AD Mortgage's securitization vehicle has been employing what analysts described as a distinctive combination of loan features in the non-qualified mortgage market. Processing ContentThe trend has shown up in a small percentage of second liens in recent deals, including ADMT's sixth non-QM transaction, a $411.3 million securitization that received preliminary ratings from KBRA and Fitch presale reports. Non QM loans, which rating agencies may label nonprime, don't fit the strict rules of far larger government-related programs like Fannie Mae or Freddie Mac's. Estimated first half non QM securitization issuer rankings Whole Loan Capital has compiled based on rating agency presale reports suggest AD has been a top 10 player this year and gaining ground. The inclusion of home equity products in a rated non QM securitization is not new for AD as four of the 2026 deals had second liens noted in their rating reports.