Company: RWT-PA
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000930236-25-000012
Chunk: 124

Company: REDWOOD TRUST INC
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 124
---
 this Proxy Statement.

#### BY ORDER OF THE BOARD OF DIRECTORS
March 31, 2025 /s/ Andrew P. Stone

Mill Valley, California Secretary

<div align='center'>107</div>

#### ANNEX A

#### Reconciliation of

#### 2024 Non-GAAP EAD ROE

#### to

### 2024 Return on Equity Based on GAAP Financial Results
<div align='center'>A-1

Reconciliation of :</div>

#### 2024 GAAP Return on Equity (GAAP ROE)

#### to

#### 2024 EAD Return on Equity (EAD ROE)
<div align='center'>($ in thousands)</div>

|                                                                                                                                                    |     | Calculation of: |     | GAAP ROE |     |           |     |   |     | EAD ROE |     |           |
|:---------------------------------------------------------------------------------------------------------------------------------------------------|:----|:----------------|:----|:---------|----:|----------:|:----|:--|:----|:--------|----:|----------:|
| 2024 GAAP net income available to common shares                                                                                                    |     | $               |     |          |     |    46,989 |     | $ |     |         |     |    46,989 |
| Adjustments:                                                                                                                                       |     |                 |     |          |     |           |     |   |     |         |     |           |
| Investment fair value changes, net(1)                                                                                                              |     | $               |     |          |   — |           |     | $ |     |         |     |    14,759 |
| Realized (gains)/losses, net(2)                                                                                                                    |     |                 |     |          |   — |           |     |   |     |         |     |      -306 |
| Acquisition related expenses(3)                                                                                                                    |     |                 |     |          |   — |           |     |   |     |         |     |     9,412 |
| Organizational restructuring charges(4)                                                                                                            |     |                 |     |          |   — |           |     |   |     |         |     |     2,814 |
| Tax effect of adjustments(5)                                                                                                                       |     |                 |     |          |   — |           |     |   |     |         |     |      -437 |
| 2024 Net Income available to/non