Adamas Trust, Inc. (ADAM) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Adamas Trust first quarter 2026 results conference call. (Operator Instructions) This conference is being recorded on Thursday, April 30, 2026.

各位女士、先生，早安，感謝您稍候。歡迎參加 Adamas Trust 2026 年第一季業績電話會議。(接線員指示) 本次會議於 2026 年 4 月 30 日（星期四）錄音。

I would now like to turn the call over to Kristi Mussallem, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係部的 Kristi Mussallem。請開始。

Good morning and welcome to the first quarter 2026 earnings call for Adamas 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.

各位早安，歡迎參加 Adamas Trust 2026 年第一季財報電話會議。我們已於昨日發布新聞稿及補充財務簡報，內容為 Adamas Trust 2026 年第一季業績。新聞稿與補充財務簡報皆可於公司網站 www.adamasreit.com 取得。

Additionally, we are hosting a live webcast of today's call, which you can access in the events and presentations 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 of the Private Securities Litigation Reform Act of 1995.

此外，我們也提供今日電話會議的線上即時網路直播，您可於公司網站的「活動與簡報」專區收看。此時，管理層希望我提醒各位，本次電話會議中所作之非歷史性陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

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 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.

雖然 Adamas Trust 認為任何前瞻性陳述所反映之預期係基於合理假設，但公司無法保證其預期必能達成。可能導致實際結果與預期存在重大差異的因素與風險，已於昨日新聞稿以及公司不時向美國證券交易委員會提交的文件中詳述。

Now, at this time, I would like to introduce Jason Serrano, Chief Executive Officer. Jason, please go ahead.

現在，我想介紹執行長 Jason Serrano。Jason，請開始。

Good morning. Thank you for joining us today to discuss our first quarter 2026 results. With me is our executive leadership team, President, Nick Mah; and CFO, Kristine 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.

早安。感謝各位今天加入我們，一同討論 2026 年第一季業績。與我一同出席的有我們的高階管理團隊：總裁 Nick Mah，以及財務長 Kristine Nario。我們在 2026 年以強勁動能開局，延續我們上季所稱公司策略轉折點之後的態勢；我很高興報告，第一季業績反映了該軌跡的延續與加速。

Let me begin with 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 whining, 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.

我先從總體環境談起。第一季的特徵是波動性顯著升高，主要受中東地緣政治發展影響，導致利率波動加劇、利差不時擴大，以及貨幣政策預期轉變。伊朗衝突帶來另一波供給驅動的停滯性通膨衝擊之可能性，進一步使聯準會的雙重使命更為複雜，因通膨與失業率的上行風險仍然偏高。

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 RMBS as volatility begins to normalize and attractive value across residential credit on a solid demand base.

儘管如此，我們對整體固定收益環境仍維持正向看法。我們仍認為聯準會在今年稍晚偏向降息，儘管短期通膨壓力存在。同時，隨著波動開始正常化，機構 RMBS 的技術面正在改善；在穩固的需求基礎下，住宅信用領域亦呈現具吸引力的估值。

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 GAAP earnings per share of $0.41 and EAD of $0.29 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.

當前環境強化了我們的策略：在穩定性之上，搭配可擴張的獲利成長。在此波動背景下，我們在業務各面向均交出強勁表現，在實現穩健獲利擴張的同時，也帶來顯著的帳面價值成長，進一步驗證我們商業模式的強度與韌性。公司的獲利結構持續增強。我們的 GAAP 每股盈餘為 0.41 美元，EAD 為每股 0.29 美元，較前一季成長 26%，且明顯高於我們 23% 的股利水準。這反映出獲利能力的明顯提升。

Based on our earnings trend over the past year, we believe we are operating from a position where EAD 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.

根據過去一年的獲利趨勢，我們認為目前的營運狀態是 EAD 的擴張速度領先於配息，展現公司的營運槓桿、長期且具韌性的獲利能力，並具備支持未來配息成長的潛力。

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 in payoffs of our Mezzanine Lending portfolio, and strategic hedges that outperformed as macro conditions evolved in the quarter.

在資產負債表方面，第一季 GAAP 帳面價值季增 4%，調整後帳面價值季增 1.6%。儘管季末利差走寬，表現仍受惠於我們信用資產的穩定趨勢、在具建設性的環境下獲利能力改善、夾層放款投資組合的回收（payoffs）持續帶來正面成果，以及隨季度宏觀條件演變而表現優於預期的策略性避險。

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-adjust 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.

重要的是，我們在具挑戰性的市場環境中，同時實現了獲利與帳面價值的成長。這樣的結果是刻意設計的。我們具彈性的資本配置架構，使我們能主動因應波動，並相較於較為靜態的投資組合結構，最佳化風險調整後報酬。我們的投資策略仍以三大核心支柱為基礎。機構 RMBS 佔股權資本的 56%，提供穩定獲利與強勁的下行保護。

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.

