In determining a property's before$-$tax cash flow from operations $($BTCF$)$ and net operating income $($NOI$),$ it is important to understand ho calculation. Which of the following statements is true in regard to how these two measures account for the use of financial leverage?

BTCF and NOI are both levered cash flows.

BTCF is an unlevered cash flow, while NOI is a levered cash flow.

BTCF is a levered cash flow, while NOI is an unlevered cash flow.

BTCF and NOI are both unlevered cash flows.