
Slide 35: 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 September 30, 2025. Quarter Ended September 30, 2025 Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP
Slide 36: 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 37: Appendix
APPENDIX GYADAMAS
Slide 38: Single-Family Portfolio Overview
Single-Family Portfolio Overview Total Investment Portfolio: 96% Asset Value Capital Characteristics Portfolio Portfolio Strategy Sub-Sector Recourse Leverage Leverage Ratio Ratio % $ % $ Avg. FICO Avg. LTV Avg. Coupon BPL-Rental (1) • DSCR 12% $1,183 11% $143 0.4x 7.4x 747 70% 7.07% BPL-Bridge • Br
Slide 39: Multi-Family Portfolio Overview
Multi-Family Portfolio Overview Total Investment Portfolio: 2% Asset Value Capital (1) Characteristics Strategy Sub-Sector Avg. Adjusted % $ % $ Avg. DSCR LTV (2) Avg. Coupon (3) • Mezzanine Lending and Multi-Family Cross-Collateralized 100% $255 100% $199 1.35x 83% 11.71% Mezzanine Lending 1. Capit
Slide 40: 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 41: Reconciliation of Agency Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Agency Adjusted Net Interest Income Dollar Amounts in Thousands 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 Agency GAAP interest income $ 85,975 $ 69,743 $ 55,668 $ 45,054 $ 43,260 GAAP interest expense (60,472) (48,564) (38,367) (34,393) (35,116) GAAP total net inter
Slide 42: 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 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 Single-Family Credit GAAP interest income $ 70,504 $ 67,506 $ 67,266 $ 65,026 $ 61,351 GAAP interest expense (53,080) (48,637) (48,308) (47,054) (
Slide 43: Reconciliation of Corporate/Other Adjusted Net Interest Loss
Non-GAAP Financial Measures Reconciliation of Corporate/Other Adjusted Net Interest Loss Dollar Amounts in Thousands 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 Corporate/Other GAAP interest income $ 2,030 $ 1,449 $ 4,195 $ 5,490 $ 1,051 GAAP interest expense (10,495) (7,253) (9,961) (10,095) (5,367) GAAP total n
Slide 44: Reconciliation of Total Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income Dollar Amounts in Thousands 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 GAAP interest income $ 160,633 $ 140,901 $ 129,734 $ 118,253 $ 108,361 GAAP interest expense (124,047) (104,454) (96,636) (91,542) (88,124) GAAP total net intere
Slide 45: 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 46: Reconciliation of Earnings Available for Distribution
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 data) GAAP net income (loss) attributable to Company's common $ 32,702 $ (3,486) $ 30,285 $ (41,828) $ 32,410 stockholders Adjustments: Realiz
Slide 47: 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 48: 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 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 data) Company's stockholders' equity $ 1,390,777 $ 1,381,203 $ 1,401,946 $ 1,394,720 $ 1,444,147 Preferred stock liquidation preference (559,
Slide 49: 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 50: 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 51: 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 52: End Notes
End Notes Slide 1 − Dividend yield calculated using the current quarter dividend declared on − Image(s) used under license from PowerPoint Stock Images. common stock (annualized) and the closing share price of the Company's Slide 3 common stock on September 30, 2025. − Image(s) used under license fr
Slide 53: End Notes
End Notes Slide 15 Slide 12 − Residential Investment Acquisitions represent the cost of Residential − Investment Portfolio amounts for Agency include Agency RMBS with a Credit, Agency RMBS and the cost basis of new TBA positions entered fair value of $6.6 billion and underlying securities in outstan
Slide 54: End Notes
End Notes Slide 20 − Dollar amounts shown in the BPL-Rental Loan Portfolio chart − Asset Value for Mezzanine Lending & Cross-Collateralized Mezzanine represent the interest bearing balances of BPL-Rental loans as of Lending includes the fair value of Mezzanine Lending investments and the end of the
Slide 55: End Notes
End Notes − Average FICO and Average Coupon represent the weighted average − Asset Value and Capital for Non-Agency RMBS include Consolidated borrower FICO score and weighted average gross coupon rate for SLST securities owned by the Company with a fair value of loans originated during the 12 months
Slide 56: End Notes
End Notes Slide 39 − Total Investment Portfolio and Capital represent the carrying value and net capital allocated as of September 30, 2025. Refer to Appendix - "Capital Allocation" for additional information. − Asset Value for Multi-Family includes the fair value of Mezzanine Lending investments an
Slide 57: Capital Allocation
Capital Allocation Investment Corporate/ At September 30, 2025 (Dollar Amounts in Thousands) Constructive Total Portfolio (1)(2) Other Investment securities available for sale and TBAs (3) $ 6,869,358 $ — $ — $ 6,869,358 Residential loans 4,096,213 55,434 — 4,151,647 Consolidated SLST CDOs (1,016,95
Slide 58: Capital Allocation (continued)
Capital Allocation (continued) 2. Investment amounts include Agency investments with a carrying value of $6.7 billion, single-family credit investments with a carrying value of $3.3 billion, multi-family investments with a carrying value of $255.5 million and other investments with a carrying value
Slide 59: Reconciliation of Joint Venture Equity and Consolidated Mezzanine Lending Investments
Reconciliation of Joint Venture Equity and Consolidated Mezzanine Lending Investments Cross- Consolidated Collateralized Mezzanine Joint Venture Mezzanine Lending Dollar Amounts in Thousands Equity (1) Lending Investment Total Cash and cash equivalents $ — $ 2,696 $ 451 $ 3,147 Real estate, net — 41