在嚴謹的承作（underwriting）框架下，透過 BPL 出租貸款持續擴大我們的單戶住宅信用投資組合，並擴張我們的 Constructive 平台。如預期所示，我們已使 Constructive 自第四季整合期轉為獲利，並於第一季成為獲利貢獻來源，因營運效率已逐步實現。

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.

我們從結合機構部位與房貸信用資產，進一步發展至如今具規模的承作平台，使公司能在波動中維持表現，並在環境正常化時掌握價值。多元化的配置策略是公司的核心優勢。儘管有此表現與發展軌跡，我們的普通股仍以相對於我們所認為的內在價值之顯著折價交易。

Shares began the quarter trading at approximately 32% discount to adjust the book value, and notably a 15% discount to the value of our equity capital vested 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 origination platform for EAD expansion, and the durability of our portfolio as illustrated by book value growth.

本季初股價約以相對於調整後帳面價值 32% 的折價交易；更值得注意的是，相對於僅以機構資產所代表之股權資本價值，亦有 15% 的折價。我們認為此價格落差未能反映過去五個季度獲利成長的強度（EAD 年增 31%）、可擴張的承作平台對 EAD 擴張的貢獻，以及由帳面價值成長所展現的投資組合韌性。

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.

我們相信，持續落實策略可促使市價與內在價值收斂，這也支持我們在本季進行庫藏股回購的決策。我們對未來一年非常樂觀。我們的優先事項仍然明確。透過擴大 Constructive 平台與我們的貸款投資組合來推動 EAD 成長，以擴增經常性收入。

Grow book value with disciplined investment selection and active portfolio management, and as just mentioned, we are focused on closing the valuation gap of Adamas's shares with consistent execution and disciplined capital allocation. We believe Adamas 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 RMBS 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.

以嚴謹的投資標的選擇與主動式投資組合管理來提升帳面價值；並如前所述，我們將透過持續執行與紀律性的資本配置，專注於縮小 Adamas 股價的估值落差。我們認為，Adamas 目前在更為多元且穩定的獲利結構下，已具備可持續成長的定位。我們看到多項因素有利於我們的資本配置計畫，包括：房貸信用需求顯著增加（尤其來自保險資本）、GSE RMBS 購買活動再度升溫，以及更為寬鬆的資本框架對銀行需求的支持。在此背景下，我們資產負債表的彈性使我們能把握市場優勢，持續創造卓越價值。

I'll now turn the call over to Nick to discuss our portfolio investment activity.

接下來我把電話交給 Nick，請他說明我們的投資組合投資活動。

Thank you, Jason. We took advantage of the first quarter's market volatility to deploy capital steadily across our residential investment strategies, surpassing $1 billion in acquisitions. In terms of product mix, we invested $510 million in our agency strategy and $502 million in residential credit, with BPL Rental making up the bulk of credit purchases at $400 million.

謝謝你，Jason。我們把握第一季市場波動，穩健地在住宅投資策略中部署資本，收購金額超過 10 億美元。就產品組合而言，我們在機構策略投資 5.10 億美元，在住宅信用投資 5.02 億美元；其中 BPL 出租貸款為信用類購買的主要部分，金額為 4.00 億美元。

Our quarterly investment activity in BPL Rental reached a record high, reinforcing the strategy's expanding role within our core asset portfolio. It also demonstrates the value of constructors' integration into our broader organization, with its origination and underwriting capabilities providing a direct pipeline of investment.

我們在 BPL Rental 的季度投資活動創下歷史新高，進一步強化該策略在我們核心資產組合中日益擴大的角色。這也展現了 Constructive 融入我們更廣泛組織的價值，其資產發起與承銷能力為投資提供了直接的來源管道。

Under current market conditions, we expect to allocate a higher percentage share of capital to BPL Rental given its relative value advantage. Our investment portfolio reached $10.9 billion at the end of the first quarter, with further growth expected as we continue to deploy capital through the remainder of 2026. The agency market saw significant volatility in the first quarter. Agency current coupon spreads to treasuries reached multi-year tights of 94 basis points in late January, driven by the administration's mandate for the GSEs to ramp up RMBS purchases.

在目前的市場環境下，鑑於其相對價值優勢，我們預期將把更高比例的資本配置至 BPL Rental。截至第一季末，我們的投資組合規模達 109 億美元，並預期在我們於 2026 年剩餘期間持續部署資本的帶動下進一步成長。第一季機構市場出現顯著波動。受政府要求 GSE 加大 RMBS 購買力度所驅動，機構當期票息（current coupon）相對美國公債的利差在 1 月下旬收窄至多年低點 94 個基點。

The dynamic reversed sharply in late February as the conflict with Iran came to the fore. Agency spreads peaked at 131 basis points in late March, before settling back down to 124 basis points by quarter end. Our agency portfolio expanded from $6.6 billion to $6.8 billion. Agency leverage was at 7.8 times, slightly above the prior quarter's 7.7 times. Within our agency spec pool investments, all purchases this quarter were in 6.0 coupon pools. We rotated up the coupon stack early in the quarter to reduce duration, taking a more defensive posture given especially tight spreads and low rates at the start of the year.

