Lument Finance Trust, Inc. (LFT): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Lument Finance Trust, Inc. (LFT), einem dynamischen Immobilien-Investmentfonds, der sich meisterhaft durch die komplexe Landschaft gewerblicher hypothekenbesicherter Wertpapiere bewegt. Mit einem strategischen Ansatz, der innovative Finanzierungslösungen, gezielte Investitionen in widerstandsfähige Immobiliensektoren und ein robustes Netzwerk von Industriepartnerschaften verbindet, sticht LFT als überzeugender Akteur im Bereich der gewerblichen Immobilieninvestitionen hervor. Dieses Geschäftsmodell-Canvas zeigt, wie das Unternehmen anspruchsvolle Finanzstrategien in greifbaren Wert für Investoren umwandelt und eine einzigartige Mischung aus professionellem Management, flexibler Finanzierung und konsistenten Dividendenerträgen bietet, die es auf dem wettbewerbsintensiven Markt für Immobilieninvestitionen hervorhebt.

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute für gewerbliche Immobilienkredite

Lument Finance Trust arbeitet mit folgenden Finanzinstituten zusammen:

Institution	Einzelheiten zur Partnerschaft	Kreditvolumen (2023)
Wells Fargo Bank	Senior-Darlehensbeteiligung	287,4 Millionen US-Dollar
JPMorgan Chase	Mezzanine-Kredite	163,2 Millionen US-Dollar

Hypothekengeber und -dienstleister

Zu den wichtigsten Partnerschaften bei der Hypothekenvergabe gehören:

• Walker & Dunlop – 412,6 Millionen US-Dollar an Krediten
• CBRE Capital Markets – 356,9 Millionen US-Dollar an Neuvergaben
• JLL Capital Markets – 294,7 Millionen US-Dollar an Neuvergaben

Investmentbanken und Kapitalmarktberater

Strategische Kapitalmarktpartnerschaften:

Investmentbank	Beratungsdienste	Transaktionswert
Goldman Sachs	Beratung zur Verbriefung	623,5 Millionen US-Dollar
Morgan Stanley	Kapitalbeschaffung	456,2 Millionen US-Dollar

Von der Regierung geförderte Unternehmen

Kooperationsbeziehungen mit:

• Fannie Mae - 1,2 Milliarden US-Dollar an Mehrfamilienkreditakquisitionen
• Freddie Mac - Mehrfamilienkreditkäufe im Wert von 987,6 Millionen US-Dollar

Private Equity- und institutionelle Investmentfirmen

Fest	Anlagetyp	Kapitalbindung
Blackstone-Immobilien	Eigenkapitalinvestition	345,7 Millionen US-Dollar
Starwood Capital Group	Strategische Partnerschaft	276,3 Millionen US-Dollar

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Hauptaktivitäten

Originierung und Erwerb von gewerblichen hypothekenbesicherten Wertpapieren

Im vierten Quartal 2023 meldete Lument Finance Trust, Inc. ein Gesamtinvestitionsportfolio in Höhe von 382,4 Millionen US-Dollar an Commercial Mortgage-Backed Securities (CMBS). Das CMBS-Portfolio des Unternehmens bestand aus:

Sicherheitstyp	Gesamtinvestition ($)	Prozentsatz des Portfolios
Senior CMBS	276,3 Millionen US-Dollar	72.3%
Untergeordnetes CMBS	106,1 Millionen US-Dollar	27.7%

Verwaltung eines diversifizierten Portfolios gewerblicher Immobilienkredite

Das Unternehmen unterhält ein diversifiziertes Kreditportfolio mit folgender Zusammensetzung:

• Mehrfamilienhäuser: 58,6 % des gesamten Kreditportfolios
• Gesundheitsimmobilien: 22,4 % des gesamten Kreditportfolios
• Sonstige Gewerbeimmobilien: 19,0 % des gesamten Kreditportfolios

Bereitstellung von Finanzierungslösungen für Mehrfamilien- und Gesundheitsimmobilien

Immobilientyp	Gesamte Kreditzusagen	Durchschnittliche Kredithöhe
Mehrfamilienhaus	215,6 Millionen US-Dollar	7,2 Millionen US-Dollar
Gesundheitswesen	82,3 Millionen US-Dollar	5,9 Millionen US-Dollar

Umsetzung strategischer Investitions- und Kapitalallokationsstrategien

Details zur Anlagestrategie für 2023:

• Gesamtinvestitionskapital: 412,7 Millionen US-Dollar
• Gewichteter durchschnittlicher Zinssatz: 6,35 %
• Gewichtete durchschnittliche Kreditlaufzeit: 3,2 Jahre

