| 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 Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Basic Earnings | | | | | | | | | Income attributable to STWD common stockholders | $ | 6,557 | | | $ | 129,814 | | | $ | 58,435 | | | $ | 242,069 | | | Less: Income attributable to participating shares not already deducted as non-controlling interests | (2,439) | | | (2,099) | | | (5,013) | | | (4,364) | | | Basic earnings | $ | 4,118 | | | $ | 127,715 | | | $ | 53,422 | | | $ | 237,705 | | | | | | | | | | | Diluted Earnings | | | | | | | | | Income attributable to STWD common stockholders | $ | 6,557 | | | $ | 129,814 | | | $ | 58,435 | | | $ | 242,069 | | | Less: Income attributable to participating shares not already deducted as non-controlling interests | (2,439) | | | (2,099) | | | (5,013) | | | (4,364) | | | | | | | | | | | | | | | | | | | | | | | | | | | Diluted earnings | $ | 4,118 | | | $ | 127,715 | | | $ | 53,422 | | | $ | 237,705 | | | | | | | | | | | Number of Shares: | | | | | | | | | Basic — Average shares outstanding | 366,401 | | | 336,945 | | | 366,430 | | | 336,007 | | | | | | | | | | | Effect of dilutive securities — Contingently issuable shares | — | | | 5 | | | — | | | 5 | | | Effect of dilutive securities — Unvested non-participating shares | 330 | | | 195 | | | 323 | | | 196 | | | Diluted — Average shares outstanding | 366,731 | | | 337,145 | | | 366,753 | | | 336,208 | | | | | | | | | | | Earnings Per Share Attributable to STWD Common Stockholders: | | | | | | | | | Basic | $ | 0.01 | | | $ | 0.38 | | | $ | 0.15 | | | $ | 0.71 | | | Diluted | $ | 0.01 | | | $ | 0.38 | | | $ | 0.15 | | | $ | 0.71 | |
As of June 30, 2026 and 2025, participating shares of 14.7 million and 14.0 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 both June 30, 2026 and 2025 included 9.6 million potential shares of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 17. Our Convertible Notes were not dilutive for the three and six months ended June 30, 2026 and 2025.
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