2 月下旬，隨著與伊朗的衝突浮上檯面，市場動態急劇反轉。機構利差在 3 月下旬攀升至 131 個基點的高點，之後在季末回落至 124 個基點。我們的機構投資組合由 66 億美元擴大至 68 億美元。機構槓桿為 7.8 倍，略高於前一季的 7.7 倍。在我們的機構特定池（spec pool）投資中，本季所有買入皆為 6.0 票息池。我們在本季初將票息結構往上調整以降低存續期間；鑑於年初利差特別緊、利率偏低，我們採取較為防禦性的部位配置。

That positioning benefited the agency book as rates backed up and spreads widened in the second half of the quarter. Going forward, we are returning to our original stance of adding current coupon spec pools at minimal pay-ups. As Jason mentioned, our expectation is that volatility will eventually moderate, but we aim to opportunistically increase our capital deployment during episodic bouts of price dislocation.

當本季後半段利率回升、利差擴大時，該配置使機構投資部位受益。展望未來，我們將回到原先的立場，以極低溢價（pay-up）增加當期票息的特定池。如 Jason 所提，我們預期波動最終將趨於緩和，但我們的目標是在價格錯位的階段性發作期間，伺機提高資本部署。

At quarter end, agency RMBS comprised roughly 56% of our investment portfolio's capital, and we expect that allocation to remain relatively stable in the near term. Following the rapid repricing of agency spreads quarter to date, our view on the agency basis has become more neutral, with more attractive relative value emerging in residential credit. We nonetheless anticipate continued agency purchases, albeit at a slower pace than in residential credit.

截至季末，機構 RMBS 約占我們投資組合資本的 56%，我們預期短期內該配置將維持相對穩定。在本季迄今機構利差快速重定價之後，我們對機構基差（agency basis）的看法轉為較中性，而住宅信用領域出現更具吸引力的相對價值。儘管如此，我們仍預期會持續買入機構資產，但步調將慢於住宅信用。

From a hedge positioning perspective, we rotated out of longer tenor swaps into treasury futures in January, a trade that contributed positively to returns under the developing macro backdrop in the quarter. Treasury's underperformed swaps during the quarter, driven by ongoing treasury supply concerns alongside inflation fears. With swap spreads now tightening, we are reversing a meaningful portion of treasury futures hedges back to swaps in the second quarter for more cost-efficient hedging.

就避險部位而言，我們在 1 月將較長天期的利率交換（swap）轉出，改以美國公債期貨作為避險；在本季逐步形成的總體環境下，該交易對報酬有正面貢獻。本季美國公債表現落後於利率交換，主因在於持續的公債供給疑慮以及通膨擔憂。隨著交換利差（swap spreads）目前收窄，我們將在第二季把相當一部分的公債期貨避險轉回利率交換，以取得更具成本效率的避險。

Alongside our rate hedges, we also employ a range of additional hedge strategies to protect book value against tail events. Amid softening structural demand for US treasuries and escalating geopolitical tensions, these hedges performed favorably in the first quarter. The price movements of these hedges resulted in positive realized gains, contributing to the company's overall quarterly performance.

除利率避險外，我們亦採用多元的其他避險策略，以在尾端事件（tail events）下保護帳面價值。在美國公債結構性需求轉弱且地緣政治緊張升溫之際，這些避險在第一季表現良好。這些避險的價格變動帶來正向的已實現收益，並對公司整體季度表現有所貢獻。

BPL rental remains our largest residential credit asset exposure at $1.8 billion. The portfolio is built on the strong underwriting standards that anchor our purchase program, resulting in minimal tail risks across key credit metrics. Loans with DSCR below one times represent less than 2% of the portfolio, as do those with LTVs above 80%.

BPL Rental 仍是我們最大的住宅信用資產曝險，規模為 18 億美元。該投資組合建立在支撐我們收購計畫的嚴謹承銷標準之上，使得在主要信用指標上的尾端風險極低。DSCR 低於 1 倍的貸款占比不到 2%，LTV 高於 80% 的貸款占比亦不到 2%。

FICOs below 675 account for less than 3% of the portfolio. Securitization execution was volatile during the quarter, moving in tandem with broader risk markets. Our first BPL rental deal of the year priced in January at around a 105 basis points blended AAA spread. Generic non-QM AAA spreads widened to as much as 145 basis points at the end of the first quarter, before settling at 120 basis points to 125 basis points today, as volatility has since subsided.