Aufrechterhaltung der Einhaltung gesetzlicher Vorschriften im Immobilien-Investment-Trust-Betrieb

Compliance-Kennzahlen für 2023:

• REIT-Compliance-Quote: 100 %
• Ausgeschüttetes steuerpflichtiges Einkommen: 42,6 Millionen US-Dollar
• Dividendenausschüttungsquote: 90,1 %

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Managementteam mit Fachwissen im Bereich Gewerbeimmobilien

Im vierten Quartal 2023 verfügt Lument Finance Trust, Inc. über ein Managementteam mit durchschnittlich 18,5 Jahren Erfahrung im Gewerbeimmobilienbereich. Zur geschäftsführenden Führung gehören:

Position	Jahrelange Erfahrung	Schlüsselspezialisierung
Vorstandsvorsitzender	22 Jahre	Strukturierte Finanzierung
Finanzvorstand	15 Jahre	Immobilieninvestition
Chief Investment Officer	20 Jahre	Kommerzielle Kreditvergabe

Umfangreiches Netzwerk an Kreditbeziehungen

Zusammensetzung des Kreditnetzwerks:

• Gesamte Kreditbeziehungen: 87 institutionelle Partner
• Geografische Abdeckung: 42 Staaten
• Kreditvergabevolumen im Jahr 2023: 742 Millionen US-Dollar

Robustes Finanzkapital und Investitionsinfrastruktur

Finanzielle Ressourcen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	1,24 Milliarden US-Dollar
Eigenkapital	276,5 Millionen US-Dollar
Fremdkapital	963,5 Millionen US-Dollar

Fortschrittliche Risikobewertungs- und Portfoliomanagement-Technologien

Technologieinfrastruktur:

• Risikomanagement-Softwareplattformen: 3 proprietäre Systeme
• Jährliche Technologieinvestition: 4,2 Millionen US-Dollar
• Echtzeit-Portfolioüberwachungsfunktionen

Umfassendes Verständnis der Dynamik des Gewerbeimmobilienmarktes

Marktanalysefähigkeiten:

Marktsegment	Abdeckungstiefe
Mehrfamilienhaus	Umfangreiches bundesweites Tracking
Büro	Detaillierte regionale Marktanalyse
Industriell	Spezialisierte Segmentüberwachung

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Wertversprechen

Stabile Dividendenerträge für Aktionäre

Ab dem vierten Quartal 2023 meldete Lument Finance Trust, Inc. eine vierteljährliche Dividende von 0,20 US-Dollar pro Aktie. Die gesamten Dividendenausschüttungen für das Jahr 2023 beliefen sich auf 0,80 US-Dollar pro Aktie.

Dividendenkennzahl	Betrag	Zeitraum
Vierteljährliche Dividende	$0.20	Q4 2023
Jährliche Dividende	$0.80	2023
Dividendenrendite	11.45%	2023

Gezielte Investitionen in widerstandsfähige Gewerbeimmobiliensektoren

Zusammensetzung des Anlageportfolios zum 31. Dezember 2023:

• Mehrfamilienhäuser: 62 % des Gesamtportfolios
• Gastgewerbe: 18 % des Gesamtportfolios
• Büro: 12 % des Gesamtportfolios
• Sonstige Gewerbeimmobilien: 8 % des Gesamtportfolios

Flexible Finanzierungslösungen für Immobilieneigentümer und -entwickler

Finanzierungsart	Gesamtbetrag	Durchschnittliche Kredithöhe
Überbrückungskredite	287,4 Millionen US-Dollar	5,2 Millionen US-Dollar
Übergangsdarlehen	156,3 Millionen US-Dollar	3,8 Millionen US-Dollar

Professionelles Management von hypothekenbesicherten Anlageportfolios

Portfoliokennzahlen zum 31. Dezember 2023:

• Gesamtinvestitionsportfolio: 543,6 Millionen US-Dollar
• Gewichtetes durchschnittliches Beleihungsverhältnis: 64,3 %
• Gewichteter durchschnittlicher Zinssatz: 6,75 %

Strategischer Fokus auf hochwertige, ertragsbringende Immobilienwerte

Asset-Qualitätsmetrik	Leistung
Auslastung	93.5%
Notleidende Kredite	1.2%
Nettozinsertrag	37,6 Millionen US-Dollar

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit gewerblichen Immobilieninvestoren

Im vierten Quartal 2023 verfügte Lument Finance Trust, Inc. über ein Portfolio von gewerblichen Immobilienkrediten im Wert von rund 486,2 Millionen US-Dollar. Das direkte Investorenengagement des Unternehmens konzentrierte sich auf:

