| Schedule of Reconciliation of Net Income and Number of Shares used in Computation of 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 | |
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