FICO 低於 675 的占比不到 3%。本季證券化執行面波動較大，與更廣泛的風險市場同步變動。我們今年第一筆 BPL Rental 交易於 1 月定價，AAA 混合利差約為 105 個基點。一般型非 QM 的 AAA 利差在第一季末一度擴大至 145 個基點，之後隨著波動消退，目前回落並穩定在 120 至 125 個基點。

Despite these larger market fluctuations, the securitization markets have remained well functioning throughout, with a broad investor base continuing to allocate capital into bonds backed by residential credit. We are taking advantage of stable capital markets to be on pace to issue five to six BPL rental securitizations this year, supported primarily by collateral originated by Constructive.

儘管市場波動幅度較大，證券化市場整體仍維持良好運作，且廣泛的投資人基礎持續將資本配置至以住宅信用為擔保的債券。我們正利用穩定的資本市場環境，預計今年將發行 5 至 6 筆 BPL Rental 證券化，主要由 Constructive 發起的抵押品提供支持。

Our securitization program is supported by a deep and loyal investor base, and is well recognized in the market for its underwriting discipline and consistent performance. Collectively, these factors have allowed us to price securitizations at the tighter end of the execution range.

我們的證券化計畫有深厚且忠誠的投資人基礎支持，並因其承銷紀律與一致的表現而在市場上廣受認可。綜合而言，這些因素使我們得以在執行區間較緊的一端完成證券化定價。

Moving to the origination business, Constructive originated $422 million of business purpose loans in the first quarter, modestly below the $439 million produced in Q1 of last year. The slight decline reflects Adamas' influence of a more selective origination posture to better align with our investment program, rather than any pullback in capacity.

接著談到發起業務，Constructive 在第一季發起了 4.22 億美元的商業目的貸款，略低於去年第一季的 4.39 億美元。這一小幅下降反映的是 Adamas 在發起端採取更為審慎的策略，以更好地與我們的投資計畫對齊，而非產能的縮減。

Since onboarding Constructive, we have focused on further aligning production with Adamas' underwriting standards, building on an existing foundation of strong credit quality while maximizing secondary market liquidity. In the quarter, Adamas purchased approximately two-thirds of Constructive's overall loan production. We continue to balance the development of Constructive's third-party distribution channels alongside Atomos' investment portfolio objectives.

自將 Constructive 納入體系以來，我們一直專注於進一步使產出與 Adamas 的承銷標準一致；在既有良好信用品質的基礎上，同時最大化次級市場流動性。本季，Adamas 購入了 Constructive 整體貸款產出的約三分之二。我們持續在發展 Constructive 的第三方分銷通路與 Atomos 投資組合目標之間取得平衡。

Constructive's distribution model emphasizes locking loans with end investors early in the process, rather than aggregating for bulk sale. This approach reduces monthly pricing risk and enhances our ability to adapt as market conditions evolve. Close coordination with Adamas trading team to surmise real-time visibility into securitization execution and secondary pricing enables dynamic adjustment of forward pipeline coupons as the markets shift.

Constructive 的分銷模式強調在流程早期即與終端投資人鎖定貸款，而非先行彙集後再整批出售。此作法可降低每月定價風險，並提升我們隨市場環境演變而調整的能力。與 Adamas 交易團隊密切協作，以掌握證券化執行與次級市場定價的即時能見度，使我們能在市場變動時動態調整遠期管線的票息。

This responsiveness proved particularly valuable amid the rate volatility experienced during the quarter. As we are nearing the end of Constructive's integration into Adamas, our focus has shifted from transition management to optimizing technology, capital, and processes across the origination business. We expect these initiatives to translate to improved operating results over time.

在本季經歷的利率波動中，這種快速反應能力尤其重要。隨著我們接近完成 Constructive 併入 Adamas 的整合工作，我們的重點已由過渡管理轉向在發起業務中優化技術、資本與流程。我們預期這些措施將隨時間推進轉化為更佳的營運成果。

In the multifamily portfolio, the redemption activity has been substantial, with an annualized payoff rate of 30% experienced in the first quarter, higher than the historical average of 26%. During the quarter, one property in our cross-collateralized Mezzanine Lending portfolio sold and netted a realized gain of $13.8 million to Adamas, a successful execution outcome. Given the seasoning of the portfolio and the stable performance, we expect heightened resolution activity for the remainder of the year, providing us additional capital to reinvest into our core strategies.

在多戶住宅（multifamily）投資組合方面，贖回活動相當可觀；第一季年化回收率為 30%，高於歷史平均的 26%。本季，我們交叉擔保的夾層貸款（Mezzanine Lending）投資組合中有一項物業出售，為 Adamas 帶來 1,380 萬美元的已實現收益，執行結果成功。鑑於投資組合的成熟度與穩定表現，我們預期今年剩餘期間的處置／解決活動將更為活躍，為我們提供額外資本以再投資於核心策略。

I will now turn it over to Kristine for commentary on our quarterly financials.

