Adamas Trust, Inc. · NASDAQ:ADAM
Adamas Trust — Q3 2026 Earnings Presentation
58 slides from Adamas Trust's earnings presentation, Oct 29, 2026
Slide 1: 2026 Third Quarter Financial Summary
2026 Third Quarter Financial Summary
Slide 2: Forward-Looking Statements
Forward-Looking Statements When used in this presentation, statements which are not historical in into our Company and the risks associated with the ongoing operation nature, including those containing words such as “will,” “believe,” thereof; our ability to manage or hedge credit risk, interest rat
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 presented a challenging market environment, with the rise in interest rates and volatility resulting in a decline in adjusted book value primarily driven by lower valuations for our Agency mortgage securities. As market volatility intensified
Slide 6: Adamas Overview
Adamas Overview Adamas Trust, Inc. (NASDAQ: ADAM) is an internally managed real estate investment trust $9.6B $1.2B focused on strategically deploying capital across Investment Total Market complementary businesses to generate durable Portfolio Capitalization1 earnings and long-term value for stockh
Slide 7: Key Developments
Key Developments • Loss per share (basic) of $(1.89) • Earnings Available for Distribution (“EAD”) per share of $0.30* • Book value per share of $7.93 (-21.9% change QoQ) Financial • Adjusted Book Value per share of $8.88* (-19.6% change QoQ) • (19.00)% Quarterly Economic Return and (9.06)% YTD Econ
Slide 8: Navigating Through a Volatile Rate Environment
Navigating Through a Volatile Rate Environment Agency Current Coupon Spread (bps) MOVE Index (pts) 140 120 135 110.5 110 130 125.0 125 100 120 90 115 80 110 105 70 100 60 95 90 50 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 S
Slide 9: Portfolio Positioning Amid Market Volatility
Portfolio Positioning Amid Market Volatility As of October 26, TBA short positions have been reduced by approximately $2.2B from September 30 positions. 3Q 2026 Investment Portfolio Activity +$1,774 -$461 After quarter-end $14,000 -$568 (through Oct 26) -$2,882 $12,000 $11,735 -$680 Remaining $10,00
Slide 10: Focused on Long-Term Value Creation
Focused on Long-Term Value Creation Earnings and Dividend 1-Year Cumulative Stockholder Return Performance 50% • Quarterly EAD per share increased 25% YoY. 35% • EAD of $0.30 per share was in line with our 27% quarterly dividend, marking the seventh 20% consecutive quarter of dividend coverage. 5% •
Slide 11: Financial Snapshot
Financial Snapshot Adjusted Book Value Per Share* Dividend Per Share EAD Per Share* $11.05 $0.30 $0.30 BOOK VALUE & EARNINGS $8.88 $0.30 $0.27 2Q 2026 3Q 2026 2Q 2026 3Q 2026 2Q 2026 3Q 2026 Quarterly Economic Return on 15.42% Dividend Yield Adjusted Book Value*: (16.92)% Adjusted Net Interest Incom
Slide 12: Adamas Holds a Diversified Investment Portfolio
Adamas Holds a Diversified Investment Portfolio Single-Family Agency Single-Family $4,893 MM | 49% Single-Family Credit Agency 49% Agency RMBS BPL-Rental $6,737 MM $2,535 MM | 26% TBA Long $1,012 MM Performing Loans TBA Short $444 MM | 5% $9.6 Billion $(2,856) MM BPL-Bridge Investment $419 MM | 4% P
Slide 13: Adamas Debt Structure
Adamas Debt Structure Company Financing Company Financing Securitization Financing Portfolio Economic Recourse Leverage Ratio* $2,971 | 33% 4.7x 4.7x 4.9x 5.2x 4.4x $1,255 Agency Financing1 Credit & Other Financing $1,121 $578 $859 $4,195 | 46% $1,426 | 16% $1,426 Corporate Senior Unsecured Notes $4
Slide 14: Market & Strategy Update
MARKET & STRATEGY UPDATE GYADAMAS
Slide 15: Single-Family Investment Activity
Single-Family Investment Activity Single-Family Acquisitions $2,343 Deployment and $526 Portfolio Positioning $1,550 $1,478 $395 • Agency acquisitions totaled $1.2 billion for the quarter, the third consecutive $1,012 $680 quarterly increase. $1,817 $810 $502 • Acquired $390 million of BPLs during $
Slide 16: Single-Family Investment Portfolio
Single-Family Investment Portfolio Agency Strategy - Long • Agency RMBS as a core strategy provides several Agency Strategy - Long Characteristics benefits: Asset Value Specified Pool TBA Long Agency IO ($MM) % % % ◦ Attractive carry and compelling risk-adjusted returns $7,749 86% 13% 1% ◦ Diversifi
Slide 17: Single-Family Investment Portfolio
Single-Family Investment Portfolio Agency Market Agency Strategy - TBA Short Fair Coupon Long Fair Value1 Value ($MM) ($MM) • Current coupon mortgage spreads widened 18 bps to 125 bps in 3Q 2026, marking material widening as interest 4.50% $43 - rate volatility rose due to inflation concerns and geo
Slide 18: Single-Family Investment Portfolio
Single-Family Investment Portfolio BPL-Rental • Adamas’ BPL-Rental strategy has been in place since 2021 - 3Q 2026 Loan Characteristics Portfolio Acquisitions traded $2.9 billion with 19 counterparties. • 85% of BPL-Rental loans are currently held in UPB ($MM) $2,570 $335 securitizations, 98% follow
Slide 19: Single-Family Investment Portfolio
Single-Family Investment Portfolio BPL-Bridge • Adamas’ BPL-Bridge strategy has been in place since Loan Characteristics Portfolio 2019 - traded $5.9 billion with 20 originator/aggregator counterparties. UPB ($MM) $440 • Adamas has issued $1.2 billion of BPL-Bridge Loan Count 1,054 securitizations i
