ADAMAS TRUST, INC. (ADAM) received an amended Schedule 13D from investor Howard Amster and a group of affiliated entities updating their ownership in the company’s common stock.
The reporting persons collectively report beneficial ownership of 4,381,764 shares of common stock, representing 4.9% of the class, based on 89,879,786 shares outstanding as of July 24, 2026. Amster’s beneficial ownership is held directly and through multiple entities, including Pleasant Lake Apartments entities, various Howard Amster charitable remainder and other trusts, Amster Limited Partnership, Ramat Securities Ltd., the Howard Amster Foundation, NewAx Inc., Pleasant Lake Skoien Investments LLC, and Horizon Group Properties Inc.
The amendment also details recent open‑market sales of ADAM common stock by Howard Amster between June 25, 2026 and August 20, 2026. These transactions were all sales executed on the open market at prices generally ranging from about $9.04 to $10.24 per share.
Positive
None.
Negative
None.
Filing Explained
The key structural detail is the reporting persons’ mix of sole and shared voting and disposition powers over the reported stake.
The August 25, 2026-signed amendment reports a 4.9% stake—below the 5% level identified for these schedules—with voting and disposition powers split between sole and shared authority.
The cover page lists Howard Amster with sole voting and dispositive power over 2,026,093 shares and shared voting and dispositive power over 4,381,764 shares.
Key Figures
Beneficially owned shares:4,381,764 sharesPercent of class beneficially owned:4.9%Shares outstanding:89,879,786 shares+5 more
8 metrics
Beneficially owned shares4,381,764 sharesAggregate number of ADAM common shares beneficially owned by the reporting persons
Percent of class beneficially owned4.9%Portion of ADAM common stock represented by 4,381,764 beneficially owned shares
Shares outstanding89,879,786 sharesADAM common stock outstanding as of July 24, 2026, per issuer’s Form 10‑Q
Direct ownership by Howard Amster1,926,093 sharesShares of ADAM common stock owned directly by Howard Amster
Largest single reported sale250,000 shares at $9.35 per shareOpen‑market sale by Howard Amster on July 1, 2026
Recent sale example120,000 shares at $9.90 per shareOpen‑market sale by Howard Amster on August 20, 2026
Foundation holdings345,471 sharesADAM shares owned by the Howard Amster Foundation
beneficial owner, Schedule 13D, Charitable Remainder Unitrust, sole voting power, +2 more
6 terms
beneficial ownerfinancial
"Mr. Amster is deemed to be the beneficial owner of (i) 1,926,093 shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Schedule 13Dregulatory
"amends the Reporting Persons initial filed February 26 ,2025 (the Initial 13D)"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power 2,026,093.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
shared dispositive powerfinancial
"8 | Shared Voting Power 4,381,764.00 9 | Sole Dispositive Power 2,026,093.00 10 | Shared Dispositive Power 4,381,764.00"
joint filing agreementregulatory
"Exhibit 99.1 Joinder to Joint Filing Agreement"
FAQ
What percentage of ADAMAS TRUST, INC. (ADAM) does Howard Amster’s group currently beneficially own?
Howard Amster and affiliated reporting persons report beneficial ownership of 4,381,764 shares of ADAM common stock, representing 4.9% of the outstanding common stock, based on 89,879,786 shares outstanding as of July 24, 2026 as reported by the issuer.
How many ADAM (ADAMAS TRUST, INC.) shares does Howard Amster personally own directly?
Howard Amster is deemed the beneficial owner of 1,926,093 shares that are owned directly in his name, in addition to shares held through various partnerships, corporations, foundations, and trusts over which he has voting or dispositive power.
What recent ADAM (ADAMAS TRUST, INC.) stock transactions are disclosed in this Schedule 13D/A?
The filing lists open‑market sales of ADAM common stock by Howard Amster between June 25, 2026 and August 20, 2026. Individual trades include, for example, 250,000 shares at $9.35 per share on July 1, 2026 and 120,000 shares at $9.90 per share on August 20, 2026.
Over what price range were the recent ADAM (ADAMAS TRUST, INC.) share sales executed?
The reported open‑market sales of ADAM common stock were executed at prices generally ranging from about $9.04 per share to $10.24 per share, according to the detailed transaction table for trades between June 25, 2026 and August 20, 2026.
