The following is a summary of the Lument Finance Trust, Inc. (LFT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Lument Finance Trust reported Q4 GAAP net income of $0.07 per share and $0.29 per share for the fiscal year 2023, with distributable earnings of $0.10 and $0.26 per share of common stock for Q4 and the year respectively.

• In December, a dividend of $0.07 per share was declared for Q4, bringing the cumulative declared dividends for the year to $0.26 per share.

• The company closed $386 million secured financing in July and increased its leveraged investment capacity to $1.4 billion.

• Net interest income was $9.1 million compared to $9.5 million in Q3, due to fewer payoffs resulting in lower exit fees.

• Total common book value was around $181 million or $3.46 per share, matching the previous quarter.

Business Progress:

• Lument Finance Trust dealt with payoffs and paydowns during Q4 totaling $43 million, compared to $111 million in the prior quarter.

• The company reported a $34 million net increase in their loan portfolio in Q4, after accounting for loan payoffs and decreases.

• About 70% of $77 million loan investments acquired or funded during Q4 were collateralized by multifamily properties.

• As of year-end, Lument's portfolio consisted of 88 floating-rate loans with an aggregate unpaid principal balance of about $1.4 billion, with multifamily properties collateralizing 94% of the portfolio.

• Anticipation for significant refinance opportunities in the coming years with over $300 billion of multifamily loans expected to mature by 2025.

• Plans have been laid out to maintain the current liquidity position, awaiting market clarity before making new investments or dividend changes.

More details: Lument Finance Trust IR

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