diff --git a/src/borg/archiver/extract_cmd.py b/src/borg/archiver/extract_cmd.py
index aa3b6c4df5..19222dc61a 100644
--- a/src/borg/archiver/extract_cmd.py
+++ b/src/borg/archiver/extract_cmd.py
@@ -56,53 +56,55 @@ def do_extract(self, args, repository, manifest, archive):
         else:
             pi = None
 
-        excluded_items = []
-        # First pass to identify excluded items
         for item in archive.iter_items(preload=True):
-            if not matcher.match(item.path):
-                excluded_items.append(item.path)
-
-        for item in archive.iter_items(filter, preload=True):
             orig_path = item.path
-            if strip_components:
-                item.path = os.sep.join(orig_path.split(os.sep)[strip_components:])
+            components = orig_path.split(os.sep)
+            if strip_components >= len(components):
+                sanitized_path = ""
+            else:
+                sanitized_path = os.sep.join(components[strip_components:])
+
+            if not sanitized_path:
+                continue
 
-            if not args.dry_run:
-                while dirs and not item.path.startswith(dirs[-1].path):
-                    dir_item = dirs.pop(-1)
-                    try:
-                        archive.extract_item(dir_item, stdout=stdout)
-                    except BackupError as e:
-                        self.print_warning_instance(BackupWarning(remove_surrogates(dir_item.path), e))
+            item.path = sanitized_path
 
             is_matched = matcher.match(item.path)
-            try:
-                log_prefix = "+" if is_matched else "-"
-                logging.getLogger("borg.output.list").info(f"{log_prefix} {remove_surrogates(item.path)}")
-                if dry_run:
-                    archive.extract_item(item, dry_run=True, hlm=hlm, pi=pi)
-                else:
-                    if is_matched:
-                        if stat.S_ISDIR(item.mode):
-                            dirs.append(item)
-                            archive.extract_item(item, stdout=stdout, restore_attrs=False)
-                        else:
-                            archive.extract_item(
-                                item,
-                                stdout=stdout,
-                                sparse=sparse,
-                                hlm=hlm,
-                                pi=pi,
-                                continue_extraction=continue_extraction,
-                            )
-            except BackupError as e:
-                self.print_warning_instance(BackupWarning(remove_surrogates(orig_path), e))
+            log_prefix = "+" if is_matched else "-"
+            logging.getLogger("borg.output.list").info(f"{log_prefix} {remove_surrogates(item.path)}")
+
+            if is_matched:
+
+                if not args.dry_run:
+                    while dirs and not item.path.startswith(dirs[-1].path):
+                        dir_item = dirs.pop(-1)
+                        try:
+                            archive.extract_item(dir_item, stdout=stdout)
+                        except BackupError as e:
+                            self.print_warning_instance(BackupWarning(remove_surrogates(dir_item.path), e))
+
+                try:
+                    if dry_run:
+                        archive.extract_item(item, dry_run=True, hlm=hlm, pi=pi)
+                    else:
+                        if is_matched:
+                            if stat.S_ISDIR(item.mode):
+                                dirs.append(item)
+                                archive.extract_item(item, stdout=stdout, restore_attrs=False)
+                            else:
+                                archive.extract_item(
+                                    item,
+                                    stdout=stdout,
+                                    sparse=sparse,
+                                    hlm=hlm,
+                                    pi=pi,
+                                    continue_extraction=continue_extraction,
+                                )
+                except BackupError as e:
+                    self.print_warning_instance(BackupWarning(remove_surrogates(orig_path), e))
+
         if pi:
             pi.finish()
-        # Display excluded items
-        if excluded_items:
-            for excluded_item in excluded_items:
-                logging.getLogger("borg.output.list").info(f"- {remove_surrogates(excluded_item)}")
 
         if not args.dry_run:
             pi = ProgressIndicatorPercent(