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 "markdown": "IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL\nMEASURES AND DEFINITIONS (CONT'D)\n\n\nThe Company presents pro rata (\"at share\" or \"at BRSP share\") financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company\ncomputes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests'\n(\"NCI\") share of assets, liabilities, profits and losses was computed by applying noncontrolling interests' economic interest to each financial statement line item. The Company provides\npro rata financial information because it may assist investors and analysts in estimating the Company's economic interest in its investments. However, pro rata financial information as an\nanalytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company's pro rata financial information may not be\ncomparable to other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as\nreported under GAAP, but may be used as a supplement to financial information as reported under GAAP.\n\n\nWe present undepreciated book value, which is a non-GAAP supplemental financial measure. We believe that presenting undepreciated book value is a more useful and consistent\nmeasure of the value of our current portfolio and operations for our investors as it enhances the comparability to our peers who do not hold similar real estate investments.\nUndepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) and as of the\nquarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation. Non-GAAP impairment of real estate is a non-GAAP measure\nthat reflects our share of a property's carrying value on certain net leased and other real estate office properties whose non-recourse mortgages have matured or who have been\nplaced in a cash flow sweep by their lender. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders' aversion to finance or refinance\noffice properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can and have led to foreclosures. Cash flow sweeps\nrestrict our ability to utilize earnings generated by a property. As such, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these\nproperties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares.\n\n\nWe present loan-to-value which reflects the initial loan amount divided by the as-is appraised value as of the date the loan was originated. For construction loans, loan-to-value\nreflects the total commitment amount of the loan divided by the as-completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis.\n\n\nSenior loans reflect the initial loan amount divided by the as-is value as of the date the loan was originated. Construction senior loans' loan-to-value reflect the total commitment\namount of the loan divided by the as completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis.\n\n\nMezzanine loans include attachment and detachment loan-to-values, respectively. Attachment loan-to-value reflects initial funding of loans senior to our position divided by the as-is\nvalue as of the date the loan was originated. Detachment loan-to-value reflects the cumulative initial funding of our loan and the loans senior to our position divided by the as-is value\nas of the date the loan was originated. Construction mezzanine loans include attachment and detachment loan-to-value, respectively. Attachment loan-to-value reflects the total\ncommitment amount of loans senior to our position divided by as-completed appraised value, or the total commitment amount of loans senior to our position divided by projected total\ncost basis. Detachment loan-to-value reflect the cumulative commitment amount of our loan and the loans senior to our position divided by as-completed appraised value, or the\ncumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis.\n\n\nWe present risk rankings, which is a supplemental financial disclosure, for loans held for investment. In addition to reviewing loans held for investment for impairment quarterly, we\nevaluate loans held for investment to determine if a current expected credit losses reserve should be established. In conjunction with this review, we assess the risk factors of each senior\nand mezzanine loans and preferred equity and assign a risk ranking based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values\nof comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key\nconsiderations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-\npoint scale, our loans held for investment are ranked \"1\" through \"5,\" from less risk to greater risk, and the rankings are updated quarterly. At the time of origination or purchase, loans held\nfor investment are ranked as a \"3\" and will move accordingly going forward based on the rankings which are defined as follows:\n 1. Very Low Risk\n 2. Low Risk\n 3. Medium Risk\n 4. High Risk / Potential for Loss - A loan that has a high risk of realizing a principal loss\n 5. Impaired / Loss Likely - A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss\n\n\n[VISUAL_LOGO] BRIGHTSPIRE\n[VISUAL_LOGO] CAPITAL\n\n\n25\n\n<!-- doc_id=parse-01m3czw2txz6bd5d7t85qnbyk4 -->",
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