Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the current views of Lument Finance Trust, Inc. (NYSE: LFT) ("LFT," the "Company," "we," "our," or "us") with respect to, among other things, the Company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "indi ...

Lument Finance Trust Reports 2025 Results Accessibility StatementSkip NavigationNEW YORK, March 23, 2026 /PRNewswire/ -- Lument Finance Trust, Inc. (NYSE: LFT) ("we", "LFT" or "the Company") today reported its fourth quarter and full year 2025 results. GAAP net loss attributable to common shareholders for the fourth quarter was $(8.9) million, or $(0.17) per share of common stock, and for the full year was $(7.5) million, or $(0.14) per share of common stock. Distributable loss for the fourth quarter was $( ...

Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2026 The properties above are not representative of all transactions. Fourth Quarter 2025 Highlights | |  | GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior | | --- | --- | --- | | | | to realized gains and losses of $2.9 million, or $0.02 per share 1 | | Financial |  | Provision for CECL reserves of $211.7 million, or $1.48 per share, for the quarte ...

Core Viewpoint - Chicago Atlantic Real Estate Finance, Inc. focuses on debt investments in the U.S. cannabis industry, leveraging its expertise and limited competition to achieve differentiated risk and high returns [1][5][11]. Company Overview - The company operates at the intersection of real estate, credit, and the cannabis sector, applying best-in-class sector expertise and relationship-based sourcing capabilities [1]. - Chicago Atlantic has a team of over 100 professionals managing $2.3 billion in capital, emphasizing the importance of expertise in generating alpha for investors [6]. Financial Performance - As of December 31, the loan portfolio principal totaled approximately $411 million across 26 companies, with a weighted average yield to maturity of 16.3% [12]. - Net interest income for the fourth quarter was $14.2 million, a 4% increase from the previous quarter, primarily due to the collection of past-due interest [17]. - The company maintains a strong real estate coverage of 1.2 times and a loan-to-enterprise value ratio of 44.2% [19]. Market Position and Strategy - Chicago Atlantic's portfolio has limited overlap with other private credit markets, insulating it from broader market pressures [7]. - The company has a strong pipeline of $616 million, indicating robust demand for debt capital in the cannabis sector [8][41]. - The strategy includes a disciplined focus on credit and collateral, with a commitment to maintaining underwriting standards despite market changes [11][43]. Regulatory Environment - Recent positive momentum in cannabis policy, including President Trump's executive order to reclassify cannabis, is expected to improve industry economics without increasing lending competition [10][11]. - The company does not anticipate significant changes in competition or pricing due to the current regulatory environment [26][43]. Loan Portfolio Management - The portfolio consists of 37.6% fixed-rate loans and 62.4% floating-rate loans, with only 9% exposed to further rate declines [13][14]. - The company has structured its loans with high interest rate floors, providing protection against interest rate volatility [14][15]. - Recent loan activity includes significant advances to borrowers, with a focus on supporting growth and restructuring efforts [21][35]. Dividend and Shareholder Returns - Distributable earnings per share for the fourth quarter were approximately $0.44, with a total of $8.47 per share distributed since inception, representing an annualized yield on cost of approximately 12.4% [20]. - The company expects to maintain a dividend payout ratio of 90% to 100% for the 2026 tax year [22].

Financial Data and Key Metrics Changes - As of December 31, 2025, the loan portfolio principal totaled approximately $411 million across 26 portfolio companies, with a weighted average yield to maturity of 16.3%, compared to 16.5% in the third quarter [11] - Net interest income for the fourth quarter was $14.2 million, a 4% increase from $13.7 million in the third quarter [17] - Distributable earnings per weighted average share were approximately $0.44 for the fourth quarter and $1.92 for the year [19] Business Line Data and Key Metrics Changes - Gross originations during the fourth quarter were approximately $19 million, with $5 million advanced to a new borrower and $14 million to existing borrowers [11] - The portfolio consisted of 37.6% fixed-rate loans and 62.4% floating-rate loans, with only 9% exposed to further rate declines [13][14] Market Data and Key Metrics Changes - The pipeline of potential loans currently stands at $616 million, indicating strong demand for debt capital in the cannabis sector [8] - The company has not observed new lenders entering the market despite the recent rescheduling announcement, which has increased demand for debt capital [26][30] Company Strategy and Development Direction - The company focuses on the cannabis sector, leveraging its expertise to create a differentiated risk-return profile [4][8] - Chicago Atlantic aims to maintain a disciplined approach to underwriting and risk management, ensuring that it does not lower its credit standards despite increased market opportunities [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current environment and the potential for portfolio growth, although liquidity constraints may impact capital deployment [24] - The company is well-positioned to benefit from positive momentum in cannabis policy, including the recent executive order to reclassify cannabis [9] Other Important Information - The company has maintained a CECL reserve of approximately $5.1 million, representing 1.23% of outstanding principal [18] - The book value per common share was $14.60 as of December 31, 2025, with approximately 21.5 million common shares outstanding [20] Q&A Session Summary Question: Outlook on pipeline and net portfolio growth - Management remains confident in achieving net portfolio growth for the year, although liquidity is a concern [24] Question: Current yields and impact of rescheduling - Rescheduling has increased demand for debt capital but has not changed pricing or underwriting standards [26] Question: Competition in the market - No new lenders have entered the market following rescheduling, and significant reforms are needed to attract more participants [30] Question: Loan number nine and borrower situation - Loan number nine has seen improvements in cash flow and revenue, leading to a current status on interest payments, though it remains on non-accrual [38][40] Question: Early repayments on loans - Loan number one was refinanced, while loan number 27 was paid off without pursuing refinancing due to various considerations [42] Question: Pipeline increase and pricing - The increase in the pipeline does not correlate with changes in pricing or risk evaluation, as the company maintains strict underwriting standards [44][45]

