Lument Finance Trust, Inc.

Listed Company

LFTCIK 0001547546NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-2.75M

Total Assets

$1.22B

Equity

$218.99M

Shares Out

52.40M

Op. Cash Flow

$10.10M

Business

Lument Finance Trust, Inc. is a REIT that invests in, originates, finances and manages a portfolio of commercial real estate debt investments. It primarily offers transitional floating-rate CRE mortgage loans with an emphasis on middle‑market multifamily assets and also invests in mezzanine loans, preferred equity, CMBS, fixed‑rate and construction loans and mortgage servicing rights. The company is externally managed by Lument Investment Management, which implements its investment and financing activities and manages operations. It originates and acquires assets across U.S. markets through Lument’s national origination platform and participates in securitizations and other financing channels.

Summary from filing dated 2025-03-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Commercial mortgage loans held-for-investment	77	119	107	57	36
Cash and cash equivalents	2	3	2	74,676	28,779
Securitized debt obligations	−48	−77	—	—	—
Secured financing agreements	−2	0	—	—	—
Secured term loan	−4	−4	−4	−4	—
Net interest income	25	41	34	24	21
Management and incentive fees	5	7	4	4	3
General and administrative expenses	4	4	4	3	3
Operating expenses reimbursable to Manager	2	2	2	2	2
Other operating expenses	2	234,483	2	309,797	280,970
Compensation expense	445,001	445,000	241,194	—	—
Total expenses	13	14	12	10	8
Provision for credit losses	−14	−5	−3	−4	0
Net income (expense) from real estate owned operations	−472,023	0	—	—	—
Change in unrealized (loss) on mortgage servicing rights	−95,041	−42,686	−103,684	243,659	−356,772
Realized (loss) on sale of real estate owned	−547,447	0	—	—	—
Servicing income, net	176,952	137,230	208,997	347,838	398,939
Total other (loss)	−15	−5	−2	−4	−2
Net (loss) income before provision for income taxes	−3	23	20	10	11
(Provision for) income taxes	−8,193	−18,808	−5,723	−11,088	−77,894
Net (loss) income	−3	23	20	10	11
Dividends to preferred stockholders	−5	−5	−5	−5	−3
Net (loss) income attributable to common stockholders	−7	18	15	5	7
Net (loss) income attributable to common stockholders (diluted)	−7	18	15	5	7
Weighted average number of shares of common stock outstanding - basic (in shares)	52	52	—	—	—
Weighted average number of shares of common stock outstanding - diluted (in shares)	52	52	52	48	25
Basic (loss) income per share (in dollars per share)	−0.14	0.34	0.29	0.11	0.3
Diluted (loss) income per share (in dollars per share)	−0.14	0.34	0.29	0.11	0.3
Dividends declared per weighted average share of common stock (in dollars per share)	0.22	0.4	0.26	0.24	0.36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	23	69	51	44	15
Restricted cash	4	2	270,129	4	4
Commercial mortgage loans held-for-investment, at amortized cost	1,137	1,060	1,390	1,076	—
Allowance for credit losses	−23	−11	−6	−4	0
Commercial mortgage loans held-for-investment, net of allowance for credit losses	1,114	1,049	1,384	1,072	—
Real estate owned, held-for-investment, net	27	0	—	—	—
Real estate owned, held-for-sale	24	0	—	—	—
Mortgage servicing rights, at fair value	554,246	649,287	691,973	795,656	551,997
Accrued interest receivable	5	6	9	6	4
Investment related receivable	15	0	—	0	22
Other assets	3	2	2	2	2
Total assets	1,216	1,129	1,447	1,128	1,049
Securitized debt obligations, net	748	828	1,146	829	—
Secured financing agreements, net	192	0	—	—	—
Secured term loan, net	48	47	47	47	47
Accrued interest payable	2	3	4	2	704,055
Dividends payable	3	10	5	4	3
Fees and expenses payable to Manager	1	2	2	2	—
Other liabilities	2	672,816	2	583,989	147,802
Total liabilities	997	891	1,206	885	880
COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11)	—	—	—	—	—
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized; 7.875% Series A Cumulative Redeemable, $60,000,000 aggregate liquidation preference, 2,400,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	57	57	57	57	57
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 52,399,265 and 52,309,209 shares issued and outstanding, at December 31, 2025 and December 31, 2024, respectively	523,995	523,093	522,487	522,252	249,434
Additional paid-in capital	315	315	315	315	234
Cumulative distributions to stockholders	−221	−205	−179	−161	−143
Accumulated earnings	67	70	47	31	21
Total stockholders' equity	219	238	241	243	169
Noncontrolling interests	99,500	99,500	99,500	99,500	99,500
Total equity	219	238	241	243	169
Total liabilities and equity	1,216	1,129	1,447	1,128	1,049

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of commercial mortgage loans held-for-investment discounts	−2	−4	−1	−125,098	−46,088
Accretion of deferred loan fees	−3	−737,793	−292,073	−27,084	0
Amortization of deferred offering costs	0	−34,008	−56,940	−114,571	−32,085
Amortization of deferred financing costs	1	3	3	3	2
Provision for credit losses	14	5	3	—	—
Depreciation and amortization	779,260	0	—	—	—
Non-cash compensation expense	189,985	147,436	0	—	—
Accrued interest receivable	517,619	3	−3	−2	−2
Other assets	−1	621,239	−137,272	−226,749	−55,464
Accrued interest payable	−828,087	−1	2	2	271,119
Fees and expenses payable to Manager	−145,718	−13,657	−18,458	−218,809	668,802
Other liabilities	2	−2	—	—	—
Net cash provided by operating activities	10	27	25	16	14
Purchase and funding of commercial mortgage loans held-for-investment	−404	−58	−594	−346	−984
Purchase of real estate owned	−748,101	0	—	—	—
Principal payments from commercial mortgage loans held-for-investment	251	391	277	293	506
Proceeds from sale of real estate owned	8	0	—	—	—
Restricted cash assumed from acquisition of real estate owned	−2	0	—	—	—
Capital expenditures on real estate owned, held-for-investment	1	0	—	—	—
Deferred loan fees	2	1	0	763,250	0
Net cash provided by (used in) investing activities	−143	334	−317	−52	−477
Dividends paid on common stock	−18	−16	−13	−12	−10
Dividends paid on preferred stock	−5	−5	−5	−5	−2
Proceeds from secured financing agreements	451	0	—	—	—
Proceeds from securitized debt obligations	585	0	—	0	8
Payment of secured financing agreements	−257	0	—	—	—
Payment of securitized debt obligations	−661	−321	0	0	−465
Payment of deferred financing costs	−7	0	−4	−119,375	−9
Net cash (used in) provided by financing activities	88	−341	296	65	412
Net increase in cash, cash equivalents and restricted cash	−45	20	4	29	−51
Cash paid for interest	53	79	70	28	13
Dividends declared but not paid at end of period	3	10	5	4	3
Transfer of senior loans to real estate owned, held-for-investment	26	0	—	—	—
Transfer of senior loans to real estate owned, held-for-sale	32	0	—	—	—
Accrued capital expenditures on real estate owned	38,476	0	—	—	—
Debt issuance costs incurred but not paid at end of period	169,762	0	—	—	—

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