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Lument Finance Trust(LFT) - 2024 Q4 - Annual Results
LFTLument Finance Trust(LFT)2025-03-19 21:22

Financial Performance - Q4 2024 GAAP net income attributable to common stockholders was 0.07pershare,whileDistributableEarnings®were0.07 per share, while Distributable Earnings® were 0.10 per share[8]. - Net income for the year ended December 31, 2024, was reported at 22,649,100,withnetincomeattributabletocommonstockholdersat22,649,100, with net income attributable to common stockholders at 17,909,100[44]. - The company declared dividends to preferred stockholders totaling 4,740,010,impactingthenetincomeattributabletocommonstockholders[44].−DistributableearningsforthethreemonthsendedJune30,2024,were4,740,010, impacting the net income attributable to common stockholders[44]. - Distributable earnings for the three months ended June 30, 2024, were 4,822,392, translating to a distributable earnings per share of 0.09[49].−Managementandincentivefeesfortheyeartotaled0.09[49]. - Management and incentive fees for the year totaled 6,630,500, part of the total expenses of 13,508,000[44].−Thecompanyreportedanetinterestincomeof13,508,000[44]. - The company reported a net interest income of 41,356,600 for the year, after accounting for interest expenses of 80,772,200[44].Dividends−TheCompanydeclaredacumulativecashdividendof80,772,200[44]. Dividends - The Company declared a cumulative cash dividend of 0.40 per share for FY 2024, including a one-time special cash dividend of 0.09pershare[8].LoanPortfolio−AsofDecember31,2024,theCompany′sloanportfoliowasvaluedat0.09 per share[8]. Loan Portfolio - As of December 31, 2024, the Company's loan portfolio was valued at 1.0 billion, with 92.3% collateralized by multifamily assets[8][18]. - The Company funded 13.0millionofloanassetsinQ42024andexperienced13.0 million of loan assets in Q4 2024 and experienced 143.6 million in loan payoffs during the same period[20]. - For FY 2024, the Company funded 58.4millionofloanassetsandhad58.4 million of loan assets and had 390.2 million in loan payoffs[21]. - The total unpaid principal balance of the CRE loan portfolio is 1,065,563,646withanaveragespreadof3.581,065,563,646 with an average spread of 3.58%[40]. - The largest individual loan is Loan 20 with an unpaid principal of 51,375,000 and a spread of 3.1696%[38]. - The portfolio includes 65 loans, primarily in the multifamily property type, indicating a focus on residential real estate[40]. - The average maturity date for the loans is between 2025 and 2028, suggesting a long-term investment strategy[40]. - Loan 31 has an unpaid principal of 20,360,000withaspreadof4.009620,360,000 with a spread of 4.0096%, indicating a competitive interest rate[38]. - The portfolio features loans across various states, including Texas, Florida, and California, highlighting geographic diversification[40]. - Loan 36, a healthcare property loan, has an unpaid principal of 6,100,000 with a spread of 4.5096%[39]. - Loan 62 has an unpaid principal of 13,191,852withaspreadof4.0013,191,852 with a spread of 4.00%, reflecting the company's strategy to secure favorable financing terms[40]. - The portfolio's loans are primarily concentrated in the multifamily sector, which may benefit from ongoing housing demand[40]. - The company is actively managing its loan portfolio to optimize returns while maintaining a focus on risk management[40]. Assets and Liabilities - As of December 31, 2024, total assets were 1.128 billion, and total liabilities were 890.7million,resultingintotalequityof890.7 million, resulting in total equity of 237.9 million[9]. - Total assets as of December 31, 2024, amounted to 1,128,594,378,withnetcommercialmortgageloansheld−for−investmentat1,128,594,378, with net commercial mortgage loans held-for-investment at 1,048,803,078 after allowance for credit losses of 11,320,220[42].−TotalliabilitiesasofDecember31,2024,were11,320,220[42]. - Total liabilities as of December 31, 2024, were 890,695,346, with collateralized loan obligations netting 828,390,189[42].−TheCompany′sbookvaluepershareofcommonstockwas828,390,189[42]. - The Company's book value per share of common stock was 3.40 as of December 31, 2024[9]. - The book value per share of common stock as of December 31, 2024, was calculated at 3.40,withtotalstockholders′equityof3.40, with total stockholders' equity of 237,899,032[55]. - The Company’s corporate debt matures in 2026, with a total debt of 1.116billion[28].RiskManagement−Theweightedaverageriskratingoftheportfoliowas"3"(ModerateRisk)orbetter,with90.81.116 billion[28]. Risk Management - The weighted average risk rating of the portfolio was "3" (Moderate Risk) or better, with 90.8% of the portfolio performing[26]. - The allowance for credit losses increased to 11,320,220 by the end of the period, reflecting a provision for credit losses of $5,261,214 during the year[47]. - The weighted average number of shares of common stock outstanding was 52,274,900, contributing to the earnings per share calculation[44].