Lument Finance Trust, Inc. (LFT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Lument Finance Trust, Inc. (LFT), une fiducie de placement immobilier dynamique qui navigue magistralement dans le paysage complexe des titres adossés à des hypothèques commerciales. Avec une approche stratégique qui mélange des solutions de financement innovantes, des investissements ciblés dans des secteurs immobiliers résilients et un réseau robuste de partenariats de l'industrie, LFT se distingue comme un acteur convaincant dans le domaine de l'investissement immobilier commercial. Cette toile de modèle commercial révèle comment l'entreprise transforme les stratégies financières sophistiquées en valeur tangible pour les investisseurs, offrant un mélange unique de gestion professionnelle, un financement flexible et des revenus de dividendes cohérents qui le distinguent sur le marché de l'investissement immobilier compétitif.

Lument Finance Trust, Inc. (LFT) - Modèle commercial: partenariats clés

Institutions financières de prêt immobilier commercial

Lument Finance Trust s'associe aux institutions financières suivantes:

Institution	Détails du partenariat	Volume de prêt (2023)
Banque Wells Fargo	Participation des prêts seniors	287,4 millions de dollars
JPMorgan Chase	Prêt mezzanine	163,2 millions de dollars

Originateurs et agents hypothécaires

Les partenariats clés d'origine hypothécaire comprennent:

• Marcheur & Dunlop - 412,6 millions de dollars d'origine
• CBRE Marchés des capitaux - 356,9 millions de dollars d'origine
• JLL Marchés des capitaux - 294,7 millions de dollars d'origine

Banques d'investissement et conseillers du marché des capitaux

Partenariats stratégiques du marché du capital:

Banque d'investissement	Services consultatifs	Valeur de transaction
Goldman Sachs	Avis de titrisation	623,5 millions de dollars
Morgan Stanley	Levage de capitaux	456,2 millions de dollars

Entreprises parrainées par le gouvernement

Relations collaboratives avec:

• Fannie Mae - 1,2 milliard de dollars d'acquisitions de prêts multifamiliales
• Freddie Mac - 987,6 millions de dollars en achats de prêts multifamiliaux

Private equity et sociétés d'investissement institutionnelles

Ferme	Type d'investissement	Engagement en capital
Blackstone Real Estate	Investissement en capitaux propres	345,7 millions de dollars
Starwood Capital Group	Partenariat stratégique	276,3 millions de dollars

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: activités clés

Originaire et acquisition de titres adossés à des hypothèques commerciaux

Au quatrième trimestre 2023, Lument Finance Trust, Inc. a déclaré un portefeuille d'investissement total de 382,4 millions de dollars en titres de créances hypothécaires commerciaux (CMB). Le portefeuille CMBS de la société comprenait:

Type de sécurité	Investissement total ($)	Pourcentage de portefeuille
CMBS senior	276,3 millions de dollars	72.3%
CMBS subordonnés	106,1 millions de dollars	27.7%

Gérer un portefeuille diversifié de prêts immobiliers commerciaux

La société maintient un portefeuille de prêts diversifié avec la composition suivante:

• Propriétés multifamiliales: 58,6% du portefeuille total des prêts
• Propriétés des soins de santé: 22,4% du portefeuille total des prêts
• Autres biens immobiliers commerciaux: 19,0% du portefeuille de prêts totaux

Fournir des solutions de financement pour les propriétés multifamiliales et de soins de santé

Type de propriété	Engagements totaux de prêt	Taille moyenne du prêt
Multifamilial	215,6 millions de dollars	7,2 millions de dollars
Soins de santé	82,3 millions de dollars	5,9 millions de dollars

Exécuter des stratégies stratégiques d'investissement et d'allocation des capitaux

Détails de la stratégie d'investissement pour 2023:

• Capital d'investissement total: 412,7 millions de dollars
• Taux d'intérêt moyen pondéré: 6,35%
• Maturité moyenne du prêt pondérée: 3,2 ans

Maintenir la conformité réglementaire dans les opérations de fiducie de placement immobilier

Mesures de conformité pour 2023:

• Ratio de conformité REIT: 100%
• Revenu imposable distribué: 42,6 millions de dollars
• Taux de distribution des dividendes: 90,1%

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée avec une expertise immobilière commerciale

Depuis le quatrième trimestre 2023, Lument Finance Trust, Inc. possède une équipe de direction avec une moyenne de 18,5 ans d'expérience en immobilier commercial. Le leadership exécutif comprend:

Position	Années d'expérience	Spécialisation clé
Directeur général	22 ans	Financement structuré
Directeur financier	15 ans	Investissement immobilier
Chef des investissements	20 ans	Prêts commerciaux

Réseau étendu de relations de prêt

Composition du réseau de prêt:

• Relations totales de prêt: 87 partenaires institutionnels
• Couverture géographique: 42 États
• Volume d'origine du prêt en 2023: 742 millions de dollars

Infrastructure de capital financier robuste et d'investissement

Ressources financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	1,24 milliard de dollars
Capitaux propres des actionnaires	276,5 millions de dollars
Endettement	963,5 millions de dollars

