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Matthew Ertner

Research Analyst at JonesTrading

Matthew Ertner is an Analyst at JonesTrading, specializing in real estate investment trusts (REITs) and commercial realty sectors. He actively covers specific companies including Acres Commercial Realty, Seven Hills Realty Trust, Adamas Trust, Alpine Income Property Trust, Ellington Residential Mortgage REIT, and Hanmi Financial, participating frequently in their earnings calls with insightful questions on portfolio growth, payoffs, leverage, and market opportunities. Ertner has been affiliated with JonesTrading in recent years, engaging in multiple 2024 and 2025 earnings discussions, though detailed performance metrics, success rates, or rankings on platforms like TipRanks are not publicly available in current records. His professional credentials and full career timeline prior to JonesTrading remain unspecified in available sources.

Matthew Ertner's questions to ADAMAS TRUST (ADAM) leadership

Question · Q4 2025

Matthew Ertner asked about the potential impact of policies banning institutional investors from the rental space on Adamas Trust's business, specifically regarding the profile of their borrowers. He also inquired about the company's stance on share repurchases and whether any were executed in the fourth quarter. Finally, Ertner questioned Adamas Trust's approach to agency leverage given the tighter spread environment and GSE backstop.

Answer

Nicholas Mah, President, believes a ban on institutional SFR ownership would be positive for Constructive's business, as their loans are originated to individual investors, not large institutions, with all 2025 borrowers owning less than 80 single-family properties. Jason Serrano, CEO, explained that share repurchases are consistently evaluated against other capital allocation opportunities for accretive value, but no shares were repurchased in Q4. He noted that repurchases are a permanent capital reduction. Regarding agency leverage, Jason Serrano stated it declined slightly to 7.7x in Q4, and while historically it has run higher (8x-8.5x), it will likely trend on the lower end for now, with potential to go higher depending on market conditions.

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