Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 303

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 303
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 premium are added to the shares outstanding used to calculate dilutive EPS.During the three and six months ended June 30, 2025, none of our Warrants were determined to be dilutive to our calculation of dilutive earnings per common share. The Warrants would have a dilutive effect on earnings per common share to the extent that the Warrants are vested and exercisable, and the average market value per share of our common stock exceeds the strike price of the Warrants.For both the three and six months ended June 30, 2025, 30,479,037 of common shares related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three and six months ended June 30, 2024, 34,537,361 and 35,105,457 of common shares related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three and six months ended June 30, 2025, the number of outstanding equity awards that were antidilutive totaled 22,796 and 45,247 common shares. For the three and six months ended June 30, 2024, the number of outstanding equity awards that were antidilutive totaled 20,376 and 42,537 common shares.

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REDWOOD TRUST, INC. AND SUBSIDIARIES 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,