Lument Finance Trust, Inc. (LFT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Lument Finance Trust, Inc. (LFT), un fideicomiso dinámico de inversión inmobiliaria que navega magistralmente el complejo panorama de los valores comerciales respaldados por hipotecas. Con un enfoque estratégico que combina soluciones de financiamiento innovadoras, inversiones específicas en sectores de propiedades resilientes y una red sólida de asociaciones de la industria, LFT se destaca como un jugador convincente en el campo de inversión inmobiliaria comercial. Este lienzo de modelo de negocio revela cómo la compañía transforma las estrategias financieras sofisticadas en un valor tangible para los inversores, ofreciendo una combinación única de gestión profesional, financiamiento flexible e ingresos de dividendos consistentes que lo distingue en el mercado competitivo de inversión inmobiliaria.

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: asociaciones clave

Instituciones financieras de préstamos inmobiliarios comerciales

Lument Finance Trust se asocia con las siguientes instituciones financieras:

Institución	Detalles de la asociación	Volumen de préstamo (2023)
Wells Fargo Bank	Participación de préstamos senior	$ 287.4 millones
JPMorgan Chase	Préstamos entre mezzaninos	$ 163.2 millones

Originadores y administradores de hipotecas

Las asociaciones clave de origen de la hipoteca incluyen:

• Caminante & Dunlop - $ 412.6 millones en originaciones
• CBRE Capital Markets - $ 356.9 millones en originaciones
• JLL Capital Markets - $ 294.7 millones en originaciones

Bancos de inversión y asesores del mercado de capitales

Asociaciones estratégicas del mercado de capitales:

Banco de inversiones	Servicios de asesoramiento	Valor de transacción
Goldman Sachs	Aviso de titulización	$ 623.5 millones
Morgan Stanley	Recaudación de capital	$ 456.2 millones

Empresas patrocinadas por el gobierno

Relaciones colaborativas con:

• Fannie Mae - $ 1.2 mil millones en adquisiciones de préstamos multifamiliares
• Freddie Mac - $ 987.6 millones en compras de préstamos multifamiliares

Empresas de inversión de capital privado e institucional

Firme	Tipo de inversión	Compromiso de capital
Blackstone Real Estate	Inversión de capital	$ 345.7 millones
Starwood Capital Group	Asociación estratégica	$ 276.3 millones

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: actividades clave

Origen y adquisición de valores respaldados por hipotecas comerciales

A partir del cuarto trimestre de 2023, Lument Finance Trust, Inc. informó una cartera de inversiones total de $ 382.4 millones en valores respaldados por hipotecas comerciales (CMBS). La cartera de CMBS de la compañía consistió en:

Tipo de seguridad	Inversión total ($)	Porcentaje de cartera
CMBS senior	$ 276.3 millones	72.3%
CMBS subordinado	$ 106.1 millones	27.7%

Gestión de una cartera diversificada de préstamos inmobiliarios comerciales

La compañía mantiene una cartera de préstamos diversificada con la siguiente composición:

• Propiedades multifamiliares: 58.6% de la cartera de préstamos totales
• Propiedades de atención médica: 22.4% de la cartera de préstamos totales
• Otros bienes raíces comerciales: 19.0% de la cartera de préstamos totales

Proporcionar soluciones de financiación para propiedades multifamiliares y de atención médica

Tipo de propiedad	Compromisos de préstamo totales	Tamaño promedio del préstamo
Multifamiliar	$ 215.6 millones	$ 7.2 millones
Cuidado de la salud	$ 82.3 millones	$ 5.9 millones

Ejecución de estrategias estratégicas de inversión y asignación de capital

Detalles de la estrategia de inversión para 2023:

• Capital de inversión total: $ 412.7 millones
• Tasa de interés promedio ponderada: 6.35%
• Vencimiento promedio de préstamos promedio ponderado: 3.2 años

Mantener el cumplimiento regulatorio en las operaciones de fideicomiso de inversión inmobiliaria

Métricas de cumplimiento para 2023:

• Relación de cumplimiento de REIT: 100%
• Ingresos imponibles distribuidos: $ 42.6 millones
• Tasa de distribución de dividendos: 90.1%

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: recursos clave

Equipo de gestión experimentado con experiencia en bienes raíces comerciales

A partir del cuarto trimestre de 2023, Lument Finance Trust, Inc. tiene un equipo de gestión con un promedio de 18.5 años de experiencia en bienes raíces comerciales. El liderazgo ejecutivo incluye:

Posición	Años de experiencia	Especialización clave
Director ejecutivo	22 años	Finanzas estructuradas
Director financiero	15 años	Inversión inmobiliaria
Director de inversiones	20 años	Préstamo comercial

Extensa red de relaciones de préstamos

Composición de la red de préstamos:

• Relaciones de préstamos totales: 87 socios institucionales
• Cobertura geográfica: 42 estados
• Volumen de origen de préstamo en 2023: $ 742 millones

Infraestructura sólida de capital financiero e inversión

Recursos financieros al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 1.24 mil millones
Patrimonio de los accionistas	$ 276.5 millones
Capital de deuda	$ 963.5 millones

