BrightSpire Capital Inc

Previous wording

•Net Leased and Other Real Estate—direct investments in commercial real estate with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of two investments with direct ownership in commercial real estate, with an emphasis on properties with stable cash flow, and five additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure.

Current wording

•Net Leased and Other Real Estate—direct investments in commercial real estate with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of two investments with direct ownership in commercial real estate, with an emphasis on properties with stable cash flow, four additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and one property that we consolidate as the primary beneficiary.

Previous wording

•As of the date of this report, we have approximately $317.0 million of liquidity, consisting of $152.0 million cash and cash equivalents on hand and $165.0 million available on our Bank Credit Facility;

Current wording

•As of the date of this report, we have approximately $416.0 million of liquidity, consisting of $251.0 million cash and cash equivalents on hand and $165.0 million available on our Bank Credit Facility; and

Previous wording

•Declared and paid a second quarter dividend of $0.20 per share on July 15, 2024; and

Current wording

•Declared and paid a third quarter dividend of $0.16 per share on October 15, 2024.

Previous wording

◦Received loan repayment proceeds of $84.5 million from four loans;

Current wording

◦Received loan repayment proceeds of $126.6 million from ten loans;

Previous wording

◦Recorded a net increase in our general CECL reserves of $28.1 million. At June 30, 2024, our general CECL reserve for our outstanding loans and future loan funding commitments is $171.8 million, which is 5.97% of the aggregate commitment amount of our loan portfolio. We also resolved a senior multifamily loan, which was our only loan with a specific CECL reserve at March 31, 2024. We separately recorded a specific CECL reserve of $12.8 million on a senior office loan which was subsequently charged off during the quarter following repayment. As a result, we have no specific CECL reserve at June 30, 2024;

Current wording

◦Recorded a net decrease in our general CECL reserves of $16.1 million. At September 30, 2024, our general CECL reserve for our outstanding loans and future loan funding commitments is $155.7 million, which is 5.78% of the aggregate commitment amount of our loan portfolio. We also recorded total specific CECL reserves of $9.1 million related to two multifamily loans which were subsequently charged off during the quarter following repayment. We have no specific CECL reserve at September 30, 2024;

Previous wording

◦Extended 26 loans eligible for certain maturity events, which represent $824.1 million of unpaid principal balance at June 30, 2024; and

Current wording

◦Extended 25 loans eligible for certain maturity events, which represent $680.1 million of unpaid principal balance at September 30, 2024;

Previous wording

Although global markets showed signs of stabilization and inflationary pressure may be moderating due to increased interest rates through the end of 2023, CRE value uncertainties, aftershock of the COVID-19 pandemic and geopolitical unrest continue to contribute to market volatility. Generationally high interest rates have continued to negatively impact transaction activity in the real estate market and correspondingly the loan financing and refinancing opportunities. While the Federal Reserve is expected to begin lowering interest rates in the second half of 2024, it is uncertain as to when and how many interest rate cuts will occur. To the extent certain of our borrowers are experiencing significant financial dislocation as a result of economic conditions, we have and may continue to use interest and other reserves and/or replenishment obligations of the borrower and/or guarantors to meet current interest payment obligations for a limited period. The market for office properties was particularly negatively impacted by the COVID-19 pandemic and continues to experience headwinds driven by the normalization of work from home and hybrid work arrangements and elevated costs to operate or reconfigure office properties. These factors have largely resulted in lower demand for office space and driven rising vacancy rates. Given the uncertainty in the office market, there is risk of future valuation impairment or investment loss on our loans secured by office properties. Similarly, these trends may impact our ability to manage debt covenant tests, maturity dates and/or seek suitable refinancing opportunities on certain of our office property equity investments, which may adversely impact valuation assessments and cash flow generated by such investments.