接下來我將交由 Kristine 就我們的季度財務表現進行說明。

Thank you, Nick, and good morning, everyone. Jason and Nick touched on some of the major items that contributed to our strong results this quarter, so I will focus on a few additional highlights. For the first quarter, we reported GAAP net income attributable to common stockholders of $36.9 million, or $0.41 per share, and earnings available for distribution of $0.29 per share, which increased by 26% quarter-over-quarter and 45% year-over-year.

謝謝你，Nick，各位早安。Jason 與 Nick 已提到本季促成我們強勁成果的一些主要項目，因此我將聚焦於另外幾項重點。第一季，我們報告歸屬於普通股股東的 GAAP 淨利為 3,690 萬美元，或每股 0.41 美元；可供分配的盈餘為每股 0.29 美元，較前一季成長 26%，較去年同期成長 45%。

After accounting for a $0.23 dividend, we generated a 6.35% economic return on GAAP book value and a 3.76% economic return on adjusted book value. Our GAAP book value increased 4% to $9.98, and adjusted book value rose 1.6% to $10.80 during the quarter. These results reflect continued momentum across our investment portfolio and origination platform.

在計入每股0.23美元股利後，我們在GAAP帳面價值上創造了6.35%的經濟報酬率，並在調整後帳面價值上創造了3.76%的經濟報酬率。本季我們的GAAP帳面價值上升4%至9.98美元，調整後帳面價值上升1.6%至10.80美元。這些結果反映出我們投資組合與承作平台持續的動能。

Adjusted net interest income increased to $48.2 million in the first quarter from $46.3 million in the fourth quarter, and net interest spread was at 145 basis points down from 152 basis points in the fourth quarter. The change in net interest spread reflects the continued transition of our portfolio toward agency RMBS and BPL rental loans, which carry a lower yield than higher coupon BPL bridge loans that continue to run off, partially offset by improved financing costs.

第一季調整後淨利息收入由第四季的4,630萬美元增加至4,820萬美元，淨利差為145個基點，較第四季的152個基點下降。淨利差的變動反映出我們的投資組合持續轉向機構RMBS與BPL出租貸款；相較於仍在到期回收的高票息BPL過橋貸款，前者收益率較低，但部分被融資成本改善所抵銷。

Turning to Constructive, the platform delivered a strong performance this quarter. Mortgage banking income was $15.3 million for the quarter, driven by $9.2 million in gains on residential loans held for sale and $6.1 million in loan origination and other fees. Constructive also generated net interest income of $0.5 million.

接著談到Constructive，本季該平台表現強勁。本季房貸銀行業務收入為1,530萬美元，主要來自待售住宅貸款的出售收益920萬美元，以及貸款承作與其他費用610萬美元。Constructive亦貢獻了50萬美元的淨利息收入。

After direct loan origination costs of $4 million and direct G&A expenses of $9.3 million, Constructive generated approximately $2.5 million profit for the quarter on a standalone basis. This marks a meaningful improvement from approximately $2 million standalone loss in the prior quarter and reflects the near completion of our integration efforts. We are pleased with Constructive's progress this quarter with ROE of approximately 13%, representing a significant improvement from the prior period and moving closer to our original underwriting target of 15%.

在扣除400萬美元的直接貸款承作成本與930萬美元的直接一般及行政（G&A）費用後，Constructive以獨立口徑計算，本季約產生250萬美元利潤。相較於上一季約200萬美元的獨立口徑虧損，這是一項顯著改善，並反映我們的整合作業已接近完成。我們對Constructive本季的進展感到滿意，其股東權益報酬率（ROE）約為13%，較前期大幅提升，並更接近我們原先承作目標15%。

Total consolidated Adamas G&A for $24.5 million for the quarter, down slightly from $25.1 million the last quarter. We estimate our quarterly G&A ratio to be approximately 7% to 7.5% in 2026, depending on Constructive's origination volume. From a capital markets perspective, we continue to strengthen our balance sheet. During the quarter, we issued $90 million of senior unsecured notes due 2031 and redeemed our $100 million senior unsecured notes due 2026 par, fully retiring the obligation ahead of maturity.

本季Adamas合併後的總G&A費用為2,450萬美元，較上一季的2,510萬美元略降。我們估計2026年每季的G&A比率約為7%至7.5%，視Constructive的承作量而定。從資本市場角度來看，我們持續強化資產負債表。本季我們發行了9,000萬美元、2031年到期的優先無擔保票據，並以面值贖回了1億美元、2026年到期的優先無擔保票據，在到期前完全清償該項義務。

We now have no near-term corporate debt maturity, which provides meaningful flexibility and positions us to focus our capital on growing the investment portfolio. At quarter end, we maintained $199 million of available cash and approximately $418 million of total liquidity capacity, including financing available on unencumbered assets and underlevered assets. Our company's recourse leverage ratio was 5.2 times and portfolio recourse leverage was 4.9 times, with leverage primarily concentrated on agency financing.

