Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Mah Nicholas 2. Issuer Name and Ticker or Trading Symbol ADAMAS TRUST, INC. [ADAM] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) C/O ADAMAS TRUST, INC., 90 PARK AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 01/01/2026 (Street) NEW YORK, NY 10016 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.01 per share 01/01/2026 M(1) 24,414 A $ 0 (2) 231,421 D Common Stock, par value $0.01 per share 01/01/2026 F(3) 14,509 D $7.3 216,912 D Common Stock, par value $0.01 per share 01/01/2026 M(4) 32,122 A $ 0 (2) 249,034 D Common Stock, par value $0.01 per share 01/01/2026 F(5) 17,505 D $7.3 231,529 D Common Stock, par value $0.01 per share 01/01/2026 M(6) 48,948 A $ 0 (2) 280,477 D Common Stock, par value $0.01 per share 01/01/2026 F(7) 26,784 D $7.3 253,693 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Restricted Stock Units

$ 0 (2)

01/01/2026

M(8)

24,414

(8)

(8)

Common Stock, par value $0.01 per share

24,414

$ 0

211,086

D

Restricted Stock Units

$ 0 (2)

01/01/2026

M(9)

32,122

(9)

(9)

Common Stock, par value $0.01 per share

32,122

$ 0

178,964

D

Restricted Stock Units

$ 0 (2)

01/01/2026

M(10)

48,948

(10)

(10)

Common Stock, par value $0.01 per share

48,948

$ 0

130,016

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Mah Nicholas C/O ADAMAS TRUST, INC. 90 PARK AVENUE NEW YORK, NY 10016			President

Signatures

/s/ Kristine R. Nario-Eng, as attorney-in-fact		01/02/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares acquired pursuant to the settlement of restricted stock units ("RSUs") granted to the Reporting Person in April 2023.
(2)	Each RSU is the economic equivalent of one share of common stock of Adamas Trust, Inc. ("Adamas"). Each RSU was settled in one share of common stock of Adamas.
(3)	Surrendered to satisfy tax liability incident to the settlement of RSUs described in Note 1 above.
(4)	Shares acquired pursuant to the settlement of RSUs granted to the Reporting Person in April 2024.
(5)	Surrendered to satisfy tax liability incident to the settlement of RSUs described in Note 4 above.
(6)	Shares acquired pursuant to the settlement of RSUs granted to the Reporting Person in January 2025.
(7)	Surrendered to satisfy tax liability incident to the settlement of RSUs described in Note 6 above.
(8)	On April 25, 2023, the Reporting Person was granted 73,242 RSUs, vesting in three equal annual installments beginning on January 1, 2024.
(9)	On April 10, 2024, the Reporting Person was granted 96,366 RSUs, vesting in three equal annual installments beginning on January 1, 2025.
(10)	On January 23, 2025, the Reporting Person was granted 146,842 RSUs, vesting in three equal annual installments beginning on January 1, 2026.

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