Nicholas Mah - 22 Jan 2026 Form 4 Insider Report for ADAMAS TRUST, INC. (ADAM)

Role: President
Signature: /s/ Kristine R. Nario-Eng, as attorney-in-fact
Issuer symbol: ADAM
Transactions as of: 22 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 26 Jan 2026, 17:11:08 UTC
Previous filing: 02 Jan 2026
Next filing: 28 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Mah Nicholas	President	C/O ADAMAS TRUST, INC., 90 PARK AVENUE, NEW YORK	/s/ Kristine R. Nario-Eng, as attorney-in-fact	26 Jan 2026	0001960129

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ADAM	Restricted Stock Units	Award	$0	+127,321	+98%	$0.000000	257,337	22 Jan 2026	Common Stock, par value $0.01 per share	127,321	$0.000000	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents restricted stock units ("RSUs") issued pursuant to Adamas Trust, Inc.'s ("Adamas") 2017 Equity Incentive Plan (as amended) under Adamas's 2026 Long-Term Equity Plan, 1/3 of which will become fully vested and non-forfeitable on each of January 1, 2027, January 1, 2028 and January 1, 2029. Pursuant to a restricted stock unit award agreement (the "RSU Award Agreement"), the RSUs represent the right to receive shares of common stock of Adamas on a one-to-one basis upon vesting, subject to the terms and conditions of the RSU Award Agreement, and are granted in tandem with a corresponding dividend equivalent right that entitles, upon vesting, the Reporting Person to receive payments in cash or stock of Adamas equivalent to any dividends paid by Adamas on the shares of Adamas common stock underlying the RSUs.

Content

Represents restricted stock units ("RSUs") issued pursuant to Adamas Trust, Inc.'s ("Adamas") 2017 Equity Incentive Plan (as amended) under Adamas's 2026 Long-Term Equity Plan, 1/3 of which will become fully vested and non-forfeitable on each of January 1, 2027, January 1, 2028 and January 1, 2029. Pursuant to a restricted stock unit award agreement (the "RSU Award Agreement"), the RSUs represent the right to receive shares of common stock of Adamas on a one-to-one basis upon vesting, subject to the terms and conditions of the RSU Award Agreement, and are granted in tandem with a corresponding dividend equivalent right that entitles, upon vesting, the Reporting Person to receive payments in cash or stock of Adamas equivalent to any dividends paid by Adamas on the shares of Adamas common stock underlying the RSUs.