目前我們沒有近期到期的公司債務，這提供了相當大的彈性，並使我們能將資本聚焦於擴大投資組合。截至季末，我們維持1.99億美元可用現金，以及約4.18億美元的總流動性額度，包括未設質資產與槓桿較低資產可取得的融資額度。本公司的追索權槓桿比率為5.2倍，投資組合追索權槓桿為4.9倍，槓桿主要集中於機構融資。

Overall, our first quarter results reflect the continued execution of our strategy and our growing earnings power. We remain focused on disciplined portfolio growth, increasing Constructive's earnings contribution, and prudent capital allocation as we look to build on this momentum through the balance of 2026. We are committed to delivering sustainable long-term returns for our stockholders.

整體而言，我們第一季的結果反映出策略持續落實，以及獲利能力的提升。展望2026年剩餘期間，我們仍將專注於有紀律的投資組合成長、提升Constructive的獲利貢獻，以及審慎的資本配置，以延續這股動能。我們致力於為股東創造可持續的長期報酬。

That concludes our prepared remarks. Operator, please open the call for questions.

以上為我們預先準備的發言。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Marissa Lobo, UBS.

UBS的Marissa Lobo。

Thanks, and good morning. On your EAD trajectory, can you give us a framework on how you're thinking about dividend coverage relative to EAD going forward? And you mentioned increasing distributions, but is that on the table near term, or will you continue accumulating retained earnings?

謝謝，早安。關於你們的EAD走勢，能否提供一個框架，說明你們未來如何看待股利覆蓋率相對於EAD的關係？另外你提到提高配息，但短期內是否可能，還是會繼續累積保留盈餘？

Thanks for your question. This is Jason. We're pleased by the EAD performance exceeding dividend by 26% in the first quarter. We recognize dividend growth is a key priority for shareholders. With the board, we evaluate a range of factors in assessing appropriate distribution levels. And our focus is sustainably growing earnings while preserving book value.

謝謝你的提問。我是Jason。我們很高興第一季EAD表現較股利高出26%。我們也理解股利成長是股東的關鍵優先事項。我們與董事會在評估適當的配息水準時，會考量一系列因素。而我們的重點是在維持帳面價值的同時，持續性地提升獲利。

So we delivered on these objectives in the first quarter and look forward to continuing this momentum alongside with our ongoing board discussions regarding our distribution rate. Our goal is to keep stability and to sustainably increase the EAD, which is going to be the discussions that we have with the board on the dividend discussion. So that's as far as I can go in that direction.

因此，我們在第一季達成了這些目標，並期待在持續與董事會就配息率進行討論的同時，延續這股動能。我們的目標是維持穩定並可持續地提高EAD，這也將是我們與董事會就股利議題討論的核心。我在這方面能說的大概就到這裡。

Appreciate that. And on the book value gain, what was the relative contribution? Was it mostly the multifamily sale or was it the strategic hedge performance? Just a little color on the drivers.

了解，謝謝。另外關於帳面價值的增長，相對貢獻來源是什麼？主要是多戶住宅的出售，還是策略性避險的表現？想請你補充一下驅動因素。

Yeah, we have a strong quarter across the board. EAD came in at $0.29, up 26% quarter-over-quarter, which reflects really our earnings power through continued portfolio growth and improved financing costs in the quarter. On top of that, we benefited from two additional items that drove net income and book value higher. As you mentioned, we generated -- as you've seen, we generated about $87.8 million in derivative gains, both from mark to market due to higher valuations on our hedges, as well as realized gains on settlement of derivative instruments during the period.

是的，我們本季各方面表現都很強勁。EAD為0.29美元，季增26%，主要反映我們透過投資組合持續成長，以及本季融資成本改善所帶來的獲利能力。除此之外，我們也受惠於另外兩項因素，推升了淨利與帳面價值。如你所提到的，我們產生了約8,780萬美元的衍生性商品收益，包含因避險部位估值上升所帶來的按市價評價收益，以及本期衍生性工具結算所實現的收益。

We also recognize gain on sale on a property within our cross collateralized Mezzanine Lending, of which, $13.8 million is attributable to Adamas. And it was a quarter where both, recurring income or EAD and non-recurring items worked in our favor.

我們也在交叉擔保的夾層貸款（Mezzanine Lending）中，出售其中一項資產並認列出售收益，其中1,380萬美元可歸屬於Adamas。本季可說是經常性收入（或EAD）與非經常性項目同時對我們有利的一季。

Got it. I appreciate the answers. Thank you.

了解。謝謝你的回答。謝謝。

Bose George, KBW.

KBW的Bose George。

Hey, everyone. Good morning. Just a follow-up on the book value question. What's any changes to the book value quarter to date?

各位好。早安。我想追問一下帳面價值的問題。截至目前本季（quarter to date）帳面價值有什麼變化？

We estimate just the book value being up between 2% to 2.5% quarter to date.