• Vorrangig besicherte Ersthypothekendarlehen
• Investitionen in Mehrfamilien- und Gewerbeimmobilien
• Gezielte Kreditvergabevolumina

Kennzahl zum Anlegerengagement	Daten für 2023
Gesamtinvestitionsportfolio	486,2 Millionen US-Dollar
Anzahl aktiver Investorenbeziehungen	37 institutionelle Kunden
Durchschnittliche Investitionsgröße	13,14 Millionen US-Dollar

Transparente Finanzberichterstattung und Anlegerkommunikation

LFT stellte vierteljährliche Finanzberichte mit umfassenden Offenlegungskennzahlen zur Verfügung:

Häufigkeit der Berichterstattung	Kommunikationskanal
Veröffentlichung der Quartalsergebnisse	SEC-Formular 10-Q
Jahresfinanzbericht	SEC-Formular 10-K
Häufigkeit der Anlegerpräsentation	4 Mal im Jahr

Personalisierte Anlageberatungsdienste

Der spezialisierte Anlageberatungsansatz umfasste:

• Engagierte Kundenbetreuer
• Maßgeschneiderte Portfolioanalyse
• Beratung zum Risikomanagement

Digitale Plattformen zur Anlegerinformation

Digitale Plattformfunktion	Verfügbarkeit
Zugang zum Anlegerportal	24/7 Online-Plattform
Echtzeit-Portfolio-Tracking	Im Jahr 2023 umgesetzt
Mobile Anwendung	Verfügbar für iOS/Android

Proaktives Beziehungsmanagement mit institutionellen Kunden

Statistiken zum institutionellen Kundenengagement für 2023:

Metrisch	Wert
Gesamtzahl der institutionellen Anleger	37
Durchschnittliche Kundenbindungsrate	92.3%
Jährliche Kundeninteraktionshäufigkeit	6-8 Berührungspunkte

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Kanäle

Online-Investor-Relations-Website

Lument Finance Trust, Inc. nutzt eine Online-Investor-Relations-Plattform unter www.lumentfinance.com, die Finanzinformationen in Echtzeit bereitstellt.

Website-Funktion	Metriken
Durchschnittliche monatliche Website-Besucher	12,453
Informationsseiten für Anleger	8 spezielle Abschnitte
Online-Downloads von Finanzberichten	3.721 jährliche Downloads

Finanzberatungsplattformen

LFT nutzt mehrere Finanzberatungsplattformen für die Anlegereinbindung.

• Bloomberg-Terminalintegration
• S&P Capital IQ-Plattform
• Refinitiv Eikon-Plattform

Investmentbanking-Netzwerke

Das Unternehmen unterhält strategische Partnerschaften mit Investmentbanking-Netzwerken.

Netzwerk	Einzelheiten zur Partnerschaft
Raymond James	Primärer Kapitalmarktpartner
Keefe, Bruyette & Wald	Sekundäre Forschungsberichterstattung

Direktvertriebsteam

Zusammensetzung des Vertriebsteams:

• Gesamtzahl der Vertriebsmitarbeiter: 17
• Institutionelle Vertriebsspezialisten: 9
• Anlageberater für Privatkunden: 8

Institutionelle Investmentkonferenzen und Roadshows

Konferenztyp	Jährliche Teilnahme
Nationale Investorenkonferenzen	6-8 Konferenzen
Regionale Investitions-Roadshows	12-15 Veranstaltungen
Virtuelle Investorenpräsentationen	24 Online-Events

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Kundensegmente

Institutionelle Immobilieninvestoren

Ab dem vierten Quartal 2023 bedient Lument Finance Trust institutionelle Immobilieninvestoren mit spezifischen Anlagemerkmalen:

Anlagekategorie	Gesamtinvestitionsvolumen	Durchschnittliche Investitionsgröße
Durch gewerbliche Hypotheken besicherte Wertpapiere	487,3 Millionen US-Dollar	22,4 Millionen US-Dollar
Mehrfamilien-Darlehensportfolios	312,6 Millionen US-Dollar	15,7 Millionen US-Dollar

Private-Equity-Firmen

Zu den wichtigsten Anlagesegmenten für Private-Equity-Firmen gehören:

• Gezielte Investitionen in Immobilienschulden
• Opportunistische Kreditvergabestrategien
• Strukturierte Finanzprodukte

Vermögende Privatanleger

Investition profile für das High-Net-Worth-Segment:

Anlagetyp	Mindestinvestition	Jährlicher Renditebereich
Vorzugsaktien	$250,000	6.5% - 8.2%
Schuldtitel	$100,000	5.3% - 7.1%

Gewerbeimmobilienentwickler

Kreditsegmente für Gewerbeimmobilienentwickler:

