ADAMM 最新10-Q变化

相对上期新增的文字 · 来源:10-Q · 2026-07-31

• •“TBA dollar roll income” refers to the difference in price between TBA contracts in TBA dollar roll transactions;

• •“TBA dollar roll transaction” refers to a transaction where two TBA contracts with the same terms but different settlement dates are simultaneously bought and sold; and

• During the quarter, Constructive funded approximately $406.1 million of business purpose loans, supported by strong underwriting standards and an established national platform, reinforcing its role as a contributor to earnings as integration with the Company continues.

• Higher interest rates reduced valuations across a majority of our assets during the quarter ended June 30, 2026; however, this impact was more than offset by spread tightening late in the quarter and $48.8 million of gains generated by our derivative instruments, reflecting the value of our hedging …

• Financial markets generally rebounded during the second quarter of 2026, as investor sentiment shifted from the geopolitical fears that had dominated the first quarter toward renewed optimism driven by de-escalation of the Iran conflict, a strong artificial intelligence-led earnings revival, and res…

相对上期删除的文字 · 来源:10-Q · 2026-05-01

• •“TBA dollar roll income” refers to the difference in price between two TBA contracts with the same terms but different settlement dates that are simultaneously bought and sold; and

• Constructive continues to scale as a strategic origination platform and become a more prominent contributor to earnings. During the quarter, Constructive funded approximately $400.8 million of business purpose loans, supported by strong underwriting standards and an established national platform. We…

• Market conditions during the quarter were characterized by increased market and interest rate volatility and wider spreads, which created attractive investment opportunities but also resulted in unrealized losses on a majority of the assets in our investment portfolio. These impacts were more than o…

• Financial markets experienced heightened volatility and generally negative performance during the first quarter of 2026, as investors reacted to escalating geopolitical conflicts and tensions, elevated energy prices, and uncertainty regarding the timing and extent of future monetary policy easing by…

• Near the end of 2025 and into 2026, some market commentators began expressing concerns about the ongoing independence of the Federal Reserve to make monetary policy decisions, including setting interest rates, without direct interference from the executive branch or U.S. Congress. If the independenc…