Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — Q1 2026 Earnings Presentation
58 slides from Adamas Trust's earnings presentation, Apr 30, 2026
Slide 1: 2026 First Quarter Financial Summary
2026 First 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 “Adamas delivered strong first quarter results, with continued growth in earnings and book value despite a volatile macro environment. We delivered GAAP earnings of $0.41 per share and EAD of $0.29 per share, well ahead of our dividend, highlighting the strength
Slide 6: Adamas Overview
Adamas Overview Adamas Trust, Inc. (NASDAQ: ADAM) is an internally-managed real estate investment trust $10.9B $1.2B 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 $0.41 • Earnings Available for Distribution (“EAD”) per share of $0.29* • Book value per share of $9.98 (+4.0% change QoQ) Financial • Adjusted Book Value per share of $10.80* (+1.6% change QoQ) • 6.35% Quarterly Economic Return Performance • 3.76% Qu
Slide 8: Building Stockholder Value
Building Stockholder Value Earnings Growth Driving Cumulative Stockholder Return Stockholder Returns 35% +29% 30% • EAD per share increased 45% YoY, 4% reflecting strong growth driven by 25% continued portfolio expansion and earnings 10% 20% momentum. • Sustained EAD growth provides robust 15% divid
Slide 9: Expanding Investment Portfolio to Drive EAD Growth
Expanding Investment Portfolio to Drive EAD Growth Investment Portfolio Growth YoY Growth: $12.0 +31% $10.9 $10.4 $10.5 $8.0 $8.6 $8.3 $4.0 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 (Dollar amounts in billions) Optimizing Investment Portfolio Allocation $7,000 $6,659 $6,633 $6,778 • We have built a so
Slide 10: 2026 Strategic Priorities
2026 Strategic Priorities Positioning the Company to Expand Earnings and Create Stockholder Value Accelerate EAD Growth Continue to scale Constructive's origination volumes, improve profitability and leverage operational efficiencies. Create measurable and recurring EAD expansion that enhances divid
Slide 11: Financial Snapshot
Financial Snapshot Adjusted Book Value Per Share* Dividend Per Share EAD Per Share* $0.29 BOOK VALUE $10.80 $0.23 $0.23 & EARNINGS $10.63 $0.23 4Q 2025 1Q 2026 4Q 2025 1Q 2026 4Q 2025 1Q 2026 Quarterly Economic Return on 12.50% Dividend Yield Adjusted Book Value*: 3.76% Adjusted Net Interest Income
Slide 12: Adamas' Stock Price Has Significant Potential Upside
Adamas’ Stock Price Has Significant Potential Upside Valuation Per Share Stock Price1 $7.36 $12 Adjusted Book Value* $10.80 $10.80 Adamas’ stock price $10 Other $2.17 discounted by 32% to Adjusted Book Value 15% $8 Agency Capital $8.63 Discount • Adamas’ stock price was discounted to Adjusted Book V
Slide 13: Adamas Holds a Diversified Investment Portfolio
Adamas Holds a Diversified Investment Portfolio Agency $6,778 MM | 61% Single-Family Agency BPL-Rental 61% $1,808 MM | 16% Multi-Family BPL-Bridge Cross-Collateralized $646 MM | 6% Mezzanine Lending $10.9 Billion $119 MM | 1% Performing Loans Investment $473 MM | 4% Portfolio Multi-Family +$199 MM M
Slide 14: Adamas Debt Structure
Adamas Debt Structure Company Financing Company Financing Portfolio Recourse Leverage Ratio Securitization Financing $2,524 | 25% 3.2x 3.6x 4.7x 4.7x 4.9x Credit & Other Financing $1,121 Agency Financing $1,121 | 11% $578 $859 $6,048 | 61% Corporate Senior Unsecured Notes $348 | 3% $471 $426 Corpora
Slide 15: Market & Strategy Update
MARKET & STRATEGY UPDATE GYADAMAS
Slide 16: Earnings Growth through Strategic Capital Deployment
Earnings Growth through Strategic Capital Deployment Single-Family Acquisitions $2,343 Sustained Pace of $1,848 $526 Investment Activity $397 • Adamas has been growing its investment portfolio to generate higher $1,012 recurring net interest income and EAD. $798 $810 $1,817 $1,451 $502 • Recent acqu
Slide 17: Single-Family Investment Portfolio: Agency Strategy
Single-Family Investment Portfolio Agency Strategy Agency Portfolio Characteristics • Agency as a core strategy provides several benefits: Asset Value ($MM) Specified Pool % Agency IO % TBA % ◦ Attractive carry and compelling risk-adjusted returns $6,778 96% 2% 2% ◦ Diversification of overall portfo