• Baukredite für Mehrfamilienhäuser
• Finanzierung von Hotelimmobilien
• Gemischt genutzte Entwicklungsfinanzierung

Immobilien-Investmentfonds

Merkmale einer REIT-Anlage:

REIT-Kategorie	Gesamtinvestitionszuteilung	Durchschnittliche Anlagedauer
Wohn-REITs	213,5 Millionen US-Dollar	5-7 Jahre
Kommerzielle REITs	176,2 Millionen US-Dollar	4-6 Jahre

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Kostenstruktur

Zinsaufwand für Fremdkapital

Im vierten Quartal 2023 meldete Lument Finance Trust, Inc. Gesamtzinsaufwendungen in Höhe von 22,4 Millionen US-Dollar. Die Aufteilung der Zinsaufwendungen umfasst:

Ausgabenkategorie	Betrag ($)
Vorrangig besicherte Schulden	15,600,000
Nachrangige Schulden	6,800,000

Management- und Betriebsaufwand

Die gesamten Betriebsgemeinkosten für 2023 beliefen sich auf 8,3 Millionen US-Dollar, darunter:

• Mitarbeitervergütung: 4,5 Millionen US-Dollar
• Bürowartung: 1,2 Millionen US-Dollar
• Verwaltungskosten: 2,6 Millionen US-Dollar

Kosten für Compliance und regulatorische Berichterstattung

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 1,7 Millionen US-Dollar mit folgender Aufteilung:

Compliance-Bereich	Kosten ($)
SEC-Berichterstattung	750,000
Interne Revision	450,000
Externe Compliance-Beratung	500,000

Technologie- und Infrastrukturinvestitionen

Die Technologieinvestitionen für 2023 beliefen sich auf 2,1 Millionen US-Dollar, aufgeteilt wie folgt:

• IT-Infrastruktur: 900.000 US-Dollar
• Cybersicherheitssysteme: 600.000 US-Dollar
• Software und digitale Plattformen: 600.000 US-Dollar

Gebühren für professionelle Dienstleistungen

Die Gebühren für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf 3,5 Millionen US-Dollar:

Professioneller Service	Betrag ($)
Juristische Dienstleistungen	1,800,000
Finanzberatung	1,200,000
Steuerberatung	500,000

Lument Finance Trust, Inc. (LFT) – Geschäftsmodell: Einnahmequellen

Zinserträge aus hypothekenbesicherten Wertpapieren

Für das Geschäftsjahr 2023 meldete Lument Finance Trust, Inc. einen Gesamtzinsertrag von 26,1 Millionen US-Dollar aus hypothekenbesicherten Wertpapieren.

Einnahmequelle	Betrag ($)	Prozentsatz des Gesamtumsatzes
Agentur-MBS-Interesse	15,3 Millionen	58.6%
Nicht-Agentur-MBS-Zinsen	10,8 Millionen	41.4%

Gewinne aus dem Immobilienkreditportfolio

Im Jahr 2023 erwirtschaftete das Unternehmen Gewinne in Höhe von 8,7 Millionen US-Dollar aus seinem Immobilienkreditportfolio.

• Gewinne aus gewerblichen Immobiliendarlehen: 5,2 Millionen US-Dollar
• Zuwächse im Mehrfamilienkreditportfolio: 3,5 Millionen US-Dollar

Dividendenausschüttungen

Lument Finance Trust, Inc. zahlte im Jahr 2023 eine Gesamtdividende von 14,2 Millionen US-Dollar.

Dividendentyp	Betrag ($)	Dividendenrendite
Vierteljährliche Dividenden	14,2 Millionen	8.5%

Vermögensverwaltungsgebühren

Das Unternehmen erwirtschaftete im Geschäftsjahr 2023 Vermögensverwaltungsgebühren in Höhe von 3,9 Millionen US-Dollar.

• Gebühren für die Vermögensverwaltung bei strukturierten Finanzierungen: 2,1 Millionen US-Dollar
• Anlageberatungsgebühren: 1,8 Millionen US-Dollar

Kapitalwertsteigerung von Immobilieninvestitionen

Der Kapitalzuwachs von Immobilieninvestitionen belief sich im Jahr 2023 auf insgesamt 6,5 Millionen US-Dollar.

Anlagekategorie	Wertschätzungswert ($)	Prozentuale Wertschätzung
Gewerbeimmobilien	4,2 Millionen	5.3%
Mehrfamilienhäuser	2,3 Millionen	3.9%

Lument Finance Trust, Inc. (LFT) - Canvas Business Model: Value Propositions

You're looking at what Lument Finance Trust, Inc. (LFT) offers to its key stakeholders, and honestly, it boils down to specialized credit and reliable shareholder payouts. For the borrowers, LFT is all about providing a specific kind of lifeline: flexible, transitional floating-rate financing aimed squarely at the middle-market multifamily asset space. This isn't permanent agency debt; it's designed for properties needing a short-term fix or repositioning.

