Adamas Trust (ADAM) president surrenders shares to cover tax bill

Rhea-AI Filing Summary

Adamas Trust, Inc. president Mah Nicholas reported a routine tax-related share surrender. On 01/27/2026, 2,237 shares of common stock at $8.41 per share were surrendered to cover tax liabilities arising from the vesting of restricted stock under Adamas Trust, Inc.'s 2017 Equity Incentive Plan (as amended). After this transaction, Nicholas directly held 251,456 common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Mah Nicholas

Role President

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock, par value $0.01 per share	2,237	$8.41	$19K

Holdings After Transaction: Common Stock, par value $0.01 per share — 251,456 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mah Nicholas

(Last) (First) (Middle)

C/O ADAMAS TRUST, INC.

90 PARK AVENUE

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

4. If Amendment, Date of 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

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	01/27/2026		F		2,237(1)	D	$8.41	251,456	D

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. Surrendered to satisfy tax liability incident to the vesting of shares of restricted stock issued pursuant to Adamas Trust, Inc.'s 2017 Equity Incentive Plan (as amended).

Remarks:

	/s/ Kristine R. Nario-Eng, as attorney-in-fact	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Mah Nicholas report at Adamas Trust (ADAM)?

Mah Nicholas, president of Adamas Trust, Inc., reported surrendering 2,237 common shares on January 27, 2026. The shares were used to satisfy tax liabilities tied to vesting restricted stock under the company’s 2017 Equity Incentive Plan (as amended), a common administrative transaction.

What was the price and value of the shares surrendered by Mah Nicholas?

The 2,237 surrendered Adamas Trust, Inc. common shares were valued at $8.41 per share. This reflects the price used for the tax-withholding transaction connected to vesting restricted stock, rather than an open-market discretionary sale by the company’s president.

How many Adamas Trust (ADAM) shares does Mah Nicholas hold after this Form 4?

Following the January 27, 2026 transaction, Mah Nicholas directly beneficially owned 251,456 shares of Adamas Trust, Inc. common stock. This figure reflects his holdings after surrendering 2,237 shares to satisfy tax obligations from restricted stock vesting under the 2017 Equity Incentive Plan.

Why were Adamas Trust shares surrendered instead of paying cash taxes?

The filing states the 2,237 shares were surrendered to satisfy tax liability from vesting restricted stock. Companies often allow insiders to cover payroll and income taxes by withholding or surrendering shares under equity plans, instead of requiring a separate cash tax payment.

Does this Adamas Trust Form 4 indicate an open-market sale by Mah Nicholas?

The transaction is coded “F,” indicating shares were surrendered to the issuer for tax withholding, not sold on the open market. It relates to the vesting of restricted stock issued under Adamas Trust, Inc.’s 2017 Equity Incentive Plan (as amended), a routine equity-plan event.

What equity plan is referenced in Mah Nicholas’s Adamas Trust insider filing?

The Form 4 references Adamas Trust, Inc.’s 2017 Equity Incentive Plan, noted as amended. The 2,237 shares were surrendered to cover taxes incident to restricted stock vesting under this plan, illustrating how the company administers equity compensation and associated tax obligations for executives.