Current wording

Although global markets showed signs of stabilization and inflationary pressure may be moderating due to increased interest rates through the end of 2023, CRE value uncertainties, aftershock of the COVID-19 pandemic and geopolitical unrest continue to contribute to market volatility. Generationally high interest rates have continued to negatively impact transaction activity in the real estate market and correspondingly the loan financing and refinancing opportunities. While the Federal Reserve lowered interest rates in the second half of 2024, it is uncertain as to when, how many and by how much subsequent interest rate cuts will be made. To the extent certain of our borrowers are experiencing significant financial dislocation as a result of economic conditions, we have and may continue to use interest and other reserves and/or replenishment obligations of the borrower and/or guarantors to meet current interest payment obligations for a limited period. The market for office properties was particularly negatively impacted by the COVID-19 pandemic and continues to experience headwinds driven by the normalization of work from home and hybrid work arrangements and elevated costs to operate or reconfigure office properties. Although “return to office” mandates are on the rise, the demand for office space generally remains lower than pre-COVID-19 pandemic levels and has driven rising vacancy rates. Given the continuing uncertainty in the office market, there is risk of future valuation impairment or investment loss on our loans secured by office properties. Similarly, these trends may impact our ability to manage debt covenant tests, maturity dates and/or seek suitable refinancing opportunities on certain of our office property equity investments, which may adversely impact valuation assessments and cash flow generated by such investments.

Previous wording

As of June 30, 2024, our portfolio consisted of 99 investments representing approximately $3.6 billion in carrying value (based on our share of ownership and excluding cash, cash equivalents and certain other assets). Our senior and mezzanine loans consisted of 83 senior and mezzanine loans with a weighted average cash coupon of 3.4% and a weighted average all-in unlevered yield of 8.6%. Our net leased and other real estate consisted of approximately 7.0 million total square feet of space and total second quarter 2024 NOI of that portfolio was approximately $17.1 million. Refer to “Non-GAAP Supplemental Financial Measures” below for further information on NOI.

Current wording

As of September 30, 2024, our portfolio consisted of 92 investments representing approximately $3.4 billion in carrying value (based on our share of ownership and excluding cash, cash equivalents and certain other assets). Our senior and mezzanine loans consisted of 76 senior and mezzanine loans with a weighted average cash coupon of 3.4% and a weighted average all-in unlevered yield of 8.2%. Our net leased and other real estate consisted of approximately 6.9 million total square feet of space and total third quarter 2024 NOI of that portfolio was approximately $17.3 million. Refer to “Non-GAAP Supplemental Financial Measures” below for further information on NOI.

Previous wording

At June 30, 2024, our weighted average risk ranking remained unchanged at 3.2 compared to March 31, 2024. During the second quarter of 2024, we had the following risk ranking activity for risk ranked 4 and 5 assets:

Current wording

At September 30, 2024, our weighted average risk ranking remained unchanged at 3.2 compared to June 30, 2024. During the third quarter of 2024, we had the following risk ranking activity for risk ranked 4 and 5 assets:

Previous wording

•Downgrades: one hotel loan was downgraded to a risk ranking of 5 from a risk ranking of 4. Three multifamily loans were downgraded to a risk ranking of 4 from a risk ranking of 3.

Current wording

•Downgrades: one multifamily loan was downgraded to a risk ranking of 5 from a risk ranking of 4 and another multifamily loan was downgraded to a risk ranking of 4 from a risk ranking of 3;

Previous wording

The following tables provides a summary of our senior and mezzanine loans based on our internal risk rankings, collateral property type and geographic distribution as of June 30, 2024 (dollars in thousands):

Current wording

The following tables provide a summary of our senior and mezzanine loans based on our internal risk rankings, collateral property type and geographic distribution as of September 30, 2024 (dollars in thousands):

Previous wording

(2)Represents the stated coupon rate for loans; for floating rate loans, does not include Secured Overnight Financing Rate (“SOFR”), which was 5.34% as of June 30, 2024.

Current wording

(2)Represents the stated coupon rate for loans; for floating rate loans, does not include Secured Overnight Financing Rate (“SOFR”), which was 4.85% as of September 30, 2024.