Évaluation avancée des risques et technologies de gestion du portefeuille

Infrastructure technologique:

• Plateformes logicielles de gestion des risques: 3 systèmes propriétaires
• Investissement technologique annuel: 4,2 millions de dollars
• Capacités de surveillance de portefeuille en temps réel

Compréhension complète de la dynamique du marché immobilier commercial

Capacités d'analyse du marché:

Segment de marché	Profondeur de couverture
Multifamilial	Suivi national complet
Bureau	Analyse détaillée du marché régional
Industriel	Surveillance spécialisée des segments

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: propositions de valeur

Revenu des dividendes stables pour les actionnaires

Au quatrième trimestre 2023, Lument Finance Trust, Inc. a déclaré un dividende trimestriel de 0,20 $ par action. Les distributions totales de dividendes pour l'année 2023 étaient de 0,80 $ par action.

Métrique du dividende	Montant	Période
Dividende trimestriel	$0.20	Q4 2023
Dividende annuel	$0.80	2023
Rendement des dividendes	11.45%	2023

Investissement ciblé dans des secteurs immobiliers commerciaux résilients

Composition du portefeuille d'investissement au 31 décembre 2023:

• Multifamilial: 62% du portefeuille total
• Hospitalité: 18% du portefeuille total
• Bureau: 12% du portefeuille total
• Autres biens immobiliers commerciaux: 8% du portefeuille total

Solutions de financement flexibles pour les propriétaires et les promoteurs

Type de financement	Montant total	Taille moyenne du prêt
Prêts de ponts	287,4 millions de dollars	5,2 millions de dollars
Prêts de transition	156,3 millions de dollars	3,8 millions de dollars

Gestion professionnelle du portefeuille d'investissement adossé à des hypothèques

Mesures de portefeuille au 31 décembre 2023:

• Portfolio d'investissement total: 543,6 millions de dollars
• Ratio de prêt / valeur pondéré pondéré: 64,3%
• Taux d'intérêt moyen pondéré: 6,75%

Focus stratégique sur les actifs immobiliers de haute qualité et générateurs de revenus

Métrique de qualité des actifs	Performance
Taux d'occupation	93.5%
Prêts non performants	1.2%
Revenu net d'intérêt	37,6 millions de dollars

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs immobiliers commerciaux

Au quatrième trimestre 2023, Lument Finance Trust, Inc. a maintenu un portefeuille d'environ 486,2 millions de dollars en prêts immobiliers commerciaux. L'engagement direct des investisseurs de la société s'est concentré sur:

• Prages de premier ordre assurés de premier ordre
• Investissements immobiliers multifamiliaux et commerciaux
• Volumes de création de prêt ciblé

Métrique de l'engagement des investisseurs	2023 données
Portefeuille d'investissement total	486,2 millions de dollars
Nombre de relations avec les investisseurs actifs	37 clients institutionnels
Taille moyenne de l'investissement	13,14 millions de dollars

Rapports financiers transparents et communications des investisseurs

LFT a fourni des rapports financiers trimestriels avec des mesures de divulgation complètes:

Fréquence de rapport	Canal de communication
Version trimestrielle des résultats	SEC Form 10-Q
Rapport financier annuel	SEC Form 10-K
Fréquence de présentation des investisseurs	4 fois par an

Services de conseil en investissement personnalisés

L'approche de conseil en investissement spécialisée comprenait:

• Gestionnaires de relations dédiées
• Analyse de portefeuille personnalisée
• Consultation de gestion des risques

Plateformes numériques pour les informations des investisseurs

Fonctionnalité de plate-forme numérique	Disponibilité
Accès du portail des investisseurs	Plateforme en ligne 24/7
Suivi du portefeuille en temps réel	Mis en œuvre en 2023
Application mobile	Disponible pour iOS / Android

Gestion des relations proactives avec les clients institutionnels

Statistiques de l'engagement des clients institutionnels pour 2023:

Métrique	Valeur
Investisseurs institutionnels totaux	37
Taux de rétention de la clientèle moyen	92.3%
Fréquence d'interaction du client annuel	6-8 points de contact

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

Lument Finance Trust, Inc. utilise une plateforme de relations avec les investisseurs en ligne sur www.lumentfinance.com, qui fournit des informations financières en temps réel.

Fonctionnalité de site Web	Métrique
Visiteurs de site Web mensuels moyens	12,453
Pages d'information des investisseurs	8 sections dédiées
Téléchargements de rapports financiers en ligne	3 721 téléchargements annuels

Plateformes consultatives financières

LFT exploite plusieurs plateformes de conseil financier pour l'engagement des investisseurs.

• Intégration du terminal Bloomberg
• Plateforme S&P Capital IQ
• Plate-forme eikon raffinitiv

Réseaux de banque d'investissement

La société maintient des partenariats stratégiques avec les réseaux de banque d'investissement.