Core Viewpoint - Chicago Atlantic Real Estate Finance, Inc. reported strong financial results for Q4 and the full year 2025, highlighting net portfolio growth and a positive outlook for 2026 driven by new investment opportunities and potential regulatory relief [2][3]. Quarterly Results of Operations - For Q4 2025, net interest income was $14,238,203, an increase from $14,068,376 in Q4 2024, with earnings per share (EPS) of $0.38 compared to $0.39 in Q4 2024 [3][17]. - Total expenses before provision for expected credit losses were $5,981,137, up from $5,682,193 in Q4 2024 [3]. - Net income for Q4 2025 was $8,157,249, slightly down from $8,934,539 in Q4 2024 [3][17]. - Distributable earnings for Q4 2025 were $9,251,310, with basic and diluted earnings per share of $0.44 and $0.43, respectively [3][18]. Annual Results of Operations - For the year ended December 31, 2025, net interest income was $55,390,399, compared to $54,950,885 in 2024, with diluted EPS of $1.68, down from $1.72 in 2024 [5][20]. - Total expenses before provision for expected credit losses for the year were $18,813,870, compared to $18,320,604 in 2024 [5]. - Net income for the year was $36,010,478, down from $37,045,403 in 2024 [5][20]. - Distributable earnings for the year were $40,352,053, with basic and diluted earnings per share of $1.92 and $1.88, respectively [5][21]. Portfolio Performance - As of December 31, 2025, total loan principal outstanding was $411,075,088, with 26 portfolio companies and unfunded commitments of $31,116,960 [3][5]. - The gross unlevered weighted average yield to maturity was 16.3%, slightly down from 17.2% in 2024 [3]. - The debt/equity ratio was 32.0% as of December 31, 2025, compared to 33.7% in 2024 [4]. 2026 Outlook - The company anticipates advancing new gross loan principal of approximately $51.1 million in 2026, with a total of approximately $40.4 million in loan repayments expected [7]. - The company expects to maintain a dividend payout ratio based on Distributable Earnings per weighted average diluted share of approximately 90% to 100% for the full year [7]. - A special dividend may be issued in Q4 2026 if taxable income requires additional distribution beyond the regular quarterly dividend [7]. Company Overview - Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage REIT focused on originating senior secured loans primarily to state-licensed cannabis operators in limited-license states in the U.S. [10].

TPG RE Finance Trust, Inc. Investor Presentation March 2026 Forward-Looking Statements and Other Disclosures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words su ...

Financial Data and Key Metrics Changes - For Q4 2025, the company generated net interest income of $5.2 million and distributable earnings of -$2.8 million, or -$0.12 per share, while GAAP net income was $900,000, or $0.04 per share [13] - For the full year 2025, net interest income was $24.6 million, with distributable earnings of $8.7 million, or $0.39 per share, and a GAAP net loss of $20.7 million, or -$0.95 per share [13][14] - The CECL reserve was $46.1 million, approximately 18.2% of loans at carrying value, with a total unrealized loss of $27.7 million for loans held at fair value [16] Business Line Data and Key Metrics Changes - The company originated $53 million of new commitments during fiscal year 2025 and closed on $89.7 million of new commitments in the lower middle market post year-end [4] - The company received $117 million in paydowns from performing and underperforming credits from the start of 2025 through the call date [4][8] Market Data and Key Metrics Changes - The active pipeline increased to $1.4 billion, up from $400 million in the previous quarter, primarily due to the conversion from a REIT to a BDC, which expanded the investment universe [19] - The company is focused on sourcing deals in the lower middle market across various industries, primarily targeting cash-flowing borrowers with $5 million to $50 million of EBITDA [11] Company Strategy and Development Direction - The company is focused on reducing exposure to underperforming credits through active portfolio management and has converted from a REIT to a BDC to enhance investment flexibility [4][5] - The strategy includes unlocking future earnings potential by reinvesting capital from repaid underperforming assets into performing credits [4][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for future earnings as capital is redeployed into performing credits, despite ongoing challenges with legacy loans [10] - The company remains cautious about making new loans in the cannabis sector due to regulatory uncertainties and the lack of equity capital in the industry [36] Other Important Information - The board declared a first-quarter dividend of $0.05 per share, payable on April 15, 2026 [6][17] - The company ended Q4 2025 with total assets of $275.6 million and total shareholder equity of $175.6 million, with a book value per share of $7.46 [17] Q&A Session Summary Question: What led to the increase in the active pipeline? - The increase was primarily due to the conversion from a REIT to a BDC, which expanded the investment universe beyond real estate-backed loans [19] Question: Can you provide a split between cannabis and non-cannabis pipeline? - The active pipeline is viewed as encompassing lower middle market companies across various industries, and specific industry breakdowns will not be provided [20] Question: What is the status of loans in non-accrual? - For Private Company A, there are pending distributions, and for Private Company K, two dispensaries are under sale agreements pending regulatory approval [24][28] Question: Will the company make new loans in cannabis this year? - The company continues to evaluate opportunities in cannabis but faces high barriers due to regulatory challenges and market conditions [36]

EARNINGS PRESENTATION 4Q 2025 February 25, 2026 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategi ...

Q4 2025 For Immediate Release Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025 – GAAP EPS of $0.26 for the Quarter and $1.15 for the Year and Distributable EPS for the Quarter of $0.42 and $1.69 for the Year – Table of Contents | Press Release | Page | 1 | | --- | --- | --- | | Highlights | Page | 9 | | Commercial and Residential Lending Segment | Page | 14 | | Infrastructure Lending Segment | Page | 23 | | Property Segment | Page | 24 | | Investing and Servicing Segm ...