Previous wording

At June 30, 2024, our general CECL reserve for our outstanding loans and future loan funding commitments is $171.8 million, which is 5.97% of the aggregate commitment amount of our loan portfolio. This represents an increase of $28.1 million from $143.7 million or 4.88% of the aggregate commitment amount of our loan portfolio at March 31, 2024. This increase in our general CECL reserve was primarily driven by specific inputs on certain office and multifamily properties utilized in our general CECL model. During the three months ended June 30, 2024 we resolved a senior multifamily loan, which was our only loan with a specific CECL reserve at March 31, 2024. We separately recorded a specific CECL reserve of $12.8 million on a senior office loan which was subsequently charged off during the quarter following repayment. As a result, we have no specific CECL reserve at June 30, 2024.

Current wording

At September 30, 2024, our general CECL reserve for our outstanding loans and future loan funding commitments is $155.7 million, which is 5.78% of the aggregate commitment amount of our loan portfolio. This represents a decrease of $16.1 million from $171.8 million or 5.97% of the aggregate commitment amount of our loan portfolio at June 30, 2024. The decrease in our general CECL reserve was primarily driven by risk ranked 4 loan repayments as well as the charge-off of reserves for the consolidation of a multifamily loan in Arlington, Texas. During the three months ended September 30, 2024, we recorded total specific CECL reserves of $9.1 million related to two multifamily loans which were subsequently charged off during the quarter following repayment of both loans. As a result, we have no specific CECL reserve at September 30, 2024.

Previous wording

Our net leased real estate investment strategy focuses on direct ownership in commercial real estate with an emphasis on properties with stable cash flow, which may be structurally senior to a third-party partner’s equity. As part of our net leased real estate strategy, we explore a variety of real estate investments including multi-tenant office, multifamily, student housing and industrial. Additionally, we have two investments in direct ownership of commercial real estate and own these operating real estate investments through joint ventures with one or more partners. We also own five properties included in other real estate that were acquired through deeds-in-lieu of foreclosure and foreclosure.

Current wording

Our net leased real estate investment strategy focuses on direct ownership in commercial real estate with an emphasis on properties with stable cash flow, which may be structurally senior to a third-party partner’s equity. As part of our net leased real estate strategy, we explore a variety of real estate investments including multi-tenant office, multifamily, student housing and industrial. Additionally, we have two investments in direct ownership of commercial real estate and own these operating real estate investments through joint ventures with one or more partners. We also own four properties included in other real estate that were acquired through deeds-in-lieu of foreclosure and foreclosure and consolidate one property after being deemed the primary beneficiary of the variable interest entity holding it.

Previous wording

As of June 30, 2024, $798.7 million or 22.5% of our assets were invested in net leased and other real estate properties and these properties were 87.9% occupied. The following table presents our net leased and other real estate investments as of June 30, 2024 (dollars in thousands):

Current wording

As of September 30, 2024, $816.4 million or 24.0% of our assets were invested in net leased and other real estate properties and these properties were 88.1% occupied. The following table presents our net leased and other real estate investments as of September 30, 2024 (dollars in thousands):

Previous wording

Interest income decreased by $4.2 million to $63.3 million for the three months ended June 30, 2024, as compared to the three months ended March 31, 2024. The decrease was primarily due to $2.9 million from loan repayments and $1.4 million from two loans placed on nonaccrual status during the three months ended June 30, 2024.

Current wording

Interest income decreased by $3.7 million to $59.6 million for the three months ended September 30, 2024, as compared to the three months ended June 30, 2024. The decrease was primarily due to $2.4 million from one loan placed on nonaccrual status during the three months ended June 30, 2024 and $1.2 million from loan repayments.

Previous wording

Property operating income increased by $0.1 million to $25.2 million for the three months ended June 30, 2024, as compared to the three months ended March 31, 2024. The increase was primarily due to an increase of $0.4 million in rental income from an office property partially offset by a reimbursement income adjustment of $0.3 million at another office property in the three months ended March 31, 2024.

Current wording

Property operating income increased by $0.9 million to $26.1 million for the three months ended September 30, 2024, as compared to the three months ended June 30, 2024. The increase was primarily due to the consolidation of a multifamily property in the third quarter of 2024 that was previously classified as a loan.