我們估計截至目前本季帳面價值上升約2%到2.5%。

Okay, great. Thanks. And then on the multifamily portfolio, actually, how much is the capital that's remaining? I saw the assets, but I might have missed how much the capital is.

好的，很好。謝謝。另外關於多戶住宅投資組合，目前剩餘的資本大概是多少？我看到資產規模，但可能漏看了資本是多少。

The capital and the assets are very similar. We have, these assets are unlevered on our balance sheet. One of the back pages of our supplemental will show you those numbers. So that's a, yeah, it's generally dollar for dollar.

資本與資產規模非常接近。這些資產在我們的資產負債表上是未加槓桿的。我們補充資料的後面幾頁會列出這些數字。所以，對，基本上大致是一美元對一美元。

Okay. And have you guys, have you given sort of a timeline in terms of the potential runoff of that portfolio?

好的。那你們是否有提供過該投資組合可能回收（runoff）的時間表？

Yeah, so, we -- we've mentioned this on previous calls where, this is a very seasoned portfolio and we control rights within many of the assets to in the Mezzanine loan portfolio to accelerate maturity. So in utilizing those rights, given the seasoning and the ability for the sponsors to pay off the loan through refinance or sell the property, we can help shorten our duration on these assets, which we've been effectively doing.

有的，我們在先前的電話會議中提過，這是一個存續已久、相當成熟的投資組合，而且在夾層貸款投資組合中的許多資產，我們擁有可加速到期的控制權利。運用這些權利，考量到資產的成熟度，以及贊助方可透過再融資或出售物業來清償貸款的能力，我們可以協助縮短這些資產的存續期間，而我們也一直有效地在這麼做。

Over the course of the last year, year and a half, Nick mentioned that, the CPR, the prepayment rate was accelerated in the quarter. And we do expect to continue seeing that through the course of the year.

在過去一年到一年半的期間，Nick 提到 CPR（提前償還率）在本季有所加速。我們確實預期在今年接下來的時間裡仍會持續看到這種情況。

Okay, great. Thanks.

好的，很棒。謝謝。

Jason Weaver, Jonestrading.

Jason Weaver，Jonestrading。

Hi guys. Good morning. I wanted to ask, as it pertains to constructive, what's sort of the right baseline for quarterly mortgage banking for the rest of the year? How much of that is gain on sale versus origination fees?

嗨，各位。早安。我想問一下，關於 Constructive，對於今年剩餘時間的季度按揭銀行業務，什麼樣的基準水準比較合適？其中有多少是出售收益（gain on sale），又有多少是承作／起貸費用（origination fees）？

Well, majority of it is going to be gain on sale, as you've seen, and that's always been the case for constructive. We are, 13% return on a standalone basis. We're pleased with that performance. And as Jason mentioned, our priority is really to increase volume, to increase earnings. That's really our goal for 2026.

嗯，其中大部分會是出售收益，正如你所看到的，而且對 Constructive 來說一直都是如此。我們以獨立口徑來看有 13% 的報酬率。我們對這樣的表現感到滿意。而且如 Jason 所提到的，我們的優先事項確實是提高量能、提升獲利。這確實是我們 2026 年的目標。

Got it. That makes sense. And then on the BPL rental securitizations, I could be wrong on these numbers, but I think the 1Q deal priced at about $490, and then subsequently the April deal priced at around $550, quite a bit wider. Is that just market volatility or is it sort of deal-specific nature pool quality? What can you tell me there?

了解。這很合理。另外關於 BPL 出租型證券化，我可能記錯數字，但我記得 1Q 那筆交易大概定價在 490，而之後 4 月那筆大概在 550，利差明顯更寬。這只是市場波動，還是屬於交易本身、資產池品質等特定因素？你能分享一下嗎？

Yeah, this is Nick. The majority of it is market movements. So rates were higher at the point that we executed the second transaction, as well as spreads. So in terms of AAA spreads, for example, in our first securitization, the weighted average AAA spread was around $105. I mentioned in my prepared remarks, it went out to as much as $140, $145. We priced at a tighter end of that range, but still, it was more market conditions.

是的，我是 Nick。主要原因是市場變動。我們執行第二筆交易時，利率更高，利差也更寬。以 AAA 利差為例，在我們第一筆證券化中，加權平均 AAA 利差大約在 105。我在事先準備的發言中提到，利差一度擴大到 140、145。我們是在該區間較緊的一端完成定價，但即便如此，仍主要是市場條件所致。

But we were happy with the fact that there was still a well-functioning securitization market, number one. And number two, that our story resonated with the fact that we have strong underwriting quality and performance, which allowed us to price at a tighter end of the range.

但我們很高興的是，第一，證券化市場仍然運作良好。第二，我們的故事能引起共鳴：我們有強勁的承作（underwriting）品質與表現，這讓我們得以在區間較緊的一端定價。

Got it. I appreciate that, color. Thank you.

了解。謝謝你提供的補充說明。謝謝。

Doug Harter, BTIG.

