Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 94

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 94
---
(110,772)6.50 Non-vested DSUs as of June 30112,068 $6.96 (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 six months ended June 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 DERs as of June 30, 2025.

As of June 30, 2025, there was $0.7 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 June 30, 2025 is expected to be recognized over a weighted average period of 0.9 years. Compensation expense related to the DSUs was $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively. 

75

21.      Income TaxesFor the three and six months ended June 30, 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 (benefit) expense for the three and six months ended June 30, 2025 and 2024, respectively, is comprised of the following components (dollar amounts in thousands):For the Three Months Ended June 30,For the Six Months Ended June 30, 202520242