Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 77

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 was $0.2 million of unrecognized compensation cost related to the non-vested portion of the DSUs. The unrecognized compensation cost related to the non-vested portion of the DSUs at March 31, 2025 is expected to be recognized over a weighted average period of 0.2 years. Compensation expense related to the DSUs was $0.2 million for the three months ended March 31, 2025. 

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21.      Income TaxesFor the three months ended March 31, 2025 and 2024, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the condensed consolidated financial statements.The income tax expense (benefit) for the three months ended March 31, 2025 and 2024, respectively, is comprised of the following components (dollar amounts in thousands):For the Three Months Ended March 31, 20252024Current income tax expense$653 $163 Deferred income tax benefit(5)(274)Total income tax expense (benefit)$648 $(111)Deferred Tax Assets and LiabilitiesThe major sources of temporary differences included in the deferred tax assets (liabilities) and their deferred tax effect as of March 31, 2025 and December 31, 2024, respectively, are as follows (dollar amounts in thousands): March 31, 2025December 31, 2024Deferred tax assets  Net operating loss carryforward$6,936 $9,671 Capital loss carryover20,755 16,259 GAAP/Tax basis differences3,640 11,346 Deferred tax assets31,331 37,276 Less: Valuation allowance (25,390)(26,412)Net deferred tax assets (1)5,941 10,864 Deferred tax liabilities  GAAP/Tax basis differences