Slide 20: Constructive is a Differentiated Platform
Constructive is a Differentiated Platform History Market Our Advantage 01 02 03 Nearly a decade of Deep demand for Differentiated high-quality loan BPL-Rental loans by BPL-Rental origination investors originator • Top-5 BPL-focused originator • BPL-Rental is well • 100% of BPL-Rental in the market a
Slide 21: Constructive BPL Origination Update
Constructive BPL Origination Update Loan Characteristics 3Q 2026 Constructive Originations • All of 3Q 2026 originations were subject to Origination Volume $406M purchase arrangements to fix future loan Loan Count 2,126 trading prices within a few days of the borrower rate lock on the loan, a long-
Slide 22: Multi-Family Investment Portfolio
Multi-Family Investment Portfolio Mezzanine Lending & Cross-Collateralized Mezzanine Lending • Adamas expects redemptions in the multi- Asset Value ($MM) $162 family portfolio to continue, allowing for Total Count 17 rotation into higher-yielding investments. • Substantial seasoning of 49 months fro
Slide 23: Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION
Slide 24: Financial Results
Financial Results Third Quarter 2026 Profit & Loss Dollar amounts in thousands, except per share data Description Amount EPS Contribution Interest income $ 181,234 $ 2.01 Interest expense (132,437) (1.47) Net Interest Income $ 48,797 $ 0.54 Income from real estate 13,258 0.15 Expenses related to rea
Slide 25: Yield By Strategy
Yield By Strategy Net Interest Spread* Net interest spread decreased during the quarter, driven by lower yields on average interest earning assets, reflecting runoff of higher-yielding business purpose bridge loans and multi-family investments and a greater allocation to lower-yielding Agency and U.
Slide 26: 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 investments and business purpose rental loans, partially offset by portfolio runoff of business purpose bridge loans and mul
Slide 27: Net Loss from Real Estate
Net Loss from Real Estate Net Loss from Real Estate Net loss from real estate increased primarily due to lower income driven by the full-quarter impact of a prior period property sale within our Cross-Collateralized Mezzanine Lending investment. Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q
Slide 28: Other Income (Loss)
Other Income (Loss) Realized Losses, Net Net realized losses in the third quarter primarily reflected valuation adjustments on foreclosed properties and related receivables and the write-down of certain investment securities. Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Residential loan
Slide 29: Other Income (Loss)
Other Income (Loss) Gains (Losses) on Derivative Instruments, Net Net gains on derivative instruments in the third quarter were driven by higher interest rates, which increased the fair value of interest rate swaps and U.S. Treasury futures. Net gains also included net realized losses on the settlem
Slide 30: Other Income (Loss)
Other Income (Loss) (Loss) Income from Equity Investments Net loss from equity investments in the third quarter primarily reflected a decline in fair valuation of one Mezzanine Lending investment accounted for as equity. Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Total (Loss) Income f
Slide 31: Expenses
Expenses General, Administrative, and Operating Expenses Salaries, benefits and directors’ compensation decreased in the third quarter, primarily due to a lower bonus accrual and lower commission expense and profit sharing plan accruals at Constructive. Portfolio operating expenses decreased due to
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 September 30, 2026. Quarter Ended September 30, 2026 Amounts in Thousands, except per share Amount Shares Per Share Beginning Balance, GAAP
Slide 33: 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 34: Appendix
APPENDIX S3ADAMAS
Slide 35: Single-Family
Single-Family Portfolio Overview Total Investment Portfolio: 93% Dollar amounts in millions Asset Value Capital Portfolio Characteristics Total Economic Portfolio Strategy Sub-Sector Recourse Leverage Leverage Avg. % $ % $ Ratio Avg. FICO Avg. LTV Ratio* Coupon BPL-Rental (1) • DSCR 29% $2,535 19% $
Slide 36: 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% $162 100% $128
Slide 37: 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 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Agency Adjusted Net Interest Income Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Agency GAAP interest income $ 94,857 $ 92,911 $ 93,955 $ 94,743 $ 85,975 GAAP interest expense (59,435) (56,683) (58,596) (63,766) (60,472) GAAP total net inter
Slide 39: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Single-Family Credit Adjusted Net Interest Income Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Single-Family Credit GAAP interest income $ 79,820 $ 75,734 $ 73,457 $ 71,700 $ 70,504 GAAP interest expense (58,328) (55,199) (53,206) (52,710) (
