They are two correct ways of looking at the same month, and they answer different questions.

• Result before CAPEX: revenue minus current costs and expenses, before deducting one-time investment payments. It answers: does the building's day-to-day sustain itself?
• Adjusted Result: the result after also subtracting CAPEX. It answers: how much money actually left the cash account this month?

Example: in July 2026 revenue was $19,185,260 and costs were $37,167,901, giving a Result before CAPEX of –$17,982,641. Subtracting the final CAPEX payment of $7,619,808, the Adjusted Result was –$25,602,449. Both numbers are true: one measures operations, the other measures cash.