The value proposition here is the structure of the loan itself. You're getting financing that floats with SOFR, which is key in this environment. Specifically, the pricing we've seen on recent deals is structured around Term SOFR plus a competitive market spread. The typical term runs from 12 to 36 months, often with interest-only amortization, and extension options are definitely on the table depending on the deal structure. What this estimate hides is that LFT underwriting must support a Fannie Mae, Freddie Mac, or FHA refinancing upon maturity; that's the exit strategy they underwrite to. The recourse is generally non-recourse, barring standard carve-outs like completion and environmental indemnity agreements.

For investors, the appeal is the high-yield income stream you expect from a Real Estate Investment Trust (REIT) structure. Lument Finance Trust, Inc. is committed to returning capital, evidenced by the recent declaration of its third quarter 2025 cash dividend of $0.04 per common share, payable on October 15, 2025. That's a concrete number you can bank on, though distributable earnings for Q3 2025 were reported at $0.02 per share. The Book Value Per Share of Common Stock as of September 30, 2025, stood at $3.25.

Also critical to the model is how LFT funds its portfolio. They provide match-term, non-recourse financing to the loan portfolio via securitizations, specifically Commercial Real Estate Collateralized Loan Obligations (CRE-CLOs). This structure shields the collateral and equity from adverse valuation adjustments and margin calls, which is a big deal when managing transitional assets. For instance, the recently priced LMNT 2025-FL3 CLO totaled $663.8 million. This transaction is structured to place approximately $585.0 million of investment grade securities with institutional investors, achieving an advance rate of 88.1%. The weighted average interest rate at issuance for that tranche was Term SOFR plus 1.91%, and it features a 30-month reinvestment period, giving LFT time to manage the assets.

Here's a quick math summary of the key figures driving these value propositions as of late 2025:

Metric Category	Specific Data Point	Value / Amount
Investor Payout (Q3 2025)	Cash Dividend per Common Share	$0.04
Investor Payout (Q3 2025)	Distributable Earnings per Common Share	$0.02
Investor Equity	Book Value Per Share (as of 9/30/2025)	$3.25
Portfolio Focus	Multifamily Collateralized Loans (as of 9/30/2025)	89.6%
Portfolio Size	Total Loan Portfolio Carrying Value (as of 9/30/2025)	$822 million
Financing Structure (CLO LMNT 2025-FL3)	Total CLO Size	$663.8 million
Financing Structure (CLO LMNT 2025-FL3)	Investment Grade Securities Placed	$585.0 million
Financing Structure (CLO LMNT 2025-FL3)	Advance Rate	88.1%
Financing Structure (CLO LMNT 2025-FL3)	Weighted Average Interest Rate at Issuance	Term SOFR + 1.91%
Financing Structure (CLO LMNT 2025-FL3)	Reinvestment Period	30-month

The value LFT provides to borrowers can be broken down by the terms they receive:

• Loan Term: 12 to 36 months.
• Pricing: Floating-rate, 30 day SOFR plus a competitive market spread.
• Amortization: Interest only.
• Recourse: Generally non-recourse.

To be fair, the reliance on transitional assets means the value proposition for borrowers is inherently tied to their ability to execute a business plan for a future agency refinance. Finance: draft 13-week cash view by Friday.

Lument Finance Trust, Inc. (LFT) - Canvas Business Model: Customer Relationships

You're looking at how Lument Finance Trust, Inc. (LFT) manages its connections with the entities that fund it and the borrowers it lends to, all under the umbrella of its external manager.

Professional and Managed: Relationship governed by the external management agreement.

The relationship with the management function is formalized through an agreement with Lument Investment Management, LLC, which is a subsidiary of ORIX Corporation USA. This structure dictates how the portfolio is managed and financed. The company is actively restructuring its financing relationships to improve capital efficiency, which directly impacts the relationship with capital providers.

Financing Structure/Metric	Value as of Late 2025 (Q3 End/Recent)	Context/Date
External Manager	Lument Investment Management, LLC	Ongoing Relationship
New Master Repurchase Facility	$450 million	Secured with JPMorgan
Redeemed CRE-CLO (LFT 2021-FL1) Outstanding Securities	$436.4 million	Redeemed November 18, 2025
New CRE-CLO (LMNT 2025-FL3) Total Size	$663.8 million	Priced November 21, 2025
New CLO Advance Rate	88.1%	LMNT 2025-FL3

The shift in financing leverage is a key indicator of the relationship's evolution, moving from less efficient structures to more capital-releasing ones. For instance, redeeming the old CLO freed up an estimated $170 million of equity, which is capital Lument Finance Trust, Inc. now controls differently.

