Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — New York Mortgage Trust — Q2 2025 Earnings Presentation
56 slides from Adamas Trust's earnings presentation, Jul 31, 2025
Slide 1: New York Mortgage Trust, Inc. 2025 Second Quarter Financial Summary
New York Mortgage Trust, Inc. 2025 Second Quarter Financial Summary
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 4
Slide 5: NYMT Overview
NYMT Overview Capital Allocation New York Mortgage Trust, Inc. (NASDAQ: NYMT) is an internally-managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related 18% Single-Family residential assets. Our principal objective is to generate long- Credit/Other te
Slide 6: Key Developments
Key Developments • Loss per share (basic) of $(0.04) • Earnings Available for Distribution (“EAD”) per share of $0.22* Financial • Book value per share of $9.11 (-2.77% change QoQ) Performance • Adjusted Book Value per share of $10.26* (-1.63% change QoQ) • (0.64)% Quarterly Economic Return • 0.29%
Slide 7: 2025 Key Economic Factors
2025 Key Economic Factors Continuing Themes Federal Spending Trade Wars The “One Big Beautiful Bill” boosts short-term growth Markets have rebounded sharply since April’s tariff but raises long-term deficit and inflation concerns. shock, with the S&P 500 surging over 25%, highlighting Sustained leve
Slide 8: Expanding Investment Portfolio to Drive EAD Growth
Expanding Investment Portfolio to Drive EAD Growth Earnings Improvement Earnings Available for Distribution* (per share) • Company is focused on continuing to increase $0.25 +10% portfolio earnings: $0.22 +25% $0.20 ◦ EAD rose $0.02 per share QoQ, $0.20 representing a 10% increase and marking +60% $
Slide 9: NYMT Share Price Has Significant Potential Upside
NYMT Share Price Has Significant Potential Upside Valuation Per Share Adjusted Book Value* Stock Price (1) $6.70 $13 Adjusted Book Value* $10.26 (2) Net Discount to Par $11 $1.82 NYMT’s stock price is discounted by Adjusted Book Other $0.55 Value 35% $9 $10.26 BPL-Bridge Capital $2.24 Adjusted Book
Slide 10: Financial Summary
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Slide 11: Financial Snapshot
Financial Snapshot Adjusted Book Value Per Share* Dividend Per Share EAD per share* $10.43 $0.20 $0.20 $0.20 $0.22 $10.26 Book Value & Earnings 1Q 2025 2Q 2025 1Q 2025 2Q 2025 1Q 2025 2Q 2025 Quarterly Economic Return on 11.94% Dividend Yield Adjusted Book Value*: 0.29% Adjusted Net Interest Income
Slide 12: NYMT Debt Structure
NYMT Debt Structure Portfolio Financing and Corporate Debt Portfolio Quarterly PortfolioFinancing Financing Exposure (Dollar amounts in millions) Securitization Financing $2,353 | 31% Portfolio Recourse Leverage Ratio 2.0x 2.5x 2.9x 3.2x 3.6x Credit & Other Repo Agency Leverage $471 | 6% $2,353 $4,4
Slide 13: NYMT Holds a Diversified Portfolio of Assets
NYMT Holds a Diversified Portfolio of Assets Single-Family Agency BPL-Rental Agency $4,940 MM | 56% $943 MM | 11% 56% BPL-Bridge Mezzanine Lending $940 MM | 11% $147 MM | 2% Performing Loans Cross-Collateralized $515 MM | 6% $8.6 Billion Mezzanine Lending Investment Portfolio $138 MM | 2% RPL +$156M
Slide 14: Market & Strategy Update
Market & Strategy a — /SSNYMT
Slide 15: Earnings Growth Through Strategic Capital Deployment
Earnings Growth Through Strategic Capital Deployment Sustained Investment Activity Residential Investment Acquisitions $1,848 • NYMT has been growing the investment portfolio to generate higher recurring net interest income and EAD. • Recent acquisitions have been primarily $1,008 $1,451 concentrate
Slide 16: Single-Family Agency Strategy
Single-Family Agency Strategy Agency Portfolio Characteristics • Agency as a core strategy provides several benefits: ◦ Attractive carry and compelling risk-adjusted Asset Value ($MM) Specified Pool % Agency IO % TBA % returns ◦ Diversification of overall portfolio and $4,940 98% 2% <1% complimentar
Slide 17: Single-Family Agency RMBS Market
Single-Family Agency RMBS Market NYMT Agency Specified Pools at Different Coupons • In the quarter, current coupon mortgage $3,000 200 spreads widened by 3 bps to 146 bps. This was a modest change from the end of 1Q $2,500 2025, despite material intra-quarter volatility NYMT Agency RMBS 150 ZV Sprea
Slide 18: Single-Family BPL-Bridge Strategy
Single-Family BPL-Bridge Strategy 2Q 2025 • NYMT's BPL-Bridge strategy has been in place since Loan Characteristics Portfolio Acquisitions 2019, trading $5.3 billion with 20 originator/aggregator counterparties. UPB ($MM) $956 $167 • NYMT has issued $1.2 billion of BPL-Bridge Loan Count 1,912 422 se
Slide 19: Single-Family BPL-Rental Strategy
Single-Family BPL-Rental Strategy • NYMT's BPL-Rental strategy has been in place since Loan Characteristics Portfolio 2Q 2025 2021, trading $1.1 billion with 10 counterparties. Acquisitions • 88% of BPL-Rental loans are currently held in UPB ($MM) $934 $57 securitizations. Loan Count 4,491 308 • NYM
