Lument Finance Trust, Inc. · NYSE:LFT
Lument Finance Trust — Q3 2025 Earnings Presentation
23 slides from Lument Finance Trust's earnings presentation, Nov 13, 2025
Slide 1: Lument Finance Trust Q3 2025 Earnings Supplemental
Lument Finance Trust Q3 2025 Earnings Supplemental November 2025
Slide 2: Disclaimer
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 “Com
Slide 3: Company Overview
Company Overview • The Company is an externally-managed real estate investment trust focused on investing in, financing and managing a portfolio of commercial real estate debt investments. • The Company is externally managed by Lument Investment Management, LLC (“Manager”), an affiliate of ORIX Corp
Slide 4: Q3 2025 Updates
Q3 2025 Updates • Q3 2025 GAAP net income attributable to common stockholders of $0.01 per share of common stock. • Q3 2025 Distributable Earnings(1) of $0.02 per share of common stock. Financial • On September 16, 2025, the Company declared a cash dividend for the quarter of $0.04 per share of comm
Slide 5: Q3 2025 Balance Sheet Summary
Q3 2025 Balance Sheet Summary Balance Sheet September 30, (thousands) 2025(1) Commercial mortgage loans held-for- investment (net of allowance for credit $821,843 losses) Real estate owned 58,130 Cash and cash equivalents 56,022 Restricted cash(2) 824 Accrued interest receivable 4,414 Investment rel
Slide 6: Q3 2025 Income Statement Summary
Q3 2025 Income Statement Summary Three Months GAAP Net Income to Three Months Ended Distributable Earnings Ended Summary Income Statement September 30, Reconciliation September 30, (thousands) 2025 (thousands) 2025 Net interest income $5,051 Net Income attributable to $659 common stockholders Total
Slide 7: Earnings and Book Value Per Share of Common Stock
Earnings and Book Value Per Share of Common Stock Distributable Earnings(1) & Book Value Per Share of Common Dividends Per Share of Common Share Stock(2) $0.10 $3.40 $0.08 $0.08 $0.08 $3.29 $3.27 $3.25 $0.06 $0.05 $0.04 $0.02 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Distributa
Slide 8: Loan Investment Portfolio
Loan Investment Portfolio • On September 30, 2025, the Company owned a portfolio of floating-rate CRE loans with a carrying value of $822 million. 89.6%(1) of the loan portfolio was invested in loans collateralized by multifamily assets. • The Company anticipates that it will continue to focus on in
Slide 9: Q3 2025 Loan Activity
Q3 2025 Loan Activity • The Company experienced $48.8 million of loan payoffs during the quarter. Loan Portfolio Activity(2) Q3 Payoffs by Property Type(1) $905.4 ($48.8) $0.2 ($35.5) $0.4 Self Storage, $821.8 $0.3, 0.5% $48.8 Q2 2025 Payoffs / Provision for Loans Other Q3 2025 Portfolio Sales Loan
Slide 10: Loan Portfolio Credit
Loan Portfolio Credit • As of September 30, 2025, 89.7% of the Company’s loan portfolio was performing(1), with 45.7% of the loan portfolio rated “3” (Moderate Risk) or better. • Weighted average risk rating(2) of 3.6. • During the quarter, management applied a “5” risk-rating to seven loans with an
Slide 11: Q3 2025 Capital Structure Overview
Q3 2025 Capital Structure Overview • The Company does not currently utilize repurchase or warehouse facility financing and therefore is not subject to margin calls on any of its loan assets from repo or warehouse lenders(1). • Primary sources of financing include two secured financings (2021-FL1 CLO
Slide 12: Net Interest Income Sensitivity to Shifts in Term SOFR
Net Interest Income Sensitivity to Shifts in Term SOFR • 100% floating-rate loan portfolio. • 100% of the loan portfolio is indexed to 30-day term SOFR. Net Interest Income Per Share Floating-Rate Exposure(1) Sensitivity to Change in SOFR(4) Floating Rate $0.008 Net Exposure Assets(2) $840 $168 -$0.
Slide 13: Appendix
Appendix fa] LUMENT
Slide 14: 9/30/2025 CRE Loan Portfolio Details
9/30/2025 CRE Loan Portfolio Details Closing Maturity Unpaid Principal Note Unamortized Initial Term As-Is LTV at # Loan Name Property Type City State Date Date Balance Spread Discount/Premium (months) Origination(1) 1 Loan 1 12/16/2021 1/5/2026 Multifamily Daytona Beach FL 51,375,000 3.16% 0 49 71.
Slide 15: 9/30/2025 CRE Loan Portfolio Details
9/30/2025 CRE Loan Portfolio Details Closing Maturity Unpaid Principal Note Unamortized Initial Term As-Is LTV at # Loan Name Property Type City State Date Date Balance Spread Discount/Premium (months) Origination(1) 31 Loan 31 4/12/2021 5/5/2025 Multifamily Cedar Park TX 13,666,721 3.86% 0 49 66.70
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets 16
Slide 17: Consolidated Statement of Income
Consolidated Statement of Income 17
Slide 18: Detailed Walk of Allowance for Loan Losses
Detailed Walk of Allowance for Loan Losses 18
Slide 19: Reconciliation of Net Income to Distributable Earnings
Reconciliation of Net Income to Distributable Earnings For the Three Months Ended GAAP to Distributable Earnings June 30, September Reconciliation Dec 31, 2024 Mar 31, 2025 2025 30, 2025 Reconciliation of GAAP to non-GAAP Information Net income attributable to common stockholders $3,604,879 $(1,707,
Slide 20: Detailed Walk of Capitalization as of 9/30/2025
Detailed Walk of Capitalization as of 9/30/2025 LFT Capitalization Reconciliation (in 000's) 9/30/2025 Total GAAP liabilities and stockholders' equity(1) $957,338 Adjustments for Capitalization ( - ) Accrued interest payable (2,018) ( - ) Dividends payable (3,096) ( - ) Fees and expenses payable to
Slide 21: Book Value Per Share of Common Stock as of 9/30/2025
Book Value Per Share of Common Stock as of 9/30/2025 Book Value Per Common September 30, Share (in 000's) 2025 Total stockholders’ equity $230,072 ( - ) Preferred equity(1) (60,000) ( - ) Non-controlling interest (100) Common equity $169,973 Shares outstanding 52,364,930 Book Value Per Share of Comm
Slide 22: Key Definitions
Key Definitions “Book Value Per Share of Common Stock” is calculated as: a) total stockholders’ equity computed in accordance with GAAP less the value of the issued and outstanding preferred stock at its stated liquidation preference of $25.00 per share, divided by b) the weighted average number of
Slide 23: November 2025
=| LUMENT November 2025