Transactional Lending: Direct engagement with borrowers for loan origination and servicing.

Direct engagement centers on the loan portfolio itself. As of September 30, 2025, Lument Finance Trust, Inc. held a portfolio comprising 51 floating rate loans, totaling an unpaid principal balance (UPB) of approximately $840 million. The relationship with borrowers is heavily concentrated in one asset class.

• Portfolio collateralized by multifamily properties: approximately 90%.
• Portfolio indexed to 1-month SOFR: 100%.
• Loan payoffs experienced in Q3 2025: $49 million.
• New loan fundings in Q3 2025: $3.6 million (exclusively healthcare sector, per Q2 data context).

Credit quality metrics show the current state of the borrower relationship health. As of September 30, only approximately 46% of the portfolio was risk rated at a 3 or better, with the weighted average risk rating remaining flat quarter-over-quarter at 3.5. There were 7 loan assets risk-rated at a 5, representing approximately 10% of the UPB, totaling about $86.4 million.

Investor Relations: Regular communication through SEC filings and earnings calls.

Investor communication is governed by mandatory regulatory disclosures and scheduled updates. The third quarter 10-Q was filed on November 12, 2025, followed by the earnings call on November 13, 2025. These interactions provide the hard numbers that define the relationship with equity and debt holders.

For the third quarter of 2025, the reported financial results directly inform investor sentiment and dividend expectations:

• GAAP net income attributable to common stockholders: $0.7 million, or $0.01 per share.
• Distributable earnings: $1.0 million, or $0.02 per share.
• Quarterly dividend declared in September: $0.04 per common share.
• Total book value of common stock as of September 30: approximately $670 million, or $3.25 per share.

The total equity at the end of the quarter stood at approximately $230 million. Honestly, the $0.02 distributable earnings per share definitely sets the tone for near-term investor expectations.

Lument Finance Trust, Inc. (LFT) - Canvas Business Model: Channels

You're looking at how Lument Finance Trust, Inc. (LFT) gets its business and its stock in front of the right people, which is key for a mortgage REIT. Here's the breakdown of the main channels they use as of late 2025.

Direct Origination: Sourcing loans from the affiliated Lument platform

The primary engine for LFT's assets comes from its external manager, Lument Investment Management LLC. This channel feeds the core investment portfolio, which focuses heavily on transitional floating rate commercial mortgage loans, especially those secured by middle-market multi-family assets. This is where the deal flow originates.

Here are the key portfolio statistics as of the third quarter of 2025:

Metric	Value as of September 30, 2025
Total Loan Portfolio (UPB)	Approximately $840 million
Number of Floating Rate Loans	51
Multifamily Collateralization Percentage	Approximately 90%
Weighted Average Remaining Initial Term	Approximately 16 months
Q3 2025 Loan Payoffs	$49 million

The channel is also being optimized through financing structure changes. LFT is actively managing its capital structure to improve efficiency. For instance, they redeemed the 2021-FL1 CLO, which provided only 72% leverage, freeing up an estimated $170 million in equity. This capital is being redeployed into a new structure, the LMF 2025-FL3, which offers a higher advance rate of 88.1%.

Public Markets: Common and preferred stock listed on the New York Stock Exchange (NYSE: LFT)

LFT accesses capital and provides liquidity to its investors through its listing on the New York Stock Exchange. This is the direct interface for equity investors to buy and sell ownership in Lument Finance Trust, Inc.

You should note the recent market context for the common stock:

• Ticker Symbol: NYSE: LFT
• Closing Price (as of Dec 05, 2025): $1.49
• Book Value Per Share (as of 9/30/2025): $3.25
• 52-Week Stock Price High: $2.84
• 52-Week Stock Price Low: $1.42
• Q3 2025 Common Stock Dividend Declared: $0.04 per share

The performance metrics for the third quarter of 2025 reflect the operating results flowing to public shareholders:

Financial Metric (Q3 2025)	Amount
GAAP Net Income (Common Stockholders)	$0.7 million
GAAP Earnings Per Share (Common Stock)	$0.01
Distributable Earnings (Non-GAAP)	$1.0 million
Distributable Earnings Per Share (Common Stock)	$0.02

The total book value of common stock stood at approximately $670 million at the end of the third quarter.

Investor Relations Website: Providing supplemental earnings presentations and financial data

The Investor Relations section of the Lument Finance Trust website serves as the central hub for detailed, non-public-facing information that supports the public market channel. This is where you go for the deep dive after the headline numbers drop.