Slide 40: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Corporate/Other Adjusted Net Interest Loss Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Corporate/Other GAAP interest income $ 5,382 $ 4,034 $ 2,999 $ 2,526 $ 2,030 GAAP interest expense (14,674) (12,302) (11,852) (11,034) (10,495) GAAP tota
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Total Adjusted Net Interest Income Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 GAAP interest income $ 181,234 $ 174,393 $ 172,065 $ 170,680 $ 160,633 GAAP interest expense (132,437) (124,184) (123,654) (127,510) (124,047) GAAP total net int
Slide 42: Non-GAAP Financial Measures
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 43: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Earnings Available for Distribution Dollar Amounts in Thousands (except per share 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 data) GAAP net (loss) income attributable to Company's common $ (170,983) $ 43,424 $ 36,897 $ 41,605 $ 32,702 stockholders Adjustments: Realiz
Slide 44: 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 45: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Book Value Per Common Share Dollar Amounts in Thousands (except per share 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 data) Company's stockholders' equity $ 1,276,151 $ 1,472,463 $ 1,456,461 $ 1,426,922 $ 1,390,777 Preferred stock liquidation preference (559,
Slide 46: Non-GAAP Financial Measures
Non-GAAP Financial Measures Company Economic Recourse Leverage Ratio, Portfolio Economic Recourse Leverage Ratio and Agency Portfolio Economic Recourse Leverage Ratio We use equity and financing to invest in our target assets, earning the spread between the yield on our assets and the cost of our bo
Slide 47: Non-GAAP Financial Measures
Non-GAAP Financial Measures Company Economic Recourse Leverage Ratio, Portfolio Economic Recourse Leverage Ratio and Agency Portfolio Economic Recourse Leverage Ratio Dollar Amounts in Thousands 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Total GAAP debt $ 12,006,600 $ 11,316,556 $ 11,148,641 $ 11,002,787 $ 10,82
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 Real Estate VIEs" refers to Consolidated VIEs that own multi-family properties; "Consolidated SLST" refers to Freddie Mac-sponsored residential loan securitizations, comprised of seasoned re-performing and non-performing residential mortgage loans, of which we own the first lo
Slide 50: Glossary
Glossary "Net Capital" refers to the net carrying value of assets and liabilities related to a strategy; "Net Interest Spread" has the meaning set forth in Appendix - "Non-GAAP Financial Measures—Adjusted Net Interest Income (Loss) and Net Interest Spread"; "non-Agency RMBS" refers to RMBS that are
Slide 51: End Notes
End Notes Slide 1 − Image(s) used under license from PowerPoint Stock Images. − Net financing spread represents the weighted average spread across Slide 3 all issued tranches, where each tranche’s spread is measured over the − Image(s) used under license from PowerPoint Stock Images. U.S. Treasury c
Slide 52: End Notes
End Notes Slide 12 Slide 15 − Investment Portfolio amounts for Single-Family Agency, BPL-Rental, − Single Family Acquisitions represent the cost of Residential Credit, Performing Loans, BPL-Bridge, RPL, Non-Agency RMBS and Other Agency RMBS and the cost basis of new TBA Long contracts entered Invest
Slide 53: End Notes
End Notes Slide 20 − Dollar amounts shown in the BPL-Rental Loan Portfolio chart represent − BPLs originated since inception represent the total loan commitments the interest bearing balances of BPL-Rental loans as of the end of the through September 30, 2026. periods indicated. Slide 21 − DQ 60+ re
Slide 54: End Notes
End Notes − Current quarter annualized payoff rate is calculated as the annualized − Portfolio Economic Recourse Leverage Ratio for the Agency strategy average of the quotient of aggregate loan amounts redeemed in the represents outstanding recourse repurchase agreement financing and current quarter
Slide 55: End Notes
End Notes Slide 36 − Total Investment Portfolio and Capital represent the carrying value and net capital allocated as of September 30, 2026. Refer to Appendix - "Capital Allocation" for additional information. − Asset Value for Multi-Family includes the fair value of Mezzanine Lending investments an
Slide 56: Capital Allocation
Capital Allocation Investment Corporate/ At September 30, 2026 (Dollar Amounts in Thousands) Constructive Total Portfolio (1)(2) Other Investment securities available for sale $ 7,343,161 $ — $ — $ 7,343,161 TBAs, net (3) (1,843,625) — — (1,843,625) Residential loans 4,731,705 57,234 — 4,788,939 Con
Slide 57: Capital Allocation (continued)
Capital Allocation (continued) (1) The Company, through its ownership of certain securities, has determined it is the primary beneficiary of Consolidated SLST and has consolidated the assets and liabilities of Consolidated SLST in the Company’s condensed consolidated financial statements. Consolidat
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 $ 3,718 Real estate, net 338,243 Other assets 12,457 Total assets $ 354,418 Mortgages payable on real estate, net $ 274,923 Other liabilities 8,236 Total liabilities $ 28