Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 72

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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772 common shares reserved for issuance in connection with outstanding DSUs under the 2017 Plan.(a) Restricted Common Stock AwardsDuring the three months ended March 31, 2025 and 2024, the Company recognized non-cash compensation expense on its restricted common stock awards of $0.5 million and $0.9 million, respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. Non-vested restricted stock is forfeited upon the recipient's termination of employment, subject to certain exceptions. A summary of the activity of the Company's non-vested restricted stock under the 2017 Plan for the three months ended March 31, 2025 and 2024, respectively, is presented below:20252024Number ofNon-vestedRestrictedSharesWeightedAverage Per ShareGrant DateFair Value (1)Number ofNon-vestedRestrictedSharesWeightedAverage Per ShareGrant DateFair Value (1)Non-vested shares as of January 1538,159 $10.39 524,570 $13.57 Granted— — 342,628 8.23 Vested(264,338)11.44 (246,917)13.90 Forfeited(38,024)9.34 (3,529)11.33 Non-vested shares as of March 31235,797 $9.38 616,752 $10.45 Restricted stock granted during the period— $— 342,628 $8.23 (1)The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.At March 31, 2025 and 2024, the Company had unrecognized compensation expense of $1.9 million and $5.8 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan. The unrecognized compensation expense at March 31, 2025 is expected to be recognized over a weighted average period of 1.5 years. The total fair value of restricted shares vested during the three months ended March 31, 2025 and 2024 was approximately $1.6 million and $2.1 million, respectively. The requisite service period for restricted stock awards at issuance is three years and the restricted common stock vests ratably over the requisite service period.

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