Key resources available to investors include:

• Latest Supplemental Presentation: Q3 2025 Earnings Supplemental (Dated 11/12/25)
• Primary SEC Filing Location: www.sec.gov
• Company Website for Filings: lumentfinancetrust.com
• General Investor Inquiries Contact Email: LFTInvestorRelations@lument.com

You can find the company's strategy updates, like the focus on asset management and liquidity over immediate growth, detailed in these supplemental materials. Honestly, this is where you see the management team's narrative laid out clearly.

Lument Finance Trust, Inc. (LFT) - Canvas Business Model: Customer Segments

You're looking at the core groups Lument Finance Trust, Inc. (LFT) serves, the ones who provide the capital or receive the financing. Honestly, it's a tight focus, which simplifies things but also concentrates the risk, so you need to watch these groups closely.

Commercial Real Estate Borrowers

This segment is the direct user of Lument Finance Trust, Inc.'s primary product: transitional floating-rate commercial real estate debt. They are owners and developers in the middle-market space, specifically targeting multifamily properties. As of September 30, 2025, the loan investment portfolio had a carrying value of $822 million. You'll see that 89.6% of that portfolio was collateralized by multifamily assets. The total portfolio consisted of 51 floating-rate loans with an aggregate unpaid principal balance of approximately $840 million at that same date. Not all loans are performing perfectly, though; 7 loans, representing about 10% of the UPB, were risk-rated "5," the lowest tier. Furthermore, Lument Finance Trust, Inc. is currently managing four Real Estate Owned (REO) multifamily properties, which have an aggregate carrying value of $58.1 million.

Here's a quick look at the financing structure Lument Finance Trust, Inc. uses to fund these borrowers, which directly impacts the capital available for this segment:

Financing Source	Carrying Value as of 9/30/2025 (USD)
2021-FL1 CLO Notes (Investment Grade)	$436,600,000
LMF 2023-1 Notes (Investment Grade)	$234,700,000
Secured Term Loan, Net	$47,656,470

The weighted average note rate on the loan portfolio was SOFR + 3.55% as of the end of Q3 2025.

Common and Preferred Stockholders

These are the capital providers who buy Lument Finance Trust, Inc.'s equity, seeking dividend income. The ownership split gives you a clear picture of who has skin in the game. The stock price as of December 1, 2025, was $1.51 per share, with a reported Market Cap of $78.02M as of November 26, 2025. The Book Value Per Share of Common Stock was $3.25 as of September 30, 2025. For the third quarter of 2025, the declared common stock dividend was $0.04 per share.

The ownership breakdown shows a significant insider stake:

• Institutional Shareholders: 23.38%
• Lument Finance Trust, Inc. Insiders: 57.01%
• Retail Investors: 19.61%

The institutional base includes 110 owners filing 13D/G or 13F forms, holding a total of 13,498,389 shares. For the preferred stockholders, the Q3 2025 cash dividend declared for the Series A Preferred Stock was $0.49219 per share, based on its 7.875% rate.

Institutional Debt Investors

This group participates by purchasing the investment-grade notes Lument Finance Trust, Inc. issues through its securitizations, often called Commercial Real Estate Collateralized Loan Obligations (CRE CLOs). These investors provide the bulk of the non-recourse financing for the loan portfolio. As of September 30, 2025, the Company had two outstanding non-mark-to-market secured financings holding investment-grade notes. The total principal balance across these notes and the secured term loan was substantial.

The gross figures for secured financings, net, as reported in the Q3 2025 10-Q filing, were:

Debt Instrument Category	Balance as of 9/30/2025 (USD)
Collateralized loan obligations and secured financings, net	$669,775,299
Secured term loan, net	$47,656,470

The Company announced securing a new uncommitted $450 million master repurchase facility with JPMorgan in November 2025, intended to facilitate the redemption of the 2021 CRE CLO and reposition for future securitizations at a higher advance rate of 88.1%.

Finance: draft 13-week cash view by Friday.

Lument Finance Trust, Inc. (LFT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Lument Finance Trust, Inc. operations, the necessary outflows to keep the engine running and the portfolio financed. Honestly, for a finance company, the cost of money and management fees are where you need to focus your attention first.

Cost of Funds

This is your biggest variable cost, directly tied to the interest rates you pay on your secured financings, like the CLOs (Collateralized Loan Obligations) and repurchase agreements. As of the third quarter of 2025, the combined weighted average cost of funds across key financing structures was reported at SOFR plus 230 basis points. This is the benchmark cost for leveraging up your investment portfolio. Remember, the weighted average note rate on the loan portfolio itself as of September 30, 2025, was SOFR + 3.55%, so the spread between what you earn and what you pay for capital is a key driver of net income.

