Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

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 March 31,
	2025		2024
Basic Earnings
Income attributable to STWD common stockholders	$	112,255	$	154,332
Less: Income attributable to participating shares not already deducted as non-controlling interests	(2,265)		(2,576)
Basic earnings	$	109,990	$	151,756
Diluted Earnings
Income attributable to STWD common stockholders	$	112,255	$	154,332
Less: Income attributable to participating shares not already deducted as non-controlling interests	(2,265)		(2,576)
Add: Interest expense on Convertible Notes	—		7,005
Add: Undistributed earnings to participating shares	—		68
Less: Undistributed earnings reallocated to participating shares	—		(65)
Diluted earnings	$	109,990	$	158,764
Number of Shares:
Basic — Average shares outstanding	335,059		311,827
Effect of dilutive securities — Convertible Notes	—		18,344
Effect of dilutive securities — Contingently issuable shares	252		469
Effect of dilutive securities — Unvested non-participating shares	145		200
Diluted — Average shares outstanding	335,456		330,840
Earnings Per Share Attributable to STWD Common Stockholders:
Basic	$	0.33	$	0.49
Diluted	$	0.33	$	0.48