Doug Harter，BTIG。

Thanks. You mentioned looking to grow the volume at Constructive. Does that need more capital, or can you be efficient -- more efficient in turning over the existing capital for Constructive?

謝謝。你提到希望在 Constructive 擴大量能。這需要更多資本嗎？還是你們可以更有效率——更有效率地周轉 Constructive 現有的資本？

Hey, Doug. So Constructive, we expect the volumes to first stabilize and then continue to grow. As I mentioned in my remarks earlier, the decline year-over-year in terms of Q1 volume was really driven by our influence in terms of making sure that the credit box better aligns with what we put into our securitizations and what the market expects of us.

嗨，Doug。關於 Constructive，我們預期量能會先趨於穩定，之後再持續成長。如我先前在發言中提到的，第一季量能年減主要是因為我們的影響：我們確保信貸框（credit box）能更貼近我們放入證券化的標準，以及市場對我們的期待。

Now, Constructive already has a very, very strong collateral profile, which is why the differential wasn't that meaningful. On a go-forward basis, a lot of it has to do with better efficiencies. I would say capital is less of a concern there.

目前 Constructive 的擔保品（collateral）概況已經非常、非常強，因此差異其實不算大。往後很多會取決於更好的效率提升。我會說資本在那邊比較不是主要顧慮。

Constructive is at this point not even utilizing all the capital that is available to them to continue to grow. They continue to expand their broker network. They continue to expand their retail origination platform. They continue to drive more cost efficiencies through better processes. And then also the integration with Adamas has also been helpful in terms of just better capital efficiency in terms of the speed by which trades occur, but not only that, also setting up better financing lines and just improving their capital structure and their cost of capital just generally.

就目前而言，Constructive 甚至還沒有用滿可供其成長的全部資本。他們持續擴大經紀人（broker）網路。他們持續擴展零售端承作平台。他們也透過更好的流程持續推動更多成本效率。此外，與 Adamas 的整合也有所幫助，讓資本效率更佳——包括交易發生的速度更快；不僅如此，也有助於建立更好的融資額度（financing lines），並整體改善其資本結構與資金成本。

So there's a few things that we're pushing on. We're going to continue to look at the overall makeup of their originations. The one thing that is very true today is that there is an exceptionally strong institutional demand for this paper and not only the volume, but in particular, the stronger parts of the market and the better credit profiles get stronger bids. And there's going to be an opportunity for us to be able to deliver into that by us growing our platform. That's one of the reasons why we also believe that having a strong distribution network away from just selling to Adamas is an exceptionally important thing. And we hope to capitalize that more in the future.

所以我們正在推動幾件事。我們會持續檢視其放款承作的整體組成。目前非常明確的一點是：機構投資人對這類資產（paper）的需求極為強勁；不只是量，尤其市場中較優質的部分、較佳的信用概況會拿到更強的出價。而我們透過擴大平台，將有機會把產品交付到這樣的需求之中。這也是我們認為，擁有強大的分銷網路、而非只賣給 Adamas，極其重要的原因之一。我們希望未來能更充分地把握這一點。

Yes. Just to follow up on that last point, as volume kind of ultimately grows there, how do you think about the right balance between retaining and selling the production?

是的。就你最後那點追問一下：隨著那邊的量能最終成長，你們如何看待保留與出售產出之間的適當平衡？

Yeah. So it does fluctuate over time. Last quarter, we purchased about two-thirds of their overall production. I would say in the next couple of quarters, that's a good baseline in terms of where it will be. Although obviously, market conditions can change and obviously the volume can change as well. We expect to continue to sell to the market.

是的。這確實會隨時間波動。上一季我們買下了他們整體產出的約三分之二。我會說接下來幾季，這是個不錯的基準水準。當然，市場條件可能改變，量能也可能改變。我們預期會持續賣給市場。

We're going to be on the upper end above 50%, but there are other strong relationships that construct the past with the market and those relationships have been important in the past and we believe will be important in the future. And we're going to make sure that there's some carve-out of volume that is available to them.

我們會維持在 50% 以上的較高端，但 Constructive 過去也與市場建立了其他強健的合作關係；這些關係過去很重要，我們相信未來也會很重要。我們會確保有一部分量能能保留給他們使用。

Great. Appreciate the answers. Thank you.

很好。感謝你的回答。謝謝。

Thank you. I'm showing no further questions at this time. So I would like to turn it back to Jason Serrano for closing remarks.

謝謝。目前看起來沒有其他提問。因此我想把時間交回給 Jason Serrano 做結語。

Yes. Thanks everybody for joining us today. We appreciate your time and continued support. We look forward to speaking with you on our July second quarter update. Have a great day.

好的。謝謝各位今天加入我們。我們感謝各位的時間與持續支持。我們期待在 7 月的第二季更新時再與各位交流。祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本節目到此結束。您現在可以斷線。