Lument Finance Trust(LFT) - 2022 Q2 - Earnings Call Presentation

Company Overview - Lument Finance Trust (LFT) is a real estate investment trust (REIT) focused on commercial real estate debt investments, externally managed by Lument Investment Management, an affiliate of ORIX Corporation USA[3] - Lument leverages its platform with $50 billion servicing portfolio as of December 31, 2021[5] - Lument's combined predecessor companies rank first in HUD senior housing and healthcare lending over the past decade, with more than 1,000 closings totaling over $86 billion[5] Investment Portfolio - As of June 30, 2022, LFT's investment portfolio had a carrying value of $10 billion, with 954% invested in loans backed by multifamily assets[12] - The company has limited exposure to retail, office, and self-storage assets, accounting for less than 5% of the portfolio[12] - The company acquired $372 million of new loans during Q2 2022 at a weighted average interest rate of LIBOR/SOFR + 348% and a weighted average LIBOR/SOFR floor of 040%, with 100% of the new acquisitions being loans backed by multifamily assets[18] - The $10 billion CRE loan portfolio had a weighted average remaining term of 23 months, a weighted average interest rate of LIBOR/SOFR + 335%, and a weighted average LIBOR/SOFR floor of 024%[18] Capital Structure - The company's primary sources of financing include a match-term non-MTM CRE CLO (LMNT 2021-FL1), preferred stock, and a corporate term loan[14] - The floating-rate CRE loan portfolio is financed with $8338 million of investment-grade notes issued through LMNT 2021-FL1, a CRE CLO[18] - The company's capitalization includes $8338 million in CLO financing, $478 million in term loans, $600 million in preferred equity, and $1880 million in book value of common equity[15] Financial Performance - Q2 2022 GAAP net income attributable to common stockholders was $22 million, or $004 per share of common stock, and Distributable Earnings were $25 million, or $005 per share of common stock[18] - Q2 2022 Book Value Per Share of Common Stock was $360[18]