Slide 18: Single-Family Investment Portfolio: Agency RMBS Market
Single-Family Investment Portfolio Agency RMBS Market Agency Specified Pools at Different • Historically wide Agency spreads have provided additional opportunities to grow Coupons the portfolio at attractive levels. $4,000 200 ZV Spread (bps) Agency RMBS • In 1Q 2026, current coupon mortgage $3,000
Slide 19: Single-Family Investment Portfolio: BPL-Rental
Single-Family Investment Portfolio BPL-Rental • Adamas’ BPL-Rental strategy has been in place since 2021- traded $2.0 billion with 15 counterparties. Loan 1Q 2026 Characteristics Portfolio Acquisitions • 77% of BPL-Rental loans are currently held in securitizations. • Adamas applies a disciplined, i
Slide 20: Single-Family Investment Portfolio: BPL-Bridge
Single-Family Investment Portfolio BPL-Bridge • Adamas’ BPL-Bridge strategy has been in place since Loan Portfolio 1Q 2026 2019 - traded $5.8 billion with 20 originator/aggregator Characteristics Acquisitions counterparties. UPB ($MM) $665 $50 • Adamas has issued $1.2 billion of BPL-Bridge Loan Coun
Slide 21: Scaling Constructive's National Origination Platform
Scaling Constructive’s National Origination Platform Constructive is a leading originator of business purpose loans for residential real estate investors: • Originated over $6.5 billion of BPLs since its inception in 2017, primarily in BPL-Rental. • Constructive has sourced BPLs from approximately 8
Slide 22: Constructive BPL Origination Overview
Constructive BPL Origination Overview Loan Characteristics Constructive LTM Originations Origination Volume $1.7B • Constructive originated $422 million of business purpose loans in the quarter. Loan Count 8,901 • Origination quality is anchored by strong Avg. Loan Size $195,136 underwriting standar
Slide 23: Multi-Family Investment Portfolio
Multi-Family Investment Portfolio Mezzanine Lending & Cross-Collateralized Mezzanine Lending • Adamas expects redemptions in the multi- family portfolio to continue to accelerate, Asset Value ($MM) $212 allowing for rotation into higher yielding Total Count 21 investments. • Substantial seasoning of
Slide 24: Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION
Slide 25: Financial Results
Financial Results First Quarter 2026 Profit & Loss Dollar amounts in millions, except per share data Description Amount EPS Contribution Interest income $ 172.1 $ 1.90 Interest expense (123.7) (1.37) Net Interest Income $ 48.4 $ 0.53 Income from real estate 14.6 0.16 Expenses related to real estate
Slide 26: Yield By Strategy
Yield By Strategy Net Interest Spread* Net interest spread declined during the quarter due to lower yields on average interest earning assets, reflecting a higher allocation to Agency securities and business purpose rental loans, partially offset by lower financing costs from reduced base rates. Dol
Slide 27: 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 securities and business purpose rental loans, along with lower financing costs from reduced base rates. These benefits were
Slide 28: 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, an additional property sale in the current quarter within our Cross-Collateralized Mezzanine Lending investment,
Slide 29: Other Income (Loss)
Other Income (Loss) Realized Losses, Net Net realized losses in the first quarter primarily reflected valuation adjustments on foreclosed properties and related receivables, discounted payoffs of certain non-performing business purpose bridge loans as part of ongoing asset resolution efforts, and wr
Slide 30: Other Income (Loss)
Other Income (Loss) Gains (Losses) on Derivative Instruments, Net Net gains on derivative instruments in the first quarter were driven by market movements, including swap spread widening and rising interest rates, which benefited interest rate swaps and treasury futures positions. Net gains also inc
Slide 31: Other Income (Loss)
Other Income (Loss) Income (Loss) from Equity Investments Income from equity investments in the first quarter primarily consisted of preferred returns recognized on mezzanine lending investments. Results in the prior quarter reflected a decline in fair valuation of one mezzanine lending investment.
