Structural adhesives are prepared from an elastomeric toughener that contains urethane and/or urea groups, and have some terminal isocyanate groups that are capped with a phenol and other terminal isocyanate groups that are capped with a hydroxy-functional acrylate or a hydroxy-functional methacrylate. In certain embodiments, the presence of both types of capping on the toughener leads to higher impact peel strengths and a greater level of cohesive failure, than when the toughener is capped with a phenol an hydroxy-functional acrylate or hydroxy-functional methacrylate alone.