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 Three Months Ended March 31,
	2026		2025
Basic Earnings
Income attributable to STWD common stockholders	$	51,878	$	112,255
Less: Income attributable to participating shares not already deducted as non-controlling interests	(2,574)		(2,265)
Basic earnings	$	49,304	$	109,990

Diluted Earnings
Income attributable to STWD common stockholders	$	51,878	$	112,255
Less: Income attributable to participating shares not already deducted as non-controlling interests	(2,574)		(2,265)



Diluted earnings	$	49,304	$	109,990

Number of Shares:
Basic — Average shares outstanding	366,460		335,059

Effect of dilutive securities — Contingently issuable shares	161		252
Effect of dilutive securities — Unvested non-participating shares	326		145
Diluted — Average shares outstanding	366,947		335,456

Earnings Per Share Attributable to STWD Common Stockholders:
Basic	$	0.13	$	0.33
Diluted	$	0.13	$	0.33