Adamas Trust (ADAM) investor relations material

Executive summary

• Achieved sustained earnings and book value growth, with GAAP EPS of $0.48 and EAD per share up 36% year-over-year, supported by a diversified business model and expanded investment platform.

• Book value per share increased to $10.16 (GAAP) and $11.05 (adjusted), with quarterly economic returns of 4.51% and 4.81%, respectively.

• Investment portfolio grew to $11.7 billion, driven by $1.5 billion in new single-family residential investments, including $798 million in Agency and $632 million in business purpose loans.

• Strategic focus on expanding recurring earnings, leveraging Constructive's origination platform, and disciplined capital allocation to drive long-term shareholder value.

• Stock outperformed the mortgage REIT index and broader market, with a 31% quarterly and up to 59% annual total return.

Financial highlights

• Reported GAAP net income attributable to common stockholders of $43.4 million ($0.48 per share) and EAD of $0.30 per share for Q2 2026.

• Book value per share increased 1.8% to $10.16; adjusted book value rose 2.3% to $11.05.

• Net interest income was $50.2 million, up 3.7% quarter-over-quarter; net interest spread improved to 1.48%.

• Declared a $0.27 per share dividend, up 17.4% quarter-over-quarter, with an 11.5% annualized yield.

• Cumulative stockholder return was 31.2% for the quarter and up to 59% over the last twelve months.

Outlook and guidance

• Management anticipates continued portfolio growth, sustainable EAD and book value growth, and closing the valuation gap in H2 2026.

• Priorities include expanding recurring earnings, scaling Constructive's origination, and prudent capital allocation.

• Targeting 15%+ equity returns on incremental capital deployment, with current opportunities favoring residential credit.

• Expectation of further investment activity and capital deployment in core strategies.

• Market volatility and macroeconomic uncertainty expected to persist, but hedging and diversification mitigate risks.