What share count did ADAMAS TRUST, INC. (ADAM) report as outstanding for calculating the 4.9% stake?
The 4.9% beneficial ownership figure is based on 89,879,786 shares of ADAM common stock outstanding as of July 24, 2026, as reported by the issuer in its Form 10‑Q for the fiscal quarter ended June 30, 2026, filed July 31, 2026.
Which affiliated entities of Howard Amster hold ADAM (ADAMAS TRUST, INC.) shares under this Schedule 13D/A?
Entities holding ADAM shares include Pleasant Lake Apartments Corp., Pleasant Lake Apartments Limited Partnership, Laughlin Holdings LLC, Amster Limited Partnership, Ramat Securities Ltd., the Howard Amster Foundation, multiple Howard Amster charitable remainder trusts, NewAx Inc., Pleasant Lake Skoien Investments LLC, and Horizon Group Properties Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
ADAMAS TRUST, INC.
(Name of Issuer)
COMMON STOCK PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
649604840
(CUSIP Number)
Howard Amster 521 35th St,
West Palm Beach,
FL,
33407 2165951047
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
08/20/2026
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
schemaVersion:
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
Amster Howard
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
PF
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
2,026,093.00
8
Shared Voting Power
4,381,764.00
9
Sole Dispositive Power
2,026,093.00
10
Shared Dispositive Power
4,381,764.00
11
Aggregate amount beneficially owned by each reporting person
4,381,764.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
4.9 %
14
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person:
*Mr. Amster is deemed to be the beneficial owner of (i) 1,926,093 shares that are owned directly by Mr. Amster: (ii) 850,544 shares that are owned by Pleasant Lake Apartments Corp., Pleasant Lake Apartments Limited Partnership, Laughlin Holdings, LLC, all joint filers, over which Mr. Amster has sole voting and dispositive power; (iii) 654,045 shares that are owned in the aggregate by the trusts jointly filing herewith, over which, as sole trustee, Mr. Amster has sole voting and dispositive power; (iv) the 345,471 shares that are owned by the Howard Amster Foundation over which, Mr. Amster, as President, has sole voting and dispositive power; (v) 223,688 shares that are owned by Amster Limited Partnership, which Mr. Amster, as sole General Partner, has sole voting and dispositive power; (vi) 249,491 shares that are owned by Ramat Securities, Ltd., which Mr. Amster, as authorized representative and majority member, has sole voting and dipositive power; (vii) 45,397 shares that are owned by NewAx Inc., which Mr. Amster, as a member of the Board of Directors and majority shareholder, has shared voting and dispositive power, (viii) 52,035 shares owned by Pleasant Lake Skoien Investments LLC, which Mr. Amster, as President of Pleasant Lake Apartments Corp., the General Partner of Pleasant Lake Apartments LP, the Managing Member of Pleasant Lake Apartments LLC which is the Managing Member of Pleasant Lake Skoien Investments LLC, has shared voting and dispositive power and (ix) 35,000 shares owned by Horizon Group Properties Inc. which Mr. Amster, as member of the Board of Directors and majority shareholder, has shared voting and dispositive power.
**Denominator is based on the 89,879,786 shares of common stock outstanding as of July 24, 2026 as reported by the Issuer on Form 10-Q for the fiscal quarter ending June 30, 2026 as filed with the Securities and Exchange Commission on July 31,2026.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
PLEASANT LAKE APARTMENTS LIMITED PARTNERSHIP
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
616,002.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
616,002.00
11
Aggregate amount beneficially owned by each reporting person
616,002.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.7 %
14
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER TRUST #1 U/A DTD 05/20/2019
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
267,919.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
267,919.00
11
Aggregate amount beneficially owned by each reporting person
267,919.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.3 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 05/20/2019
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
8,635.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
8,635.00
11
Aggregate amount beneficially owned by each reporting person
8,635.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 05/20/2019
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
3,432.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
3,432.00
11
Aggregate amount beneficially owned by each reporting person
3,432.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #4 U/A DTD 05/20/2019
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
116,185.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
116,185.00
11
Aggregate amount beneficially owned by each reporting person
116,185.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.1 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
AMSTER LIMITED PARTNERSHIP
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
223,688.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
223,688.00
11
Aggregate amount beneficially owned by each reporting person
223,688.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
14
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #7 U/A DTD 05/20/2019
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
318.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
318.00
11
Aggregate amount beneficially owned by each reporting person
318.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
LAUGHLIN HOLDINGS LLC
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
223,529.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
223,529.00
11
Aggregate amount beneficially owned by each reporting person
223,529.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.3 %
14
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
RAMAT SECURITIES LTD
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
249,491.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
249,491.00
11
Aggregate amount beneficially owned by each reporting person
249,491.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
14
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 11/23/2021
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
147,797.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
147,797.00
11
Aggregate amount beneficially owned by each reporting person
147,797.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.2 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
PLEASANT LAKE APARTMENTS CORP
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
11,013.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
11,013.00
11
Aggregate amount beneficially owned by each reporting person
11,013.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
75,205.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
75,205.00
11
Aggregate amount beneficially owned by each reporting person
75,205.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.1 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER FOUNDATION
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
345,471.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
345,471.00
11
Aggregate amount beneficially owned by each reporting person
345,471.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.4 %
14
Type of Reporting Person (See Instructions)
OO, CO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
NEWAX INC.