Slide 32: Other Income (Loss)
Other Income (Loss) Other Income Loanincome Other Origination Costs in the first (Loss) quarter (3Q’25 primarily vs 2Q’25) reflected a gain on the sale of a property within our Cross-Collateralized Mezzanine Lending Other income in the third quarter is primarily related to servicing fee income gener
Slide 33: Expenses
Expenses General, Administrative, and Operating Expenses Dollar Amounts in Thousands 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 General and Administrative Expenses Salaries, benefits and directors' compensation $ 18,179 $ 18,125 $ 17,214 $ 8,473 $ 9,070 Other general and administrative expenses 6,308 6,982 6,135
Slide 34: 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, 2026. Quarter Ended March 31, 2026 Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP Book Val
Slide 35: 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 36: Appendix
APPENDIX S3ADAMAS
Slide 37: 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 17% $1,808 16% $228 1.6x 7.1x 74
Slide 38: 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% $212 100% $188
Slide 39: 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 40: Reconciliation of Agency Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Agency Adjusted Net Interest Income Dollar Amounts in Thousands 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Agency GAAP interest income $ 93,955 $ 94,743 $ 85,975 $ 69,743 $ 55,668 GAAP interest expense (58,596) (63,766) (60,472) (48,564) (38,367) GAAP total net inter
Slide 41: 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 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Single-Family Credit GAAP interest income $ 73,457 $ 71,700 $ 70,504 $ 67,506 $ 67,266 GAAP interest expense (53,206) (52,710) (53,080) (48,637) (
Slide 42: 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'26 4Q'25 3Q'25 2Q'25 1Q'25 Corporate/Other GAAP interest income $ 2,999 $ 2,526 $ 2,030 $ 1,449 $ 4,195 GAAP interest expense (11,852) (11,034) (10,495) (7,253) (9,961) GAAP total
Slide 43: Reconciliation of Total Adjusted Net Interest Income
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income Dollar Amounts in Thousands 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 GAAP interest income $ 172,065 $ 170,680 $ 160,633 $ 140,901 $ 129,734 GAAP interest expense (123,654) (127,510) (124,047) (104,454) (96,636) GAAP total net inte
Slide 44: 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 45: Reconciliation of Earnings Available for Distribution
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 data) GAAP net income (loss) attributable to Company's common $ 36,897 $ 41,605 $ 32,702 $ (3,486) $ 30,285 stockholders Adjustments: Realized
Slide 46: 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 47: 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 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 data) Company's stockholders' equity $ 1,456,461 $ 1,426,922 $ 1,390,777 $ 1,381,203 $ 1,401,946 Preferred stock liquidation preference (559,
Slide 48: 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 49: Glossary
Glossary "Consolidated SLST CDOs" refers to the debt that permanently finances the residential loans held in Consolidated SLST that we consolidate in our financial statements in accordance with GAAP; "Consolidated VIEs" refers to variable interest entities (“VIEs”) where the Company is the primary b
Slide 50: Glossary
Glossary "RMBS" refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate, or fixed-rate residential loans; "RPL" refers to pools of seasoned re-performing, non-performing and other delinquent mortgage loans secured by first liens on one- to four-family prope
Slide 51: 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 52: End Notes
End Notes Slide 13 − Investment Portfolio amounts for Agency include Agency RMBS with a − Credit & Other Financing and Securitization Financing amounts fair value of $6.6 billion and underlying securities in outstanding TBA represent the outstanding loan amount or note balance. contracts with a fair
Slide 53: End Notes
End Notes Slide 21 − Average DSCR represents the weighted average DSCR calculated at − BPLs originated since inception represent the total loan commitments origination. through March 31, 2026. − Dollar amounts shown in the BPL-Rental Loan Portfolio chart represent − Broker partners and institutional
Slide 54: End Notes
End Notes − Average DSCR and Average Adjusted LTV of Mezzanine Lending & − Asset Value for BPL-Bridge, BPL-Rental, Performing/RPL Loans, and Cross-Collateralized Mezzanine Lending investments represent the Non-Agency RMBS strategies represent the fair value of the assets as weighted average DSCR and
Slide 55: End Notes
End Notes − Average FICO, Average LTV and Average Coupon for Non-Agency RMBS represent the weighted average borrower FICO score, weighted average loan-to-value and weighted average coupon rate of the underlying collateral as of March 31, 2026. Slide 38 − Total Investment Portfolio and Capital repres
Slide 56: Capital Allocation
Capital Allocation Investment Corporate/ At March 31, 2026 (Dollar Amounts in Thousands) Constructive Total Portfolio (1)(2) Other Investment securities available for sale and TBAs (3) $ 7,108,203 $ — $ — $ 7,108,203 Residential loans 4,378,501 119,526 — 4,498,027 Consolidated SLST CDOs (983,717) —
Slide 57: Capital Allocation (continued)
Capital Allocation (continued) (2) Investment amounts include Agency with a carrying value of $6.8 billion, single-family credit investments with a carrying value of $3.7 billion, multi-family investments with a carrying value of $212.3 million and other investments with a carrying value of $300.2 m
Slide 58: 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 $ 3,914 Real estate, net 344,507 Other assets 43,306 Total assets $ 391,727 Mortgages payable on real estate, net $ 276,032 Other liabilities 4,852 Total liabilities $ 28