Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 143

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 143
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ARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025(Unaudited)Note 20. Earnings per Common Share - (continued)

For additional information regarding EPS, see Note 20 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Note 22. General and Administrative Expenses

Components of our general and administrative expenses for the three and six months ended June 30, 2025 and 2024 are presented in the following table.Table 22.1 – Components of General and Administrative ExpensesThree Months Ended June 30,Six Months Ended June 30,(In Thousands)2025202420252024Fixed compensation expense (1)$14,870 $13,073 $30,859 $29,330 Long-term incentive award expense (2)5,612 7,338 11,281 13,825 Annual variable compensation expense6,367 4,051 12,303 6,968 Systems and consulting3,983 3,254 7,767 6,455 Office costs1,895 2,076 3,874 4,158 Accounting and legal1,516 789 3,115 2,006 Corporate costs930 985 1,668 1,857 Other1,810 1,718 3,587 3,254 Total General and Administrative Expenses$36,983 $33,284 $74,454 $67,853 (1)Includes $2 million of severance and transition-related expenses for the six months ended June 30, 2024.(2)For the three months ended June 30, 2025 and 2024, long-term incentive award expense included $6 million and $7 million of expense, respectively, with $5 million awards settleable in shares of our common stock, and $1 million and $2 million awards settleable in cash. For the six months ended June 30, 2025 and 2024, long-term incentive award expense included $11 million and $14 million of expense, respectively, with $9 million and $11 million awards settleable in shares of our common stock, and $2 million and $3 million awards settleable in cash.For additional information related to cash-settled long-term incentive awards