COMP <GO>

IVR vs ADAM // FORWARD P/E MULTIPLE

INVESCO MORTGAGE CAPITAL INC (NYSE) VS. Adamas Trust Inc. (NASDAQ) • 15-METRIC TALLY: IVR 4 — ADAM 2

▲ FORWARD P/E MULTIPLE LEADER: ADAM

LAST: $5.31 (-0.56%) • MKT CAP: $582.6M

forward-pe

5.5x

LAST: $5.73 (-3.37%) • MKT CAP: $535.5M

forward-pe

4.1x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (IVR VS. ADAM) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	IVR	ADAM	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	12.70%	8.90%	+3.80	IVR	/roic <GO>
EV/EBITDA & P/E Valuation	—	3.0x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	19.42%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	11.65%	-11.65	ADAM	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	4/9	+1.00	IVR	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	33.9	27.3	+6.60	IVR	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	5.5x	4.1x	+1.40	ADAM	/forward-pe <GO>
Enterprise Scale & Market Cap	$582.6M	$535.5M	$47.1M	IVR	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	IVR REV	ADAM REV	IVR GROSS %	ADAM GROSS %	IVR FCF	ADAM FCF
FY 2025	$2.72B	$385.8M	—	—	$157.1M	$125.9M
FY 2024	$2.39B	$260.2M	—	—	$183.2M	-$10.6M
FY 2023	$903.6M	$217.6M	—	—	$237.8M	$30.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

IVR // BETA —

ADAM // BETA —