ADAM's Q1 2026 numbers make the rebrand worth a serious look: EAD covered the dividend, book value rose, and Constructive added origination muscle. The catch is that mortgage REIT math still runs through leverage, repo funding, securitization access, and book-value volatility.
References
Sources used in this report
SEC APISEC submissions API2026-05-14 · Issuer identity, CIK, former-name history, tickers, exchange, and filing chronology.SEC APISEC companyfacts API2026-05-14 · XBRL cross-check for assets, cash, shares, dividends, and selected balance-sheet facts.SEC filingFY2025 Form 10-K2026-02-20 · Business model, rebrand, target assets, Constructive acquisition, competition, REIT status, risk factors, and FY2025 baseline.SEC filingQ1 2026 Form 10-Q2026-05-01 · Balance sheet, portfolio allocation, liquidity, leverage, dividend and share-count details.Company release furnished to SECQ1 2026 earnings release2026-04-29 · EAD, EPS, book value, adjusted book value, dividend, recourse leverage, investment activity, and financing actions.Company presentation furnished to SECQ1 2026 supplemental financial information2026-04-29 · Portfolio mix, capital allocation, liquidity capacity, leverage split, and Constructive operating data.SEC proxy filing2026 definitive proxy statement2026-04-24 · Governance, annual meeting items, executive compensation, ownership, and incentive context.