Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 89

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 89
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 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 six months ended June 30, 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(40,723)9.33 (55,156)10.12 Non-vested shares as of June 30233,098 $9.38 565,125 $10.49 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 June 30, 2025 and 2024, the Company had unrecognized compensation expense of $1.5 million and $4.5 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan. The unrecognized compensation expense at June 30, 2025 is expected to be recognized over a weighted average period of 1.3 years. The total fair value of restricted shares vested during the six months ended June 30, 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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(b) Performance Share UnitsDuring the six months ended June 30, 2025 and 2024, the Company granted PSUs that had been approved by the Compensation Committee and the Board of Directors. Under the 2017 Plan, PSUs are instruments that provide the holder the right to receive one share of the Company's common stock once a performance condition has been satisfied. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan