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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

X0202 SCHEDULE 13D/A 0000904853 XXXXXXXX LIVE 1 COMMON STOCK PAR VALUE $0.01 PER SHARE 08/20/2026 false 0001273685 649604840 ADAMAS TRUST, INC. 90 PARK AVENUE 23RD FLOOR NEW YORK NY 10016 Howard Amster 2165951047 521 35th St West Palm Beach FL 33407 0000904853 N Amster Howard a PF N X1 2026093.00 4381764.00 2026093.00 4381764.00 4381764.00 N 4.9 IN *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. Y PLEASANT LAKE APARTMENTS LIMITED PARTNERSHIP a WC N OH 0.00 616002.00 0.00 616002.00 616002.00 N 0.7 PN * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. N HOWARD AMSTER 2019 CHARITABLE REMAINDER TRUST #1 U/A DTD 05/20/2019 a WC N OH 0.00 267919.00 0.00 267919.00 267919.00 N 0.3 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 05/20/2019 a WC N OH 0.00 8635.00 0.00 8635.00 8635.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 05/20/2019 a WC N OH 0.00 3432.00 0.00 3432.00 3432.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #4 U/A DTD 05/20/2019 a WC N OH 0.00 116185.00 0.00 116185.00 116185.00 N 0.1 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y AMSTER LIMITED PARTNERSHIP a WC N OH 0.00 223688.00 0.00 223688.00 223688.00 N PN * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #7 U/A DTD 05/20/2019 a WC N OH 0.00 318.00 0.00 318.00 318.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y LAUGHLIN HOLDINGS LLC WC N DE 0.00 223529.00 0.00 223529.00 223529.00 N 0.3 PN * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y RAMAT SECURITIES LTD a WC N OH 0.00 249491.00 0.00 249491.00 249491.00 N PN * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 11/23/2021 a WC N OH 0.00 147797.00 0.00 147797.00 147797.00 N 0.2 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y PLEASANT LAKE APARTMENTS CORP a WC N OH 0.00 11013.00 0.00 11013.00 11013.00 N 0.0 CO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWRAD AMSTER 2022 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 03/09/2022 a WC N OH 0.00 75205.00 0.00 75205.00 75205.00 N 0.1 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER FOUNDATION a WC N OH 0.00 345471.00 0.00 345471.00 345471.00 N 0.4 OO CO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y NEWAX INC. a WC N DE 0.00 45397.00 0.00 45397.00 45397.00 N 0.1 CO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y PLEASANT LAKE SKOIEN INVESTMENTS LLC a WC N DE 0.00 52035.00 0.00 52035.00 52035.00 N 0.1 PN * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #5 U/A DTD 05/20/2019 a WC N OH 0.00 25968.00 0.00 25968.00 25968.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 08/10/2021 a WC N OH 0.00 441.00 0.00 441.00 441.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 08/10/2021 a WC N OH 0.00 2632.00 0.00 2632.00 2632.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER AND TAMRA GOULD CHARITABLE REMAINDER UNITRUST U/A DTD 03/18/1993 a WC N OH 0.00 110.00 0.00 110.00 110.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 04/22/1998 a WC N OH 0.00 265.00 0.00 265.00 265.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. N HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 01/11/2005 a WC N OH 0.00 5738.00 0.00 5738.00 5738.00 N 0.0 OO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. Y HORIZON GROUP PROPERTIES INC. a WC N MD 0.00 35000.00 0.00 35000.00 35000.00 N 0.0 CO * See footnote * to Mr. Amsters cover page. ** See footnote ** to Mr. Amsters cover page. COMMON STOCK PAR VALUE $0.01 PER SHARE ADAMAS TRUST, INC. 90 PARK AVENUE 23RD FLOOR NEW YORK NY 10016 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 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) 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) 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) 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. AUGUST 20, 2026 Exhibit 99.1 Joinder to Joint Filing Agreement Amster Howard HOWARD AMSTER HOWARD AMSTER 08/25/2026 PLEASANT LAKE APARTMENTS LIMITED PARTNERSHIP HOWARD AMSTER PRESIDENT PLEASANT LAKE APARTMENTS CORP ITS GENERAL PARTNER 08/25/2026 HOWARD AMSTER 2019 CHARITABLE REMAINDER TRUST #1 U/A DTD 05/20/2019 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 05/20/2019 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 05/20/2019 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #4 U/A DTD 05/20/2019 HOWARD AMSTER TRUSTEE 08/25/2026 AMSTER LIMITED PARTNERSHIP HOWARD AMSTER GENERAL PARTNER 08/25/2026 HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #7 U/A DTD 05/20/2019 HOWARD AMSTER TRUSTEE 08/25/2026 LAUGHLIN HOLDINGS LLC HOWARD AMSTER PRESIDENT PLEASANT LAKE APARTMENTS CORP GENERAL PARTNER OF PLEASANT LAKE APARTMENTS LP MANAGING MEMEBER LAUGHLIN HOLDINGS LLC 08/25/2026 RAMAT SECURITIES LTD HOWARD AMSTER AUTHORIZED REPRESENTATIVE 08/25/2026 HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 11/23/2021 HOWARD AMSTER TRUSTEE 08/25/2026 PLEASANT LAKE APARTMENTS CORP HOWARD AMSTER PRESIDENT 08/25/2026 HOWRAD AMSTER 2022 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 03/09/2022 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER FOUNDATION HOWARD AMSTER PRESIDENT 08/25/2026 NEWAX INC. HOWARD AMSTER DIRECTOR 08/25/2026 PLEASANT LAKE SKOIEN INVESTMENTS LLC HOWARD AMSTER PRESIDENT PLEASANT LAKE APARTMENTS CORP GENERAL PARTNER PLEASANT LAKE APARTMENTS LIMITED PARTNERSHIP MANAGING MEMBER PLEASANT LAKE SKOIEN INVESTMENTS 08/25/2026 HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #5 U/A DTD 05/20/2019 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 08/10/2021 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 08/10/2021 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER AND TAMRA GOULD CHARITABLE REMAINDER UNITRUST U/A DTD 03/18/1993 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 04/22/1998 HOWARD AMSTER TRUSTEE 08/25/2026 HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 01/11/2005 HOWARD AMSTER TRUSTEE 08/25/2026 HORIZON GROUP PROPERTIES INC. HOWARD AMSTER DIRECTOR 08/25/2026