MAH NICHOLAS

PrivateCIK: 1960129

Location

NEW YORK, NY

MAH NICHOLAS (President) exercised options at ADAMAS TRUST, INC.

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 3 exercises

MAH NICHOLAS

Filed: 1/2/2026ACC: 0001273685-26-000011

InsiderMAH NICHOLASCIK 1960129

→

IssuerADAMAS TRUST, INC.CIK 1273685

Officer· President

Since Jan 2026

-58.80K

Net shares

Net seller

$429.2K

Total sold

0

Open market trades

0B · 0S

9

Total transactions

105.48K acquired · 164.28K disposed

Non-Derivative Transactions6

Common Stock, par value $0.01 per share

Direct

M · Option Exercise

Shares

+24.41K

Price / share

—

Trade value

—

% of position

11.8%

1/1/2026

207.01K→231.42K

Common Stock, par value $0.01 per share

Direct

F · Tax Withholding

Shares

−14.51K

Price / share

$7.30

Trade value

$105.92K

% of position

6.3%

1/1/2026

231.42K→216.91K

Common Stock, par value $0.01 per share

Direct

M · Option Exercise

Shares

+32.12K

Price / share

—

Trade value

—

% of position

14.8%

1/1/2026

216.91K→249.03K

Common Stock, par value $0.01 per share

Direct

F · Tax Withholding

Shares

−17.50K

Price / share

$7.30

Trade value

$127.79K

% of position

7.0%

1/1/2026

249.03K→231.53K

Common Stock, par value $0.01 per share

Direct

M · Option Exercise

Shares

+48.95K

Price / share

—

Trade value

—

% of position

21.1%

1/1/2026

231.53K→280.48K

Common Stock, par value $0.01 per share

Direct

F · Tax Withholding

Shares

−26.78K

Price / share

$7.30

Trade value

$195.52K

% of position

9.5%

1/1/2026

280.48K→253.69K

Total

Net shares

+46.69K

Net value

-$429.23K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock, par value $0.01 per share Direct	1/1/2026	M · Option Exercise	+24.41K	—	—	11.8%	207.01K	231.42K
Common Stock, par value $0.01 per share Direct	1/1/2026	F · Tax Withholding	−14.51K	$7.30	$105.92K	6.3%	231.42K	216.91K
Common Stock, par value $0.01 per share Direct	1/1/2026	M · Option Exercise	+32.12K	—	—	14.8%	216.91K	249.03K
Common Stock, par value $0.01 per share Direct	1/1/2026	F · Tax Withholding	−17.50K	$7.30	$127.79K	7.0%	249.03K	231.53K
Common Stock, par value $0.01 per share Direct	1/1/2026	M · Option Exercise	+48.95K	—	—	21.1%	231.53K	280.48K
Common Stock, par value $0.01 per share Direct	1/1/2026	F · Tax Withholding	−26.78K	$7.30	$195.52K	9.5%	280.48K	253.69K
Total			+46.69K		-$429.23K

Derivative Transactions3

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock, par value $0.01 per share

24.41K shares

Shares

−24.41K

Strike price

0

Held after

211.09K

Exercisable

—

1/1/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock, par value $0.01 per share

32.12K shares

Shares

−32.12K

Strike price

0

Held after

178.96K

Exercisable

—

1/1/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock, par value $0.01 per share

48.95K shares

Shares

−48.95K

Strike price

0

Held after

130.02K

Exercisable

—

1/1/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Restricted Stock Units Direct	Common Stock, par value $0.01 per share24.41K shares	1/1/2026	M · Option Exercise	−24.41K	0	—	211.09K
Restricted Stock Units Direct	Common Stock, par value $0.01 per share32.12K shares	1/1/2026	M · Option Exercise	−32.12K	0	—	178.96K
Restricted Stock Units Direct	Common Stock, par value $0.01 per share48.95K shares	1/1/2026	M · Option Exercise	−48.95K	0	—	130.02K

MAH NICHOLAS — Insider Transaction (Form 4) Filed Jan 2, 2026 | Finecho