Slide 20: Single-Family Portfolio Overview
Single-Family Portfolio Overview Total Investment Total Capital Dollar amounts in millions Portfolio 94% 90% Asset Value Capital Portfolio Portfolio Characteristics Recourse Leverage Strategy Sub-Sector Leverage Commentary % $ % $ Ratio Ratio Avg. Avg. Avg. LTV Coupon FICO − NYMT is active in the BP
Slide 21: Multi-Family Portfolio Overview
Multi-Family Portfolio Overview Total Investment Total Capital Dollar amounts in millions Portfolio 4% 18% Asset Value Capital (1) Characteristics Strategy Sub-Sector Avg. Avg. Commentary % $ % $ Avg. DSCR Adjusted Coupon (3) LTV (2) Mezzanine − Asset count of 27 with only 1 Lending delinquent asset
Slide 22: Acquisition of Constructive
Acquisition of Constructive On July 15, 2025, NYMT acquired the remaining 50% interest in Constructive, advancing NYMT’s business purpose lending strategy. Founded in 2017 Operates in 48 states & D.C. Over $1.7 billion of BPLs originated over the last 12 months Headquartered in Oakbrook Terrace, Ill
Slide 23: Acquisition Overview
Acquisition Overview • Acquisition of the remaining 50% interest in Constructive. Structure • Purchased by a wholly owned subsidiary of NYMT for approximately $38.4 million in an all-cash transaction, subject to post-closing adjustments. • Nov. 2021: Entered into a warrant agreement to acquire 50% T
Slide 24: Growth of Origination Volume on a National Scale
Growth of Origination Volume on a National Scale Constructive National Origination Footprint Constructive Cumulative Loan Origination Volume $6,000 Loan Origination Volume $5,163 $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 1H 2025
Slide 25: Constructive BPL Origination Overview
Constructive BPL Origination Overview • Origination quality is anchored by strong Loan Characteristics Constructive LTM Originations underwriting standards and creditworthy borrowers. Avg. Loan Size $204,502 • Originations are predominantly BPL-Rental product acquired through the wholesale Loan Coun
Slide 26: Market Opportunity
Market Opportunity • Economic - High interest rates and low housing inventory promote rentership as future homeowners delay their purchase. • Market - Potential GSE reform with narrowing credit criteria could spur growth in BPL and Non-QM markets. • Investor Demand - Constructive BPLs have been high
Slide 27: Quarterly Financial Information
Quarterly Financial Information 27
Slide 28: Financial Results
Financial Results Second Quarter 2025 Profit & Loss Dollar amounts in millions, except per share data Description Amount EPS Contribution Interest income $ 140.9 $ 1.56 Interest expense (104.5) (1.16) Net Interest Income $ 36.4 $ 0.40 Income from real estate 20.6 0.23 Expenses related to real estate
Slide 29: Yields By Strategy
Yields By Strategy Quarter over Quarter Comparison Net Interest Spread* (2Q’25 vs 1Q’25) Net interest spread increased by 18bps, primarily due to a decrease in average financing cost of 17bps as a result of lower base rates, improved terms on repurchase agreements and a shift to more favorable finan
Slide 30: Adjusted Net Interest Income
Adjusted Net Interest Income* Quarter over Quarter Comparison Adjusted Net Interest Income* (2Q’25 vs 1Q’25) Increase in Adjusted Net Interest Income primarily attributable to increased investment in Agency RMBS and business purpose loans and improved financing terms. Adjusted Interest Income & Adju
Slide 31: Net Loss from Real Estate
Net Loss from Real Estate Quarter over Quarter Comparison Net Loss from Real Estate (2Q’25 vs 1Q’25) Increase in net loss from real estate during the quarter primarily due to increases in insurance and property tax expenses. Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Income from real
Slide 32: Other (Loss) Income
Other (Loss) Income Quarter over Quarter Comparison Realized Losses, Net (2Q’25 vs 1Q’25) Net realized losses in the second quarter primarily related to: • Losses incurred on foreclosed properties due to lower valuations • Losses recognized on the write-down of certain investment securities Dollar A
Slide 33: Other (Loss) Income
Other (Loss) Income Quarter over Quarter Comparison (Losses) Gains on Derivative Instruments, Net (2Q’25 vs 1Q’25) Net losses on derivative investments in the second quarter primarily related to: • Unrealized losses on interest rate swaps as a result of a decrease in interest rates • Realized gains
Slide 34: Other (Loss) Income
Other (Loss) Income Quarter over Quarter Comparison Impairment of Real Estate (2Q’25 vs 1Q’25) Impairment losses in the second quarter primarily due to reduction in fair value of two multi-family properties owned by joint venture equity investments to the agreed-upon sales prices for sales that occu
