Controls and Procedures
−Removed: As of the end of the period covered by this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, our President and our Chief Financial Officer and Treasurer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended.
+Added: As of the end of the period covered by this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, our President and Chief Investment Officer and our Chief Financial Officer and Treasurer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended.
Based upon that evaluation, our Managing Trustees, our President and our Chief Financial Officer and Treasurer concluded that our disclosure controls and procedures are effective.
−Removed: There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Warning Concerning Forward-Looking Statements
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These statements include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions.
+Added: These forward-looking statements include, among others, statements about:
+Added: the disposition of our real estate owned;
+Added: economic, market and industry conditions;
+Added: demand for CRE debt and opportunities that may exist for alternative lenders like us;
+Added: our future lending activity;
+Added: the ability of our borrowers to achieve their business plans;
+Added: our leverage levels and possible future financings;
+Added: our liquidity needs and sources;
+Added: and the amount and timing of future distributions.
Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in any forward-looking statements.
−Removed: Examples of these risks, uncertainties and other factors include, but are not limited to, the following:
−Removed: • Our borrowers’ ability to successfully execute their business plans;
+Added: Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following:
+Added: • Our borrowers’ ability to successfully execute their business plans, including our borrowers' ability to manage and stabilize properties;
• Whether the diversity and other characteristics of our loan portfolio will benefit us to the extent we expect;
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• Events giving rise to increases in our credit loss reserves;
−Removed: • Our ability to identify and execute loan investments;
+Added: • Our ability to diversify our investment portfolio based on industry and market conditions;
+Added: • The ability of our manager to arrange for the successful management of real estate owned and our ability to sell those properties at prices that allow us to recover amounts we invested;
• Our ability to successfully compete;
• Market trends in our industry or with respect to interest rates, real estate values, the debt securities markets or the economy generally;
+Added: • Reduced demand for office or retail space;
• Regulatory requirements and the effect they may have on us or our competitors;
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.