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Earnings per Share | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts):
|  | For the Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Basic Earnings |  |  |  |  |  |
Income attributable to STWD common stockholders |  | $ | 411,544 |  |  | $ | 359,933 |  |  | $ | 339,213 |
Less: Income attributable to participating shares not already deducted as non-controlling interests |  | (9,188) |  |  | (7,201) |  |  | (6,412) |
Basic earnings |  | $ | 402,356 |  |  | $ | 352,732 |  |  | $ | 332,801 |
Diluted Earnings |  |  |  |  |  |
Income attributable to STWD common stockholders |  | $ | 411,544 |  |  | $ | 359,933 |  |  | $ | 339,213 |
Less: Income attributable to participating shares not already deducted as non-controlling interests |  | (9,188) |  |  | (7,201) |  |  | (6,412) |
Diluted earnings |  | $ | 402,356 |  |  | $ | 352,732 |  |  | $ | 332,801 |
Number of Shares: |  |  |  |  |  |
Basic — Average shares outstanding |  | 349,687 |  |  | 319,921 |  |  | 309,771 |
Effect of dilutive securities — Contingently issuable shares |  | 95 |  |  | 331 |  |  | 450 |
Effect of dilutive securities — Unvested non-participating shares |  | 209 |  |  | 317 |  |  | 286 |
Diluted — Average shares outstanding |  | 349,991 |  |  | 320,569 |  |  | 310,507 |
Earnings Per Share Attributable to STWD Common Stockholders: |  |  |  |  |  |
Basic |  | $ | 1.15 |  |  | $ | 1.10 |  |  | $ | 1.07 |
Diluted |  | $ | 1.15 |  |  | $ | 1.10 |  |  | $ | 1.07 |
As of December 31, 2025, 2024 and 2023, participating shares of 14.5 million, 13.1 million and 12.7 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at December 31, 2025, 2024 and 2023 included 9.6 million, 9.7 million and 9.7 million potential shares, respectively, of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 18. Our current and prior convertible notes repaid in April 2023 were not dilutive for the years ended December 31, 2025, 2024 and 2023.

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