Inspected garage stemwall foundation and discoloration noted all perimeter wall and appears to be moisture related. Spalling top and side surfaces noted. I have seen moisture related issues before but not this discoloration. Help with I.D. anybody?

Inspected garage stemwall foundation and discoloration noted all perimeter wall and appears to be moisture related. Spalling top and side surfaces noted. I have seen moisture related issues before but not this discoloration. Help with I.D. anybody?

Really hard to tell from the photo…I can’t even see the spauling. Is something painted on?