ADAMAS TRUST, INC. — Director's Dealing 2008

Jan 29, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NEW YORK MORTGAGE TRUST INC (NMTR.OB)
CIK: 0001273685
Period of Report: 2008-01-18

Reporting Person: JMP ASSET MANAGEMENT LLC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	21903	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Cumulative Redeemable Convertible Preferred Stock	$4.00		Common Stock (5000000)		Indirect
Series A Cumulative Redeemable Convertible Preferred Stock	$4.00		Common Stock (1811000)		Indirect
Series A Cumulative Redeemable Convertible Preferred Stock	$4.00		Common Stock (314000)		Indirect
Series A Cumulative Redeemable Convertible Preferred Stock	$4.00		Common Stock (288000)		Indirect
Series A Cumulative Redeemable Convertible Preferred Stock	$4.00		Common Stock (87000)		Indirect

Footnotes

F1: The reporting person has investment control over these securities as investment advisor to this entity, but disclaims
beneficial ownership of these securities and this report shall not be an admission that the reporting person is the
beneficial owner of such securities for purposes of Section 16 or any other purpose.

F2: The Series A Preferred Stock has a conversion rate of five shares of common stock for every share of Series A Preferred
Stock.

F3: The Series A Cumulative Redeemable Convertible Preferred Stock (the "Series A Preferred Stock") is convertible: (a) at the
holder's election, any time prior to redemption or mandatory conversion by the Company, or (b) at the Company's option,
any time, subject to the satisfaction of certain mandatory conversion conditions set forth in the Articles Supplementary for
the Series A Preferred Stock.

F4: The Series A Preferred Stock matures on December 31, 2010, but may be redeemed earlier in the event of a change of control.

F5: Pursuant to that certain Stock Purchase Agreement, by and among the issuer and the investors listed on Schedule I thereto,
dated as of November 30, 2007, as amended (the "Purchase Agreement"), JMP Realty Trust, Inc. has an option, exercisable not
later than April 4, 2008, to purchase up to an additional 500,000 shares of Series A Preferred Stock, which will be
immediately convertible, at the holder's election, into 2,500,000 shares of common stock.

F6: Pursuant to the Purchase Agreement, Harvest Opportunity Partners II, L.P. has an option, exercisable not later than April 4,
2008, to purchase up to an additional 181,100 shares of Series A Preferred Stock, which will be immediately convertible, at
the holder's election, into 905,500 shares of common stock.

F7: Pursuant to the Purchase Agreement, Harvest Opportunity Partners Offshore Fund, Ltd. has an option, exercisable not later
than April 4, 2008, to purchase up to an additional 31,400 shares of Series A Preferred Stock, which will be immediately
convertible, at the holder's election, into 157,000 shares of common stock.

F8: Pursuant to the Purchase Agreement, Harvest Small Cap Partners, L.P. has an option, exercisable not later than April 4, 2008,
to purchase up to an additional 28,800 shares of Series A Preferred Stock, which will be immediately convertible, at the
holder's election, into 144,000 shares of common stock.

F9: Pursuant to the Purchase Agreement, Harvest Small Cap Offshore, Ltd. has an option, exercisable not later than April 4, 2008,
to purchase up to an additional 8,700 shares of Series A Preferred Stock, which will be immediately convertible, at the
holder's election, into 43,500 shares of common stock.