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
45,397.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
45,397.00
11
Aggregate amount beneficially owned by each reporting person
45,397.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.1 %
14
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
PLEASANT LAKE SKOIEN INVESTMENTS LLC
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
52,035.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
52,035.00
11
Aggregate amount beneficially owned by each reporting person
52,035.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.1 %
14
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #5 U/A DTD 05/20/2019
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
25,968.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
25,968.00
11
Aggregate amount beneficially owned by each reporting person
25,968.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 08/10/2021
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
441.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
441.00
11
Aggregate amount beneficially owned by each reporting person
441.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 08/10/2021
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
2,632.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
2,632.00
11
Aggregate amount beneficially owned by each reporting person
2,632.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER AND TAMRA GOULD CHARITABLE REMAINDER UNITRUST U/A DTD 03/18/1993
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
110.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
110.00
11
Aggregate amount beneficially owned by each reporting person
110.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 04/22/1998
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
265.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
265.00
11
Aggregate amount beneficially owned by each reporting person
265.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 01/11/2005
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
OHIO
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
5,738.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
5,738.00
11
Aggregate amount beneficially owned by each reporting person
5,738.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
CUSIP Number(s):
649604840
1
Name of reporting person
HORIZON GROUP PROPERTIES INC.
2
Check the appropriate box if a member of a Group (See Instructions)
(a)
(b)
3
SEC use only
4
Source of funds (See Instructions)
WC
5
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
6
Citizenship or place of organization
MARYLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
7
Sole Voting Power
0.00
8
Shared Voting Power
35,000.00
9
Sole Dispositive Power
0.00
10
Shared Dispositive Power
35,000.00
11
Aggregate amount beneficially owned by each reporting person
35,000.00
12
Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
13
Percent of class represented by amount in Row (11)
0.0 %
14
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person:
* See footnote * to Mr. Amsters cover page.
** See footnote ** to Mr. Amsters cover page.
SCHEDULE 13D
Item 1.
Security and Issuer
(a)
Title of Class of Securities:
COMMON STOCK PAR VALUE $0.01 PER SHARE
(b)
Name of Issuer:
ADAMAS TRUST, INC.
(c)
Address of Issuer's Principal Executive Offices:
90 PARK AVENUE 23RD FLOOR, NEW YORK,
NEW YORK
, 10016.
Item 1 Comment:
This Amendment No. 1 to Schedule 13D (Amendment No. 1) amends the Reporting Persons initial Schedule 13D filed February 26 ,2025 (the Initial 13D) with respect to the Common Shares (the Common Stock) of Adamas Trust Inc., formerly known as New York Mortgage Trust, Inc (the Issuer). Except as specifically amended by this Amendment No. 1 and noted in the paragraphs below, the Initial 13D is unchanged. Unless otherwise indicated, each capitalized item used but not specifically defined herein shall have the meaning ascribed to such item in the Initial 13D and Amendment No. 1
Item 5.
