ADAML · Adamas Trust, Inc. 9.600% Senior Notes due 2031

Adamas Trust delivered materially stronger first quarter 2026 results, with GAAP EPS of $0.41 and EAD per share of $0.29 — the latter up 45% year-over-year and 26% quarter-over-quarter — underscoring accelerating earnings momentum from portfolio expansion and operating leverage. The $1.0 billion in new single-family residential investments ($510.1M Agency RMBS, $487.2M business purpose loans) expanded the Agency portfolio to $6.8 billion and the BPL-Rental portfolio to $1.8 billion in UPB, supported by strong credit fundamentals (avg. FICO 748, LTV 71%, DSCR 1.35x). Management attributed performance to the diversified strategy pairing liquid Agency RMBS with a growing credit and origination business, specifically highlighting meaningful contribution from the Constructive platform, which originated $422.2 million of BPLs during the quarter and surpassed $6.5 billion in cumulative originations since 2017. Book value per share rose 4.0% QoQ to $9.98 and adjusted book value increased 1.6% to $10.80, while leverage remained disciplined: Company Recourse Leverage Ratio was 5.2x and Portfolio Recourse Leverage Ratio was 4.9x — though notably divergent across segments (Agency 7.8x vs. Credit/Other 1.6x), reflecting strategic allocation. The $0.23 dividend yielded 12.50% annualized as of March 31, 2026, and was comfortably covered by EAD ($0.29), reinforcing dividend sustainability. Share repurchases of 612,464 shares at $8.17 per share were accretive to book value, and subsequent $261.5 million BPL-Rental securitization extended financing capacity. CEO Jason Serrano emphasized the flexibility of the balance sheet and platform scalability amid macro volatility — positioning Adamas to sustain EAD growth, close the valuation gap (stock trading at $7.36 vs. $10.80 adjusted book value), and drive long-term stockholder value through disciplined capital allocation.