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Earnings per Share
 12 Months Ended
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,
20252024
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 outstanding349,687 319,921 309,771 
Effect of dilutive securities — Contingently issuable shares95 331 450 
Effect of dilutive securities — Unvested non-participating shares209 317 286 
Diluted — Average shares outstanding349,991 320,569 310,507 
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.