Previous wording

Transaction, investment and servicing expense decreased by $0.2 million to $0.4 million for the three months ended June 30, 2024, as compared to the three months ended March 31, 2024, primarily due to lower franchise tax expense.

Current wording

Transaction, investment and servicing expense decreased by $0.2 million to $0.2 million for the three months ended September 30, 2024, as compared to the three months ended June 30, 2024, primarily due to lower franchise tax expense.

Previous wording

We recorded total CECL reserves of $39.9 million during the three months ended June 30, 2024, which is comprised of $28.1 million of general reserves and $11.8 million of specific reserves. The increase in our general CECL reserve was primarily driven by specific inputs on certain office and multifamily properties utilized in our general CECL model. The specific CECL reserve related to a senior office loan which was subsequently charged off during the quarter following repayment. We recorded total CECL reserves of $74.4 million during the three months ended March 31, 2024, which is comprised of $67.3 million of general reserves and $7.1 million of specific reserves related to one multifamily loan.

Current wording

We recorded total CECL reserves of $1.0 million during the three months ended September 30, 2024, comprised of $9.1 million relating to two multifamily loans which were both charged off in the same period during repayment and offset by a $8.1 million decrease in the general reserves. We recorded total CECL reserves of $39.9 million during the three months ended June 30, 2024, which was comprised of $28.1 million of general reserves and $11.8 million of specific reserves. The specific CECL reserve related to a senior office loan which was subsequently charged off during the quarter following repayment.

Previous wording

We recorded impairment of $45.2 million on three office properties following a reduction in the current expected holding period during the three months ended June 30, 2024 in connection with the review and preparations of our quarterly financials. There was no impairment recorded during the three months ended March 31, 2024.

Current wording

There was no impairment recorded during the three months ended September 30, 2024. During the three months ended June 30, 2024, we recorded impairment of $45.2 million relating to three office properties following a reduction in the current expected holding period in connection with the review and preparations of our quarterly financials.

Previous wording

Depreciation and amortization expense decreased by $1.4 million to $9.0 million for the three months ended June 30, 2024, as compared to the three months ended March 31, 2024. The decrease was primarily due to fully amortized intangible assets associated with a multifamily property.

Current wording

Compensation and benefits decreased by $1.4 million to $8.2 million for the three months ended September 30, 2024, as compared to the three months ended June 30, 2024, primarily due to lower compensation-related expenses during the three months ended September 30, 2024.

Previous wording

Income tax expense decreased by a de minimis amount to $0.2 million for the three months ended June 30, 2024, as compared to the three months ended March 31, 2024.

Current wording

Operating expense decreased by a de minimis amount for the three months ended September 30, 2024, as compared to the three months ended June 30, 2024.

Previous wording

The following table summarizes our portfolio results of operations for the six months ended June 30, 2024 and June 30, 2023 (dollars in thousands):

Current wording

The following table summarizes our portfolio results of operations for the nine months ended September 30, 2024 and September 30, 2023 (dollars in thousands):

Previous wording

Interest income decreased by $19.1 million to $130.9 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. The decrease was primarily due to $21.7 million from loan repayments, $4.7 million from defaulted loans where we acquired five properties through deeds-in-lieu and foreclosure and $2.3 million for loans placed on nonaccrual status. This was partially offset by $8.3 million from higher interest rates.

Current wording

Interest income decreased by $35.1 million to $190.5 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The decrease was primarily due to $27.2 million from loan repayments, $11.3 million from loans placed on nonaccrual status, $5.7 million from defaulted loans where we acquired five properties through deeds-in-lieu and foreclosure and one loan consolidated as real estate. This was partially offset by $7.5 million from higher interest rates.

Previous wording

Interest expense decreased by $8.6 million to $78.2 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. The decrease was primarily due to $11.3 million related to financing payoffs partially offset by an increase of $1.8 million from additional financing draws and $1.3 million from higher interest rates.

Current wording

Interest expense decreased by $13.3 million to $117.1 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The decrease was primarily due to $22.9 million in repayments/unwinding of the CLNC 2019-FL1 securitization trust following the redemption of all outstanding securities thereunder, partially offset by an increase of $6.2 million relating to the financing under BRSP 2024-FL2, $3.0 million from additional financing draws and $1.2 million in lower deferred financing costs.