Interest in Securities of the Issuer
(a)
Item 5 of the Initial 13D is hereby amended and restated in its entirety to read as follows:
(a) See Items 11 and 13 of the cover pages of this Schedule 13D, as amended, which Items are incorporated herein by reference, for the aggregate number of shares and percentage of the shares of Common Stock identified pursuant to Item 1 beneficially owned by each of the Reporting Persons
(b)
(b) See items 7, 8, 9, and 10 of the cover pages to this Schedule 13D, as amended, which Items are incorporated herein by reference, for the aggregate number and percentage of the shares of the Common Stock beneficially owned by each of the Reporting Persons as to which there is sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition of such shares of the Common Stock.
(c)
(c) The following table sets forth all transactions with respect to the shares of Common Stock effected during the past sixty (60) days by any of the Reporting Persons, inclusive of any transactions effected through 5:00 p.m., New York City time, on August 20, 2026.
All transactions were sales and were conducted on the open market. If the shares were sold in multiple transactions on a single trading day, the price per share reported is the weighted average price.
Date Shares Sold Per Share Total Price Seller High Low
06/25/26 115,000 $9.34 $1.073,737.87 Howard Amster 9.39 9.27
06/26/26 125,000 $9.41 $1,175,856.71 Howard Amster 9.49 9.34
06/29/26 150,000 $9.34 $1,401,309.62 Howard Amster 9.40 9.30
06/30/26 194,000 $9.48 $1,838,262.18 Howard Amster 9.54 9.44
07/01/26 250,000 $9.35 $2,337,445.33 Howard Amster 9.40 9.30
07/06/26 87,600 $9.11 $798,056.85 Howard Amster 9.16 9.06
07/07/26 107,400 $9.14 $981,297.81 Howard Amster 9.16 9.08
07/08/26 33,000 $9.04 $298,280.95 Howard Amster 9.06 9.03
07/09/26 69,600 $9.20 $640,293.34 Howard Amster 9.28 9.09
07/10/26 94,000 $9.16 $860,799.56 Howard Amster 9.18 9.14
08/12/26 20,000 $10.24 $204,757.28 Howard Amster 10.27 10.22
08/20/26 120,000 $9.90 $1,187,465.03 Howard Amster 10.06 9.84
(d)
(d) Other than the Reporting Persons, no other person is known by the Reporting Persons to have the right to receive or direct the receipt of dividends from, or the proceeds from the sale of, the shares of the Common Stock of the Issuer beneficially owned by the Reporting Persons.
(e)
AUGUST 20, 2026
Item 7.
Material to be Filed as Exhibits.
Exhibit 99.1 Joinder to Joint Filing Agreement
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Amster Howard
Signature:
HOWARD AMSTER
Name/Title:
HOWARD AMSTER
Date:
08/25/2026
PLEASANT LAKE APARTMENTS LIMITED PARTNERSHIP
Signature:
HOWARD AMSTER
Name/Title:
PRESIDENT PLEASANT LAKE APARTMENTS CORP ITS GENERAL PARTNER
Date:
08/25/2026
HOWARD AMSTER 2019 CHARITABLE REMAINDER TRUST #1 U/A DTD 05/20/2019
Signature:
HOWARD AMSTER
Name/Title:
TRUSTEE
Date:
08/25/2026
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 05/20/2019
Signature:
HOWARD AMSTER
Name/Title:
TRUSTEE
Date:
08/25/2026
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 05/20/2019
Signature:
HOWARD AMSTER
Name/Title:
TRUSTEE
Date:
08/25/2026
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #4 U/A DTD 05/20/2019
Signature:
HOWARD AMSTER
Name/Title:
TRUSTEE
Date:
08/25/2026
AMSTER LIMITED PARTNERSHIP
Signature:
HOWARD AMSTER
Name/Title:
GENERAL PARTNER
Date:
08/25/2026
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #7 U/A DTD 05/20/2019
Signature:
HOWARD AMSTER
Name/Title:
TRUSTEE
Date:
08/25/2026
LAUGHLIN HOLDINGS LLC
Signature:
HOWARD AMSTER
Name/Title:
PRESIDENT PLEASANT LAKE APARTMENTS CORP GENERAL PARTNER OF PLEASANT LAKE APARTMENTS LP MANAGING MEMEBER LAUGHLIN HOLDINGS LLC
Date:
08/25/2026
RAMAT SECURITIES LTD
Signature:
HOWARD AMSTER
Name/Title:
AUTHORIZED REPRESENTATIVE
Date:
08/25/2026
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 11/23/2021