Réseau	Détails du partenariat
Raymond James	Partenaire des marchés des capitaux primaires
Keefe, Bruyette & Les bois	Couverture de recherche secondaire

Équipe de vente directe

Composition de l'équipe de vente:

• Représentants des ventes totales: 17
• Spécialistes des ventes institutionnelles: 9
• Conseillers d'investissement au détail: 8

Conférences d'investissement institutionnelles et tas de routes

Type de conférence	Participation annuelle
Conférences nationales sur les investisseurs	6-8 conférences
Bas de routes d'investissement régional	12-15 événements
Présentations des investisseurs virtuels	24 événements en ligne

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers institutionnels

Au quatrième trimestre 2023, Lument Finance Trust dessert les investisseurs immobiliers institutionnels avec des caractéristiques d'investissement spécifiques:

Catégorie d'investissement	Volume total d'investissement	Taille moyenne de l'investissement
Titres adossés à des créances hypothécaires commerciaux	487,3 millions de dollars	22,4 millions de dollars
Portefeuilles de prêts multifamiliaux	312,6 millions de dollars	15,7 millions de dollars

Sociétés de capital-investissement

Les principaux segments d'investissement pour les sociétés de capital-investissement comprennent:

• Investissements de dette immobilière ciblés
• Stratégies de prêt opportunistes
• Produits financiers structurés

Investisseurs individuels à haute nette

Investissement profile Pour le segment de netteur haute:

Type d'investissement	Investissement minimum	Plage de retour annuel
Capitaux propres préférés	$250,000	6.5% - 8.2%
Endettement	$100,000	5.3% - 7.1%

Promoteurs immobiliers commerciaux

Segments de prêt pour les promoteurs immobiliers commerciaux:

• Prêts de construction multifamiliaux
• Financement immobilier hôtelière
• Financement de développement à usage mixte

Fiducies d'investissement immobilier

Caractéristiques d'investissement du REIT:

Catégorie de REIT	Allocation totale des investissements	Durée d'investissement moyenne
FPI résidentiels	213,5 millions de dollars	5-7 ans
FPI commerciaux	176,2 millions de dollars	4-6 ans

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: Structure des coûts

Dépenses d'intérêt sur le capital emprunté

Au quatrième trimestre 2023, Lument Finance Trust, Inc. a déclaré des frais d'intérêt totaux de 22,4 millions de dollars. La ventilation des dépenses d'intérêt comprend:

Catégorie de dépenses	Montant ($)
Dette garantie supérieure	15,600,000
Dette subordonnée	6,800,000

Gestion et frais généraux opérationnels

Les frais généraux totaux opérationnels pour 2023 étaient de 8,3 millions de dollars, ce qui comprend:

• Compensation des employés: 4,5 millions de dollars
• Entretien du bureau: 1,2 million de dollars
• Frais administratifs: 2,6 millions de dollars

Coût de la conformité et des rapports réglementaires

Les dépenses de conformité réglementaire pour 2023 ont totalisé 1,7 million de dollars, la répartition suivante:

Zone de conformité	Coût ($)
Reportage SEC	750,000
Audit interne	450,000
Conseil de conformité externe	500,000

Investissements technologiques et infrastructures

L'investissement technologique pour 2023 était de 2,1 millions de dollars, alloué comme suit:

• Infrastructure informatique: 900 000 $
• Systèmes de cybersécurité: 600 000 $
• Plateformes logicielles et numériques: 600 000 $

Frais de service professionnels

Les frais de service professionnels pour 2023 s'élevaient à 3,5 millions de dollars:

Service professionnel	Montant ($)
Services juridiques	1,800,000
Avis financier	1,200,000
Conseil fiscal	500,000

Lument Finance Trust, Inc. (LFT) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant de titres adossés à des créances hypothécaires

Pour l'exercice 2023, Lument Finance Trust, Inc. a déclaré un revenu total d'intérêts de 26,1 millions de dollars provenant de titres adossés à des créances hypothécaires.

Source de revenus	Montant ($)	Pourcentage du total des revenus
Intérêt MBS de l'agence	15,3 millions	58.6%
Intérêt MBS non agence	10,8 millions	41.4%

Gains du portefeuille de prêts immobiliers

En 2023, la société a généré 8,7 millions de dollars de gains de son portefeuille de prêts immobiliers.

• Gains de prêt immobilier commercial: 5,2 millions de dollars
• Gains de portefeuille de prêts multifamiliaux: 3,5 millions de dollars

Distributions de dividendes

Lument Finance Trust, Inc. a versé des dividendes totaux de 14,2 millions de dollars en 2023.

Type de dividende	Montant ($)	Rendement des dividendes
Dividendes trimestriels	14,2 millions	8.5%

Frais de gestion des actifs

La société a généré 3,9 millions de dollars de frais de gestion d'actifs pour l'exercice 2023.

• Frais de gestion des actifs financiers structurés: 2,1 millions de dollars
• Frais de conseil en investissement: 1,8 million de dollars

Appréciation du capital des investissements immobiliers

L'appréciation du capital des investissements immobiliers a totalisé 6,5 millions de dollars en 2023.

Catégorie d'investissement	Valeur d'appréciation ($)	Pourcentage d'appréciation
Immobilier commercial	4,2 millions	5.3%
Propriétés multifamiliales	2,3 millions	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.