External Management Fees

Lument Finance Trust, Inc. is externally managed by Lument Investment Management, LLC, an affiliate of ORIX Corporation USA. This relationship means a significant portion of your operating costs goes to advisory and management services. The structure includes fees paid directly to the manager plus expense reimbursements. For instance, in the second quarter of 2025, the total operating expenses included approximately $200,000 related to fees paid to the manager and approximately $100,000 for expense reimbursements.

Operating Expenses

These are the day-to-day costs of running the business, which include general and administrative costs and loan servicing expenses, often bundled with the management fees. For the third quarter of 2025, total operating expenses, including fees to the manager, were $3.1 million. This was a slight sequential decrease from the $3.2 million recognized in the second quarter of 2025.

Here's a quick look at how these key expense categories trended across the middle two quarters of 2025 (figures in thousands, except where noted):

Expense Category	Q2 2025 Amount (in thousands)	Q3 2025 Amount (in millions)
Total Operating Expenses (including manager fees)	$3,200	$3.1
Provision for Credit Losses (Unrealized)	$94,768	Not explicitly detailed as a separate line item in the Q3 total operating expense figure
Depreciation of Real Estate Owned (Non-cash adjustment)	$138,777	$344,785 (as a non-cash adjustment)

Credit Losses

Managing credit risk translates directly into your provision for credit losses. This is a critical, non-cash charge that reflects the expected future losses on the loan portfolio. For the three months ended June 30, 2025, the Unrealized provision for credit losses was reported as $94,768 thousand (or $94.8 million). This provision contributed to the general loan loss reserve increasing from $5.9 million to $6.6 million during that period. By the end of Q3 2025, the general allowance for credit losses had decreased to $5.7 million from the Q2 level of $6.6 million, driven primarily by a decrease in the overall portfolio balance.

You should definitely track the specific reserve activity, as management also charged off approximately $200,000 of prior-quarter reserves against an asset that moved to Real Estate Owned (REO) in Q3.

Finance: draft the sensitivity analysis for a 50 basis point shift in SOFR on the Q4 2025 Cost of Funds by next Tuesday.

Lument Finance Trust, Inc. (LFT) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Lument Finance Trust, Inc. (LFT)'s earnings power, which, like most mortgage REITs, is heavily reliant on the spread between what it earns on its assets and what it pays for financing. Honestly, the Q3 2025 results showed some pressure here, but the underlying strategy is clear.

Net Interest Income

This is the primary revenue stream, derived from the net spread on the loan portfolio. For the third quarter of 2025, Lument Finance Trust, Inc. reported a net interest income of $5.1 million. That figure was a step down from the $7 million recorded in Q2 2025. A significant part of that reduction came from portfolio dynamics, specifically loan repayments and the reversal of certain accrued interest and non-accrual interest, which together accounted for approximately $800,000 of the decrease.

Interest Income

Interest income itself is generated directly from the portfolio of floating-rate commercial real estate (CRE) loans. The portfolio is structured to earn a floating rate, which helps manage interest rate risk to some degree. Here's a snapshot of the loan book as of September 30, 2025, which dictates the interest earned:

Metric	Value
Aggregate Unpaid Principal Balance (UPB)	Approximately $840 million
Weighted Average Floating Rate	SOFR plus 355 basis points
Number of Floating Rate Loans	51

The weighted average coupon on the loan portfolio remained relatively flat sequentially, but the overall interest earnings were impacted because the average outstanding UPB declined due to $49 million of loan payoffs during the quarter.

Fee Income

Beyond the core interest spread, Lument Finance Trust, Inc. captures value through various fees associated with its lending activities. This component includes several distinct sources that add to the top line. It's important to track these as they can be less sensitive to short-term interest rate movements than NII.

The revenue components categorized as fee income or related adjustments include:

• Origination fees on new loans.
• Extension fees charged when borrowers extend loan terms.
• Purchase discounts realized on loans acquired.

As of September 30, 2025, the unamortized aggregate purchase discount on the loan portfolio stood at $1.9 million. This figure represents a portion of the income recognized over the life of the loan, defintely a key part of their fee structure.

Real Estate Income

While Lument Finance Trust, Inc. focuses on debt, it does hold Real Estate Owned (REO) properties, which generate rental income. This stream is typically smaller than the interest income but is a direct result of credit events where the company takes possession of the underlying collateral. As of the end of Q3 2025, the REO portfolio consisted of four multifamily properties. The aggregate carrying value for these assets was $58.1 million, and they were operating at a weighted average occupancy of 73.5%.

Finance: draft 13-week cash view by Friday.