Slide 35: Expenses
Expenses Quarter over Quarter Comparison General and Administrative Expenses Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Salaries, benefits and directors' compensation $ 8,473 $ 9,070 $ 8,458 $ 8,736 $ 8,331 Other general and administrative expenses 3,313 3,344 3,572 3,205 3,317 Total
Slide 36: 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, 2025. Quarter Ended June 30, 2025 Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP Book Value
Slide 37: 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 38: Appendix
Appendix 38
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: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Single-Family Adjusted Net Interest Income Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Single-Family GAAP interest income $ 137,246 $ 122,932 $ 110,078 $ 104,608 $ 88,067 GAAP interest expense (96,107) (85,560) (80,096) (81,214) (67,434) GA
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Corporate/Other Adjusted Net Interest Loss Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Corporate/Other GAAP interest income $ 1,452 $ 4,197 $ 5,492 $ 1,054 $ — GAAP interest expense (8,347) (11,076) (11,446) (6,910) (4,297) GAAP total net i
Slide 42: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income Dollar Amounts in Thousands 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 GAAP interest income $ 140,901 $ 129,734 $ 118,253 $ 108,361 $ 90,775 GAAP interest expense (104,454) (96,636) (91,542) (88,124) (71,731) GAAP total net interest
Slide 43: Non-GAAP Financial Measures
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 44: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 GAAP net (loss) income attributable to Company's common $ (3,486) $ 30,285 $ (41,828) $ 32,410 $ (26,028) stockholders Adjustments: Real
Slide 45: Non-GAAP Financial Measures
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: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Book Value Per Common Share Dollar Amounts in Thousands (except per share data) 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 Company's stockholders' equity $ 1,381,203 $ 1,401,946 $ 1,394,720 $ 1,444,147 $ 1,431,910 Preferred stock liquidation preference (558,
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 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 49: Glossary
Glossary "TBAs" refers to to-be-announced securities that are forward contracts for the purchase or sale of Agency fixed-rate RMBS at a predetermined price, face amount, issuer, coupon, and stated maturity on an agreed-upon future date; "TBA dollar roll income" refers to the difference in price betw
Slide 50: End Notes
End Notes Slide 1 − EPS contribution is calculated as the quotient of Adjusted Interest Income − Image(s) used under license from PowerPoint Stock Images. and weighted average shares outstanding for the periods indicated. Slide 3 Slide 9 − Image(s) used under license from PowerPoint Stock Images. −
Slide 51: End Notes
End Notes Slide 16 − Credit & Other Repo includes repurchase agreement financing to fund − Asset value includes Agency RMBS with a fair value of $4.9 billion and the purchase of residential loans, single-family rental properties, non- underlying securities in outstanding TBA contracts with a fair va
Slide 52: End Notes
End Notes − Ground up and multi-family percentages are calculated using the interest − Asset Value for BPL-Bridge, BPL-Rental, Performing Loan, RPL, and Non- bearing balances of BPL-Bridge loans as of June 30, 2025. Agency RMBS strategies represent the fair value of the assets as of − DQ 60+ refers
Slide 53: End Notes
End Notes Slide 21 Slide 25 − Total Investment Portfolio, Total Capital, and Capital represent amounts − Average loan size is calculated using loan amounts funded during the 12 derived from the investment portfolio carrying value and net Company months ended June 30, 2025. capital allocated as of Ju
Slide 54: Capital Allocation
Capital Allocation At June 30, 2025 (Dollar Amounts in Thousands) Single-Family (1) Multi-Family Corporate/Other Total Residential loans $ 4,026,027 $ — $ — $ 4,026,027 Consolidated SLST CDOs (1,031,897) — — (1,031,897) Investment securities available for sale and TBAs (2) 4,979,330 — 140,435 5,119,
Slide 55: Capital Allocation (continued)
Capital Allocation (continued) 3. Represents the Company's equity investments in consolidated multi-family properties that are not in disposal group held for sale. A reconciliation of the Company's equity investments in consolidated multi-family properties and disposal group held for sale to the Com
Slide 56: 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 $ — $ 3,441 $ 500 $ 3,941 Real estate, net — 41
New York Mortgage Trust — Q2 2025 Earnings Presentation on 6ix