Previous wording

Property operating income increased by$6.0 million to$50.3 million forthe six months ended June 30, 2024, as compared to the six months ended June 30, 2023. The increase was primarily driven by $5.5 million from the acquisition of five properties during 2023 through deeds-in-lieu of foreclosure and foreclosure.

Current wording

Property operating income increased by$7.8 million to$76.3 million forthe nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The increase was primarily driven by property acquisitions during 2023 and 2024.

Previous wording

Other income decreased by $0.3 million to $6.0 million during the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. The decrease was primarily driven by lower income on money market investments.

Current wording

Other income decreased by $0.6 million to $8.5 million during the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily driven by lower income on money market investments.

Previous wording

Transaction, investment and servicing expense decreased by $0.6 million to $1.0 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. The decrease was primarily due to costs associated with a secondary offering of shares of our Class A common stock in the first quarter of 2023 partially offset by higher franchise tax expense.

Current wording

Transaction, investment and servicing expense decreased by $0.7 million to $1.2 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily due to costs associated with a secondary offering of shares of our Class A common stock in the first quarter of 2023.

Previous wording

Interest expense on real estate increased by $1.2 million to $13.5 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. The increase was primarily due to amortization income recorded on above-market debt during the six months ended June 30, 2023.

Current wording

Interest expense on real estate increased by $1.2 million to $20.3 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The increase was primarily due to amortization income recorded on above-market debt during the nine months ended September 30, 2023.

Previous wording

Depreciation and amortization expense increased by $3.4 million to $19.3 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. The increase was primarily driven by the acquisition of four properties during 2023 through deeds-in-lieu of foreclosure.

Current wording

Depreciation and amortization expense increased by $4.6 million to $29.4 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The increase was primarily driven by property acquisitions during 2023 and 2024.

Previous wording

We recorded total CECL reserves of $114.3 million during the six months ended June 30, 2024, which is comprised of $95.4 million of general reserves and $18.9 million of specific reserves. The increase in our general CECL reserve was primarily driven by the macroeconomic conditions, as well as specific inputs on certain office and multifamily properties utilized in our general CECL model. The specific CECL reserves related to one senior multifamily loan and one senior office loan that were both repaid in the second quarter of 2024. We recorded total CECL reserves of $68.6 million during the six months ended June 30, 2023, primarily driven by an increase of specific reserves related to three office loans and one development mezzanine loan.

Current wording

We recorded total CECL reserves of $115.3 million during the nine months ended September 30, 2024, which is comprised of $87.3 million of general reserves and $28.0 million of specific reserves. The increase in our general CECL reserve was primarily driven by the macroeconomic conditions, as well as specific inputs on certain office and multifamily properties utilized in our general CECL model. The specific CECL reserves related to three senior multifamily loans and the development mezzanine loan that were all repaid during the nine months ended September 30, 2024. We recorded total CECL reserves of $76.3 million during the nine months ended September 30, 2023, primarily driven by an increase of specific reserves related to three office loans and the development mezzanine loan.

Previous wording

We recorded impairment of $45.2 million on three office properties following a reduction in the current expected holding period during the six months ended June 30, 2024 in connection with the review and preparations of our quarterly financials. There was no impairment recorded during the six months ended June 30, 2023.

Current wording

During the nine months ended September 30, 2024, we recorded impairment of $45.2 million on three office properties following a reduction in the current expected holding period in connection with the review and preparations of our quarterly financials. There was no impairment recorded during the nine months ended September 30, 2023.

Previous wording

Operating expense decreased by $0.5 million to $6.2 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023, primarily due to lower third party costs.

Current wording

Operating expense decreased by $0.8 million to $9.2 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, primarily due to lower third party costs.

Previous wording

Other gain, net decreased by $0.6 million to $0.2 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. This was primarily due to lower unrealized gains on foreign currency hedges. As of June 30, 2024, we hold no foreign currency hedges.