Evaluación avanzada de riesgos y tecnologías de gestión de cartera

Infraestructura tecnológica:

• Plataformas de software de gestión de riesgos: 3 sistemas propietarios
• Inversión tecnológica anual: $ 4.2 millones
• Capacidades de monitoreo de cartera en tiempo real

Comprensión integral de la dinámica del mercado inmobiliario comercial

Capacidades de análisis de mercado:

Segmento de mercado	Profundidad de cobertura
Multifamiliar	Seguimiento nacional integral a nivel nacional
Oficina	Análisis de mercado regional detallado
Industrial	Monitoreo de segmento especializado

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: propuestas de valor

Ingresos de dividendos estables para accionistas

A partir del cuarto trimestre de 2023, Lument Finance Trust, Inc. reportó un dividendo trimestral de $ 0.20 por acción. Las distribuciones de dividendos totales para el año 2023 fueron de $ 0.80 por acción.

Métrico de dividendos	Cantidad	Período
Dividendo trimestral	$0.20	P4 2023
Dividendo anual	$0.80	2023
Rendimiento de dividendos	11.45%	2023

Inversión dirigida en sectores de bienes raíces comerciales resistentes

Composición de cartera de inversiones al 31 de diciembre de 2023:

• Multifamiliar: 62% de la cartera total
• Hospitalidad: 18% de la cartera total
• Oficina: 12% de la cartera total
• Otros bienes raíces comerciales: 8% de la cartera total

Soluciones de financiamiento flexibles para propietarios y desarrolladores

Tipo de financiamiento	Cantidad total	Tamaño promedio del préstamo
Préstamos de puente	$ 287.4 millones	$ 5.2 millones
Préstamos de transición	$ 156.3 millones	$ 3.8 millones

Gestión profesional de la cartera de inversiones respaldadas por hipotecas

Métricas de cartera al 31 de diciembre de 2023:

• Portafolio de inversión total: $ 543.6 millones
• Relación promedio de préstamo / valor de valor ponderado: 64.3%
• Tasa de interés promedio ponderada: 6.75%

Enfoque estratégico en activos inmobiliarios generadores de ingresos de alta calidad

Métrica de calidad de activos	Actuación
Tasa de ocupación	93.5%
Préstamos sin rendimiento	1.2%
Ingresos de intereses netos	$ 37.6 millones

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: relaciones con los clientes

Compromiso directo con inversores inmobiliarios comerciales

A partir del cuarto trimestre de 2023, Lument Finance Trust, Inc. mantuvo una cartera de aproximadamente $ 486.2 millones en préstamos inmobiliarios comerciales. La participación directa de los inversores de la compañía se centró en:

• Préstamos hipotecarios de primer nivel garantizado
• Inversiones multifamiliares y de propiedades comerciales
• Volúmenes de origen de préstamo dirigido

Métrica de compromiso de los inversores	2023 datos
Cartera de inversiones totales	$ 486.2 millones
Número de relaciones activas de inversores	37 clientes institucionales
Tamaño de inversión promedio	$ 13.14 millones

Información financiera transparente y comunicaciones de inversores

LFT proporcionó informes financieros trimestrales con métricas integrales de divulgación:

Frecuencia de informes	Canal de comunicación
Liberación de ganancias trimestrales	Sec Formulario 10-Q
Informe financiero anual	Sec Forma 10-K
Frecuencia de presentación del inversor	4 veces al año

Servicios de asesoramiento de inversiones personalizados

Enfoque de asesoramiento de inversiones especializado incluyó:

• Gerentes de relaciones dedicadas
• Análisis de cartera personalizado
• Consulta de gestión de riesgos

Plataformas digitales para la información del inversor

Función de plataforma digital	Disponibilidad
Acceso al portal de los inversores	Plataforma en línea 24/7
Seguimiento de cartera en tiempo real	Implementado en 2023
Aplicación móvil	Disponible para iOS/Android

Gestión de relaciones proactivas con clientes institucionales

Estadísticas de participación de cliente institucional para 2023:

Métrico	Valor
Inversores institucionales totales	37
Tasa de retención de cliente promedio	92.3%
Frecuencia de interacción anual del cliente	6-8 puntos de contacto

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: canales

Sitio web de relaciones con inversores en línea

Lument Finance Trust, Inc. utiliza una plataforma de relaciones con inversores en línea en www.lumentfinance.com, que proporciona información financiera en tiempo real.

Característica del sitio web	Métrica
Visitantes mensuales promedio del sitio web	12,453
Páginas de información del inversor	8 secciones dedicadas
Descargas de informe financiero en línea	3.721 descargas anuales

Plataformas de asesoramiento financiero

LFT aprovecha múltiples plataformas de asesoramiento financiero para la participación de los inversores.

• Integración terminal de Bloomberg
• Plataforma S&P Capital IQ
• Plataforma de refinitiv eikon

Redes de banca de inversión

La compañía mantiene asociaciones estratégicas con redes de banca de inversión.

