Adamas Trust, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Adamus Trust Third Quarter 2025 Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star, followed by 11 on your touch-tone phone. If you'd like to withdraw your question, please press star 11 again. If you're using speaker equipment, we do ask that you please lift the handset before making your selection. This conference is being recorded on Thursday, October 30th, 2025. I would now like to turn the call over to Christina Salem, Investor Relations. Please go ahead.

Good morning and welcome to the third quarter 2025 earnings call for Adamus Trust. A press release and supplemental financial presentation with Adamus Trust's third quarter 2025 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.adamasreach.com. Additionally, we are hosting a live webcast of today's call, which you can access in the events and presentation section of the company's website. At this time, management would like me to inform you that certain statements made during the conference call, which are not historical, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Adamus Trust believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and from time to time in the company's filings with the Securities and Exchange Commission. Now, at this time, I would like to introduce Jason Serrano, Chief Executive Officer. Jason, please go ahead.

Good morning. Joining me today to describe our third quarter results are Nick Ma, President, and Christine Ario, CFO. Christine will provide commentary on quarter results, and Nick will follow with an update on the progress of our business plan. Before we begin, I want to thank you for being part of our first earnings call as Atomos Trust. Our company rebranding reflects a broader strategic vision, moving beyond any geographic affiliation. The name Atomos, meaning firm, unbreakable, and lasting, symbolizes a vision of strength and durability that guides our company's future. We fully embrace this theme as the third quarter marked a strategically significant period for Atomos. EDA rose to $0.24 per share for the quarter compared with $0.22 in Q2, marking our sixth consecutive quarterly increase. This consistent earnings growth supported a meaningful dividend increase to $0.23 per share, which highlights the strength of our capital rotation strategy into a period where the Fed restarted its easing cycle in September with a 25 basis points cut, its first rate reduction in 2025. As treasury yields declined in the quarter across the curve with a steepening bias as inflation moderated, we took a more aggressive path to increase exposure to the agency sector. In fact, the third quarter included the highest level of quarterly net investment activity in the company's history with an increase of $1.8 billion, or 20%. This strong momentum led by disciplined and deliberate rotation of our capital from multifamily exposure into highly liquid agency RMBS and Other core residential credit strategies positioned our balance sheet for greater earnings durability and long-term shareholder value. We ended the quarter with agency RMBS representing 57% of total capital, nearly tripling our capital allocation from a year earlier. This rotation was designed to enhance liquidity and drive higher earnings developer distribution, attracted market spreads. We are pleased with the high-quality portfolio we have aggregated over the past two years. As announced on our previous earnings call, we also strengthened our position within the housing investment ecosystem in the third quarter by acquiring the remaining 50% interest in constructed loans, a leading business purpose loan platform. With housing affordability near historical lows and supply constraints persisting, we expect the national homeownership rate to remain pressured, gradually reverting from the mid-60s percent range today towards the level last seen three decades ago. We view this dynamic as a long-term opportunity creating a sustained tailwind for business-purpose lending. Atomos is committed to realizing the Constructa's full potential and translating that growth into lasting value for our stockholders. We are encouraged by the strong results of the strategic pivot we made a couple of years ago to strengthen earnings stability, evident in the continued expansion of our agency, RMBS for Prolio, and the compelling growth trajectory of Constructa's origination business. We continue to believe Atomos's equity represents a compelling value opportunity. Shares trade a meaningful discount of 30% of adjusted book value. And considering the adjusted book value of just Atomos's agency RMS position alone, our shares are still discounted by 17% to this holding. We believe this clearly highlights the depth and durability of value embedded within our platform. After a historically active quarter for Atomos, the momentum generated to further advance EAD in the fourth quarter obtainable given a full quarter of interest income that we can generate. We look forward to further demonstrating Adamus' value with continued improvement to our recurring earnings. At this time, I'll pass the call over to Christine to provide our third quarter financial highlights.