Capitalization Overview, continued
$ billions


- 92% of commercial lending debt and 86% of consolidated debt has no mark-to-market provisions


<figure type="CHART">

<description>The figure displays two donut charts representing financial data, each totaling $25.1. The left chart is titled 'Total Debt Outstanding (including off-balance sheet)' and the right chart is titled 'Margin Call Provisions (including off-balance sheet)'.</description><table><thead><tr><th>Total Debt Outstanding (including off-balance sheet)</th><th>Value ($)</th><th>Margin Call Provisions (including off-balance sheet)</th><th>Value ($)</th></tr></thead><tbody><tr><td>Secured Debt</td><td>14.2</td><td>No Margin Calls</td><td>14.8</td></tr><tr><td>Unsecured Debt</td><td>4.9</td><td>Credit</td><td>6.8</td></tr><tr><td>Off-B/S Debt (ABSs, CLOs &amp; SASB)</td><td>4.8</td><td>Spread and Credit</td><td>3.5</td></tr><tr><td>Woodstar Fund Debt</td><td>1.2</td><td></td><td></td></tr></tbody></table></figure>

*$4.5B proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027
and (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026


STARWOOD PROPERTY TRUST


29