Adamas Trust (ADAM) investor relations material

Executive summary

• Delivered strong Q1 2026 results with GAAP EPS of $0.41 and EAD per share of $0.29, both up 45% year-over-year, reflecting portfolio expansion and platform scalability.

• Book value per share rose 4.0% to $9.98; adjusted book value per share increased 1.6% to $10.80, resulting in quarterly economic returns of 6.35% and 3.76%.

• Investment portfolio expanded to $10.9 billion, with diversified allocation across Agency RMBS, single-family credit, and multi-family assets.

• Repurchased 612,464 shares at $8.17 per share, supporting book value growth and addressing a significant discount to intrinsic value.

• Declared a $0.23 per share dividend, yielding 12.5% annualized, and cumulative stockholder return reached 4.06% for the quarter.

Financial highlights

• Net income attributable to common stockholders was $36.9 million ($0.41 per share) for Q1 2026, up from $30.3 million a year ago.

• Earnings available for distribution per share rose to $0.29, up 26% quarter-over-quarter and 45% year-over-year.

• Total net interest income was $48.4 million, up 12.1% quarter-over-quarter; adjusted net interest income was $48.2 million, up 3.9%.

• GAAP book value per share at quarter-end was $9.98; adjusted book value per share was $10.80.

• Quarterly dividend declared was $0.23 per share, representing a 12.5% annualized yield.

Outlook and guidance

• Strategic priorities include accelerating EAD growth, scaling Constructive’s origination, and closing the valuation gap through disciplined capital allocation.

• Expect continued portfolio growth, especially in Agency RMBS and business purpose loans, with a focus on stable earnings and downside protection.

• Board discussions ongoing regarding potential dividend increases, with focus on sustainable earnings growth.

• Management expects continued market volatility but believes its diversified portfolio and strong liquidity position will support long-term value creation.