Adamas Trust director granted 14,238 deferred units

Mumma Steven R reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Mumma Steven R reported acquisition or exercise transactions in this Form 4 filing.

Adamas Trust, Inc. director Steven R. Mumma received an award of 14,238 Deferred Stock Units (DSUs) as compensation. The DSUs were granted at no cash cost under the company’s 2017 Equity Incentive Plan and are each linked to one share of common stock.

The DSUs will vest on the day immediately before the company’s next annual stockholder meeting in the following calendar year, provided he continues to serve the company through that date. Settlement of the vested DSUs has been deferred until a Change in Control, and following this grant he holds 51,378 DSUs in total.

Insider Trade Summary

Grant/Award: 14,238 shares

Grant/Award 1 txn

Insider Mumma Steven R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	14,238	$0.00	$0.00

Holdings After Transaction: Deferred Stock Units — 51,378 contracts (Direct)

Footnotes (1)

1. F1. Represents an award of deferred stock units ("DSUs") granted to the Reporting Person pursuant to the Adamas Trust, Inc. 2017 Equity Incentive Plan, as amended from time to time (the "Plan"), that may be settled only for shares of common stock on a one-for-one basis. The DSUs will vest on the day immediately preceding the date of the Issuer's annual meeting of stockholders that occurs in the calendar year immediately following the calendar year in which the date of grant occurs, so long as the Reporting Person continuously provides services to the Issuer through such vesting date. Pursuant to the Reporting Person's election under the award agreement, settlement of the vested DSUs has been deferred until the date of a Change in Control (as defined in the Plan).

Key Figures

Deferred Stock Units granted: 14,238 units Total DSUs after grant: 51,378 units Grant price per DSU: $0.0000 per unit +1 more

4 metrics

Deferred Stock Units granted 14,238 units Award of DSUs to director on 2026-06-19

Total DSUs after grant 51,378 units Director’s Deferred Stock Unit balance following transaction

Grant price per DSU $0.0000 per unit Compensation award with no cash paid by director

Share settlement ratio 1 DSU : 1 share Each DSU may be settled for one common share

Key Terms

Deferred Stock Units, Adamas Trust, Inc. 2017 Equity Incentive Plan, Change in Control

3 terms

Deferred Stock Units financial

"Represents an award of deferred stock units ("DSUs") granted to the Reporting Person"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Adamas Trust, Inc. 2017 Equity Incentive Plan financial

"granted to the Reporting Person pursuant to the Adamas Trust, Inc. 2017 Equity Incentive Plan, as amended"

Change in Control financial

"settlement of the vested DSUs has been deferred until the date of a Change in Control"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did the ADAM director report in this Form 4 filing?

The director reported receiving 14,238 Deferred Stock Units as a compensation award. These units were granted at no cash cost and are tied one-for-one to Adamas Trust common shares, increasing his total DSU holdings to 51,378 after the grant.

How many Deferred Stock Units did the ADAM director receive?

He received 14,238 Deferred Stock Units in this transaction. Each unit represents the right to receive one share of Adamas Trust common stock, subject to vesting conditions and deferred settlement terms described in the company’s 2017 Equity Incentive Plan.

When do the new ADAM Deferred Stock Units vest for the director?

The DSUs vest on the day immediately before the company’s annual stockholder meeting in the calendar year after the grant year. Vesting requires the director to continue providing services to Adamas Trust through that vesting date under the plan’s terms.

When will the ADAM director receive shares for these Deferred Stock Units?

Settlement of the vested DSUs has been deferred until the date of a Change in Control. Only when a Change in Control, as defined in the 2017 Equity Incentive Plan, occurs will the vested DSUs be settled in Adamas Trust common shares.

How many Deferred Stock Units does the ADAM director hold after this grant?

After this award, the director holds 51,378 Deferred Stock Units. This total includes the newly granted 14,238 DSUs, all of which may ultimately be settled in an equal number of Adamas Trust common shares if vesting and settlement conditions are satisfied.

What plan governs the ADAM director’s Deferred Stock Unit award?

The DSU award was granted under the Adamas Trust, Inc. 2017 Equity Incentive Plan. This plan, as amended from time to time, specifies vesting schedules, Change in Control settlement provisions, and other terms for equity-based compensation granted to eligible participants.

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Accepted by SEC EDGAR 06/23/2026 - 11:35 AM EDT Learn about SEC filing dates

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^*

Mumma Steven R

(Last) (First) (Middle)

C/O ADAMAS TRUST, INC.

90 PARK AVENUE

(Street)

NEW YORK NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ADAMAS TRUST, INC. [ ADAM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

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
Deferred Stock Units	$0(1)	06/19/2026		A		14,238		(1)	(1)	Common Stock, par value $0.01 per share	14,238	$0	51,378	D

Explanation of Responses:

1. Represents an award of deferred stock units ("DSUs") granted to the Reporting Person pursuant to the Adamas Trust, Inc. 2017 Equity Incentive Plan, as amended from time to time (the "Plan"), that may be settled only for shares of common stock on a one-for-one basis. The DSUs will vest on the day immediately preceding the date of the Issuer's annual meeting of stockholders that occurs in the calendar year immediately following the calendar year in which the date of grant occurs, so long as the Reporting Person continuously provides services to the Issuer through such vesting date. Pursuant to the Reporting Person's election under the award agreement, settlement of the vested DSUs has been deferred until the date of a Change in Control (as defined in the Plan).

Remarks:

	/s/ Kristine R. Nario-Eng, as attorney-in-fact	06/23/2026
	** 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.
* Form 4: SEC 1474 (03-26)