Adamas Trust

Moat components and scores: Intangible assets 35/100 (funding and securitization relationships; Constructive brand has some borrower recognition, but is not unique), Switching costs 25/100 (borrowers and whole loan buyers have multiple options; Agency RMBS and credit investors can reallocate quickly), Network effects 0/100 (none), Cost advantages 55/100 (scale improves repo terms, securitization execution and pool selection, but peers can match), Efficient scale 35/100 (BPL lending and Agency RMBS are large, competitive markets).

Weighted by importance (cost advantages heavier; network effects lighter), the blended moat score is ~33. We view any edge as execution‑based rather than structural, and vulnerable to capital markets competition and funding cycles.

The Constructive acquisition adds vertical integration and some pipeline control, but competitors with similar platforms exist and barriers are moderate.