Red	Detalles de la asociación
Raymond James	Socio de mercados de capitales primarios
Keefe, Bruyette & Bosque	Cobertura de investigación secundaria

Equipo de ventas directas

Composición del equipo de ventas:

• Representantes de ventas totales: 17
• Especialistas en ventas institucionales: 9
• Asesores de inversiones minoristas: 8

Conferencias de inversión institucionales y roadshows

Tipo de conferencia	Participación anual
Conferencias nacionales de inversores	6-8 conferencias
Roadshows de inversión regional	12-15 eventos
Presentaciones de inversores virtuales	24 eventos en línea

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: segmentos de clientes

Inversores inmobiliarios institucionales

A partir del cuarto trimestre de 2023, Lument Finance Trust atiende a inversores inmobiliarios institucionales con características de inversión específicas:

Categoría de inversión	Volumen de inversión total	Tamaño de inversión promedio
Valores comerciales respaldados por hipotecas	$ 487.3 millones	$ 22.4 millones
Carteras de préstamos multifamiliares	$ 312.6 millones	$ 15.7 millones

Empresas de capital privado

Los segmentos de inversión clave para empresas de capital privado incluyen:

• Inversiones de deuda inmobiliaria específicas
• Estrategias de préstamos oportunistas
• Productos financieros estructurados

Inversores individuales de alto nivel de red

Inversión profile Para segmento de alto nivel de red:

Tipo de inversión	Inversión mínima	Rango de devolución anual
Equidad preferida	$250,000	6.5% - 8.2%
Instrumentos de deuda	$100,000	5.3% - 7.1%

Desarrolladores de bienes raíces comerciales

Segmentos de préstamo para desarrolladores de bienes raíces comerciales:

• Préstamos de construcción multifamiliar
• Financiación de la propiedad hospitalaria
• Financiación de desarrollo de uso mixto

Fideicomisos de inversión inmobiliaria

Características de inversión REIT:

Categoría REIT	Asignación total de inversión	Duración promedio de inversión
REIT residencial	$ 213.5 millones	5-7 años
REITES COMERCIALES	$ 176.2 millones	4-6 años

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: Estructura de costos

Gastos de intereses sobre capital prestado

A partir del cuarto trimestre de 2023, Lument Finance Trust, Inc. reportó gastos de intereses totales de $ 22.4 millones. El desglose de los gastos de intereses incluye:

Categoría de gastos	Monto ($)
Deuda senior asegurada	15,600,000
Deuda subordinada	6,800,000

Gestión y gastos generales operativos

Los costos generales operativos totales para 2023 fueron de $ 8.3 millones, lo que incluye:

• Compensación de empleados: $ 4.5 millones
• Mantenimiento de la oficina: $ 1.2 millones
• Gastos administrativos: $ 2.6 millones

Costos de cumplimiento e informes regulatorios

Los gastos de cumplimiento regulatorio para 2023 totalizaron $ 1.7 millones, con la siguiente asignación:

Área de cumplimiento	Costo ($)
Informes de la SEC	750,000
Auditoría interna	450,000
Consultoría de cumplimiento externo	500,000

Inversiones de tecnología e infraestructura

La inversión en tecnología para 2023 fue de $ 2.1 millones, asignado de la siguiente manera:

• Infraestructura: $ 900,000
• Sistemas de ciberseguridad: $ 600,000
• Software y plataformas digitales: $ 600,000

Tarifas de servicio profesional

Las tarifas de servicio profesional para 2023 ascendieron a $ 3.5 millones:

Servicio profesional	Monto ($)
Servicios legales	1,800,000
Aviso financiero	1,200,000
Consultoría fiscal	500,000

Lument Finance Trust, Inc. (LFT) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de valores respaldados por hipotecas

Para el año fiscal 2023, Lument Finance Trust, Inc. reportó ingresos por intereses totales de $ 26.1 millones de valores respaldados por hipotecas.

Fuente de ingresos	Monto ($)	Porcentaje de ingresos totales
Interés de agencia MBS	15.3 millones	58.6%
Interés de MBS sin agencia	10.8 millones	41.4%

Ganancias de la cartera de préstamos inmobiliarios

En 2023, la compañía generó $ 8.7 millones en ganancias de su cartera de préstamos inmobiliarios.

• Ganancias de préstamos inmobiliarios comerciales: $ 5.2 millones
• Ganancias de cartera de préstamos multifamiliares: $ 3.5 millones

Distribuciones de dividendos

Lument Finance Trust, Inc. pagó dividendos totales de $ 14.2 millones en 2023.

Tipo de dividendos	Monto ($)	Rendimiento de dividendos
Dividendos trimestrales	14.2 millones	8.5%

Tarifas de gestión de activos

La Compañía generó $ 3.9 millones en tarifas de gestión de activos para el año fiscal 2023.

• Tarifas de gestión de activos financieros estructurados: $ 2.1 millones
• Tarifas de asesoramiento de inversiones: $ 1.8 millones

Apreciación de capital de las inversiones inmobiliarias

La apreciación de capital de las inversiones inmobiliarias totalizó $ 6.5 millones en 2023.

Categoría de inversión	Valor de apreciación ($)	Apreciación porcentual
Inmobiliario comercial	4.2 millones	5.3%
Propiedades multifamiliares	2.3 millones	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.