Adamas Trust

True pricing power is limited. Agency spreads are market‑set and compress in risk‑on periods; origination price and fees in BPL are constrained by competitive lenders.

Constructive can occasionally command better economics on speed and certainty of execution, but those advantages are transient. 2025 and Q1 2026 margin gains stem primarily from portfolio mix, scale, and spread tailwinds rather than the ability to reprice without volume loss. We see little latent pricing power independent of the cycle.