Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 138

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 138
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 TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025(Unaudited)Note 21. Earnings per Common Share - (continued)

For the three and nine months ended September 30, 2025, the number of outstanding equity awards that were antidilutive totaled 20,938 and 66,185 common shares. For the three and nine months ended September 30, 2024, the number of outstanding equity awards that were antidilutive totaled 19,032 and 61,569 common shares.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 nine months ended September 30, 2025 and 2024 are presented in the following table.Table 22.1 – Components of General and Administrative ExpensesThree Months Ended September 30,Nine Months Ended September 30,(In Thousands)2025202420252024Fixed compensation expense (1)$15,702 $12,847 $46,561 $42,177 Annual variable compensation expense6,623 6,631 18,926 13,599 Long-term incentive award expense (2)5,828 7,839 17,109 21,664 Systems and consulting4,700 3,398 12,467 9,853 Office costs1,767 1,720 5,641 5,878 Accounting and legal1,034 1,087 4,149 3,093 Corporate costs905 865 2,573 2,722 Other2,148 1,621 5,735 4,875 Total General and Administrative Expenses$38,707 $36,008 $113,161 $103,861 (1)Includes $2 million of severance and transition-related expenses for the nine months ended September 30, 2024.(2)For the three months ended September 30, 2025 and 2024, long-term incentive award expense included $5 million and $4 million of expense, respectively, for awards settleable in shares of our common stock, and $1 million and $3 million of expense, respectively, for awards settleable in cash. For the nine months ended September