Adamas Trust, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Adamas Trust First Quarter 2026 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 touchtone phone. If you would like to withdraw your question, please press the star 11 again. If you are using speaker equipment, we do ask that you please lift the handset before making your selection. This conference is being recorded on Thursday, April 30, 2026. I would now like to turn the call over to Kristen Musilam, Investor Relations. Please go ahead.

Good morning and welcome to the first quarter 2026 earnings call for Adamus Trust. A PRESS RELEASE AND SUPPLEMENTAL FINANCIAL PRESENTATION WITH ADAMAS TRUST FIRST QUARTER 2026 RESULTS WAS RELEASED YESTERDAY. BOTH THE PRESS RELEASE AND SUPPLEMENTAL FINANCIAL PRESENTATION ARE AVAILABLE ON THE COMPANY'S WEBSITE AT WWW.ADAMASREIT.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. Thank you for joining us today to discuss our first quarter 2026 results. With me is our executive leadership team, President Nick Ma and CFO Kristi Nario. We entered 2026 with strong momentum following what we described last quarter as a strategic inflection point for the company. And I'm pleased to report that our first quarter results reflect both the continuation and acceleration of that trajectory. Let me begin within the macro environment. The first quarter was defined by heightened volatility defined by geopolitical developments in the Middle East resulting in increased rate volatility, periodic spread winding, and shifting monetary policy expectations. The Iran conflict introduces the potential for another supply-driven stagflation shock, further complicating the Fed's dual mandate as upside risk to both inflation and unemployment remain elevated. Despite this backdrop, we maintain a positive outlook on the broader fixed income environment. We continue to see a Fed bias towards rate cuts later this year, notwithstanding near-term inflation pressure. also improving technicals for agency MBS as volatility begins to normalize and attractive value across residential credit on a solid demand base. The current environment reinforces our strategy, pairing stability with scalable earnings growth. Against this volatile backdrop, we delivered strong performance across all aspects of our business, generating meaningful book value growth alongside solid earnings expansion, further validating the strength and durability of our business model. The earnings profile of the company continues to build. We delivered gap earnings per share of 41 cents and EDD of 29 cents per share, representing a 26% increase from prior quarter and well in excess of our 23% dividend. This reflects a clear step up in earnings power. Based on our earnings trend over the past year, we believe we are operating from a position where EDD is scaling ahead of distributions demonstrating the operating leverage of the company, durable long-term earnings capacity, and the potential for supporting future distribution growth. On the balance sheet side, in the first quarter, GAAP book value increased 4% quarter-to-quarter with adjusted book value of 1.6%. Despite wider spread into the quarter end, performance was supported by stable trends within our credit assets, improving profitability at Constructive, continued positive results and payoffs of our mezzanine lending portfolio, and strategic hedges that outperformed as macro conditions evolved in the quarter. Importantly, we were able to grow both earnings and book value in a challenging market environment. The outcome was by design. Our flexible capital allocation framework enables us to actively navigate volatility and optimize risk-adjusted returns relative to more static portfolio structures. Our investment strategy remains anchored in three core pillars. Agency RMBS representing 56% of the equity capital, providing stable earnings and strong downside protection. Continued growth in our single-family credit portfolio through BPL rental loans under a disciplined underwriting framework and scaling of our constructive platform. As anticipated, we have transitioned constructive to profitability from integration in the fourth quarter to an earnings contributor in the first quarter as operating efficiencies were realized. Our evolution from pairing agency exposure, mortgage credit assets, and now a scaled origination platform positions the company to perform through volatility while capturing value as conditions normalize. A diversified allocation strategy is a core strength of the company. Despite this performance and trajectory, our common stock continues to trade at a meaningful discount to what we consider its intrinsic value. Shares began the quarter trading at approximately a 32% discount to adjust the book value, and notably a 15% discount to the value of our equity capital invested in agencies alone. We believe this price disconnect fails to reflect the strength of our earnings growth over the past five quarters, represented by a 31% year-over-year increase in EAD, the scaling of origination platform for EAD expansion, and the durability of our portfolio as illustrated by book value growth. We believe continued execution of our strategy can drive convergence between market price and intrinsic value, which support our decision to repurchase shares during the quarter. We are highly optimistic about the year ahead. Our priorities remain clear. EAD growth through scaling the constructive platform and our loan investment portfolio to expand reoccurring income. Grow book value with disciplined investment selection and active portfolio management. And as just mentioned, we are focused on closing the valuation gap of Adamus' shares with consistent execution and disciplined capital allocation. We believe Adamus today is positioned for sustainable growth under a more diversified and stable earnings profile. We see several factors that are supportive of our capital allocation plan, which include a meaningful increase in demand for mortgage credit, particularly from insurance capital. alongside renewed GSE MBS purchase activity and a more accommodative capital framework supporting bank demand. Against this backdrop, our balance sheet flexibility positions us to capitalize on the strengths of the market to continue delivering exceptional value. I'll now turn the call over to Nick to discuss our portfolio investment activity.