Company: ADAMM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001273685-25-000088
Chunk: 102

Company: ADAMAS TRUST, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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2025 were settled in cash.A summary of the activity of the DSU awards under the 2017 Plan for the nine months ended September 30, 2025 and 2024, respectively, is presented below:20252024Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Number ofNon-vestedSharesWeightedAverage Per ShareGrant DateFair Value (1)Non-vested DSUs as of January 1110,772 $6.50 — $— Granted112,068 6.96 110,772 6.50 Vested(110,772)6.50 — — Non-vested DSUs as of September 30112,068 $6.96 110,772 $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.Non-employee directors may elect to defer issuance of shares of common stock in connection with the vesting of DSUs.  During the nine months ended September 30, 2025, 110,772 DSUs vested at a fair value of $0.8 million on the vesting date, of which 18,462 shares of common stock were issued at a fair value of $0.1 million. 92,310 common shares remain reserved for issuance in connection with vested DSUs as of September 30, 2025.

As of September 30, 2025 and 2024, there was $0.5 million and $0.6 million of unrecognized compensation cost related to the non-vested portion of the DSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the DSUs at September 30, 2025 is expected to be recognized over a weighted average period of 0.7 years. Compensation expense related to the DSUs was $0.2 million and $0.6 million for the three and nine months ended September 30, 2025, respectively. Compensation expense related to the DSUs was $0.1 million for the three and nine months ended September 30, 2024. 

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21.      Income TaxesFor the three and nine months ended September 30, 2025 and 2024, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, for