Adamas Trust, Inc.

Good morning and welcome to the second quarter 2026 earnings call for Adamus Trust.

Good morning and welcome to the second quarter 2026 earnings call for Adamus Trust. A press release and supplemental financial presentation with Adamus Trust's second quarter 2026 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.adamusreach.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 this 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 Adamas 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 risk 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 within 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, everyone, and thank you for joining us to discuss Adamus Trust's second quarter 2026 results. Joining me this morning are President Nick Ma and Chief Financial Officer Christine Nario. Over the past several quarters, we've transformed Adamus into a more diversified mortgage rate with multiple sources of recurring income. Today, our earnings are supported by three complementary businesses, a high-quality agency-owned risk portfolio, a growing residential credit platform centered on business-purpose lending, and Constructiv, our vertically integrated origination platform. Our objective is simple. Make Atomos a stronger company each sequential quarter. If we continue improving earnings quality, book value stability, and operating efficiency quarter after quarter, we believe shareholder value will follow over the long term. As such, the second quarter continued Adam's strong momentum and capped an excellent first half of 2026. We delivered on another quarter of earnings growth, increased book value, expanded our investment portfolio, and continued to make progress on scale and constructive It's a larger contributor to recurring earnings. We accomplished this despite a volatile market environment, including a meaningful bear flattener of the Treasury curve. Through that backdrop, our portfolio continued to perform well, demonstrating the strength of our diversified platform. During the quarter, we generated GAAP earnings of $0.48 per common share and EED of $0.30 per share. This marks the ninth increase in EED over the past 10 quarters, demonstrating the consistent earnings momentum we've built across the platform. EAD has now grown 36% year over year and exceeds our recently increased quarterly dividend of 27 cents per share. GAAP book value increased 1.8% while adjusted book value increased 2.3%, marking our fourth consecutive quarter of book value growth despite a challenging market backdrop. We believe the ability to increase recurring earnings and book value through varying market conditions reflects the quality of our portfolio, the effectiveness of our capital allocation strategy, and the long-term durability of our business model. Despite broader market rate volatility, the opportunity set remained robust throughout the quarter. We expanded our investment portfolio by more than $800 million to $11.7 billion, representing 36% growth from a year ago. and providing an even stronger foundation to support future earnings. Importantly, the growth has not come from chasing volume. Rather, it reflects the disciplined capital allocation approach we've developed over the last 20 years of institutional investment experience. At 61% of our investment portfolio quarter end, agency RMBS remains the cornerstone of our balance sheet. Combined with supportive market technicals, the asset class currently provides an attractive carry profile and positions us to generate strong risk-adjusted returns over time. In credit, we continue to see exceptionally strong institutional demand for Constructiv's high-quality business purpose loans, particularly from insurance investors seeking durable cash flows with attractive structural protections. During the quarter, we added a record $632 million of business purpose loans primarily sourced through Constructiv's origination platform. As markets became more competitive with both whole loan and securitization bids, the value of our vertically integrated origination platform will become increasingly evident. We are particularly encouraged by the market's increasing recognition of Atomos. During the quarter, our share price continued to narrow its discount to book value, extending the progress we've made in closing the valuation gap. Over the past year, our stock has significantly outperformed the broader mortgage rate index, by approximately 46% on a total return basis, as shown in our supplemental. While we are pleased with this progress, we believe our shares still do not reflect the intrinsic value of the company. We look forward to continuing to demonstrate the strength of our business through disciplined execution and sustained financial performance during the second half of 2026. Our priorities remain clear. continue expanding recurring earnings through disciplined portfolio growth and further scaling of constructive, continue growing book value through active portfolio management, and continue closing the valuation gap through consistent execution and transparent communication with our investors. We're highly optimistic about the opportunities ahead and believe Atomos is well positioned to continue delivering attractive earnings growth, bringing long-term value. We appreciate the continued confidence of our stockholders and look forward to continuing to execute on a long-term strategy. With that, I'll turn the call over to Nick to discuss our investment portfolio and market activity in greater detail.