Current wording

Other gain, net decreased by $0.4 million to $0.2 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. This was primarily due to lower unrealized gains on foreign currency hedges. As of September 30, 2024, we hold no foreign currency hedges.

Previous wording

We did not record equity in earnings of unconsolidated ventures during thesix months ended June 30, 2024. During thesix months ended June 30, 2023, we realized a one-time gain from our ratable share of dispute resolution proceeds of approximately $9.0 million from the senior mezzanine lender of the Development Mezzanine Loan in connection with our prior Los Angeles, California mixed-use project and retained B-participation investment. In connection with the settlement, effective January 26, 2023, we have no further interest in the loan or investment.

Current wording

We did not record equity in earnings of unconsolidated ventures during thenine months ended September 30, 2024. During thenine months ended September 30, 2023, we realized a one-time gain from our ratable share of dispute resolution proceeds of approximately $9.0 million from the senior mezzanine lender of the Development Mezzanine Loan in connection with our prior Los Angeles, California mixed-use project and retained B-participation investment. In connection with the settlement, effective January 26, 2023, we have no further interest in the loan or investment.

Previous wording

Income tax expense decreased by $0.3 million to $0.4 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023 primarily due to a decrease in taxable income.

Current wording

Income tax expense decreased by $0.2 million to $0.7 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023 primarily due to a decrease in taxable income.

Previous wording

The following tables present a reconciliation of net income (loss) attributable to our common stockholders to Distributable Earnings and Adjusted Distributable Earnings attributable to our common stockholders (dollars and share amounts in thousands, except per share data) for the three months ended June 30, 2024 and March 31, 2024 and three months ended June 30, 2023 and March 31, 2023:

Current wording

The following tables present a reconciliation of net income (loss) attributable to our common stockholders to Distributable Earnings and Adjusted Distributable Earnings attributable to our common stockholders (dollars and share amounts in thousands, except per share data) for the three months ended September 30, 2024 and 2023, June 30, 2024 and 2023 and March 31, 2024 and 2023:

Previous wording

We believe that presenting undepreciated book value per share is a more useful and consistent measure of the value of our current portfolio and operations for our investors. It additionally enhances the comparability to our peers who do not hold real estate investments. Undepreciated book value per share excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities). It also excludes our share of the carrying value on certain net leased and other real estate office properties whose non-recourse mortgages mature within 12 months. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders’ aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can lead to foreclosures. Given this potential likelihood, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties.

Current wording

We believe that presenting undepreciated book value per share is a more useful and consistent measure of the value of our current portfolio and operations for our investors. It additionally enhances the comparability to our peers who do not hold real estate investments. Undepreciated book value per share excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities). It also excludes our share of the carrying value (including any related foreign currency translation) on certain net leased and other real estate office properties whose non-recourse mortgages mature within 12 months. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders’ aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can lead to foreclosures. Given this potential likelihood, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties.

Previous wording

The following tables present a reconciliation of net income (loss) on our net leased and other real estate portfolios attributable to our common stockholders to NOI attributable to our common stockholders (dollars in thousands) for the three months ended June 30, 2024 and March 31, 2024 and three months ended June 30, 2023 and March 31, 2023:

Current wording

The following tables present a reconciliation of net income (loss) on our net leased and other real estate portfolios attributable to our common stockholders to NOI attributable to our common stockholders (dollars in thousands) for the three months ended September 30, 2024 and 2023, June 30, 2024 and 2023 and March 31, 2024 and 2023:

Previous wording

We have a multi-pronged financing strategy that includes an up to $165.0 million secured revolving credit facility as of June 30, 2024, up to approximately $2.0 billion in secured revolving repurchase facilities, $863.8 million in non-recourse securitization financing, $607.1 million in commercial mortgages and $34.5 million in other asset-level financing structures.

Current wording

We have a multi-pronged financing strategy that includes an up to $165.0 million secured revolving credit facility as of September 30, 2024, up to approximately $2.0 billion in secured revolving repurchase facilities, $1.1 billion in non-recourse securitization financing, $602.2 million in commercial mortgages and $34.5 million in other asset-level financing structures.