Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 76

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 76
---
ing date. Non-vested RSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of March 31, 2025 and 2024, there was $7.1 million and $1.8 million of unrecognized compensation cost related to the non-vested portion of the RSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the RSUs at March 31, 2025 is expected to be recognized over a weighted average period of 2.4 years. Compensation expense related to the RSUs was $0.7 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively. (d) Deferred Stock UnitsUnder the 2017 Plan, each DSU granted to non-employee directors represents an unfunded promise to receive one share of the Company's common stock, subject to the non-employee director's continued service on the Board of Directors through the day immediately preceding the annual meeting of the Company's stockholders in the year subsequent to the grant date. Non-vested DSUs are forfeited upon the recipient's termination of service on the Company's Board of Directors. The DSUs include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the DSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the DSU to which such DER relates. Upon vesting of the DSUs, the DERs will also vest. DERs will be forfeited upon forfeiture of the corresponding DSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. 

67

A summary of the activity of the DSU awards under the 2017 Plan for the three months ended March 31, 2025 is presented below:2025Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Non-vested DSUs as of January 1110,772 $6.50 Granted— — Non-vested DSUs as of March 31110,772 $6.50 (1)The grant date fair value of DSUs is based on the closing market price of the Company’s common stock at the grant date.

As of March 31, 2025, there