Lument Finance Trust, Inc. · NYSE:LFT
Lument Finance Trust — Q4 2025 Earnings Presentation
24 slides from Lument Finance Trust's earnings presentation, Mar 24, 2026
Slide 1: Lument Finance Trust Q4 2025 Earnings Supplemental
Lument Finance Trust Q4 2025 Earnings Supplemental March 2026
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, an affiliate of ORIX Corporation USA.
Slide 4: Q4 2025 Updates
Q4 2025 Updates • Q4 2025 and FY 2025 GAAP net loss attributable to common stockholders of $(0.17) and $(0.14) per share of common stock, respectively. • Q4 2025 and FY 2025 Distributable Earnings(1) of $(0.00) and $0.14 per share of common stock, respectively. Financial • On December 11, 2025, the
Slide 5: Q4 2025 Balance Sheet Summary
Q4 2025 Balance Sheet Summary Balance Sheet (thousands) December 31, 2025(1) Commercial mortgage loans held-for- investment (net of allowance for credit $1,114,048 losses) Real Estate Owned 50,938 Cash and cash equivalents 23,113 Restricted cash(2) 3,505 Accrued interest receivable 5,428 Investment
Slide 6: Q4 and Full Year 2025 Income Statement Summary
Q4 and Full Year 2025 Income Statement Summary Twelve Twelve Three Months Months GAAP Net Income to Three Months Months Summary Income Ended Ended Distributable Earnings Ended Ended Statement December 31, December 31, Reconciliation December 31, December 31, (thousands) 2025 2025 (thousands) 2025 20
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) $0.08 $0.08 $0.06 $3.29 $3.27 $3.25 $0.05 $0.04 $0.04 $3.03 $0.02 $0.00 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Distributa
Slide 8: Investment Portfolio
Investment Portfolio • On December 31, 2025, the Company owned a portfolio of floating-rate CRE loans with a carrying value of $1.1 billion. 92.6%(1) of the portfolio was invested in loans collateralized by multifamily assets. • The Company anticipates that it will continue to focus on investment op
Slide 9: Q4 2025 Loan Activity
Q4 2025 Loan Activity • The Company funded $400.3 million of loan assets Portfolio Activity(2) and experienced $99.8 million of loan payoffs during the quarter. $400.3 $(99.8) $(8.6) $0.3 $1,114.0 $821.8 Q3 2025 Fundings Payoffs / Provision for Other Q4 2025 Portfolio Sales Loan Losses Activity Port
Slide 10: FY 2025 Loan Activity
FY 2025 Loan Activity • The Company funded $403.9 million Portfolio Activity(2) of loan assets and experienced $266.9 million of loan payoffs during $403.9 $(266.9) FY 2025. $(11.3) $(62.6) $2.2 $1,114.0 $1,048.8 Q4 2024 Fundings Payoffs / Provision for Conversion Other Q4 2025 Portfolio Sales Loan
Slide 11: Portfolio Credit
Portfolio Credit • As of December 31, 2025, 91.2% of the Company’s portfolio was performing(1), with 81.6% of the portfolio rated “3” (Moderate Risk) or better. • Weighted average risk rating(2) of 3.2. • During the quarter, management applied a “5” risk-rating to eight loans with an aggregate princ
Slide 12: Q4 2025 Capital Structure Overview
Q4 2025 Capital Structure Overview Primary sources of financing include securitized debt obligations (2025-FL3 CLO, LMF 2023-1), secured financing agreements, preferred stock, and a corporate term loan. Capital Structure Composition(1) Capital Structure Detail ($ in millions) Secured Financings(2) M
Slide 13: 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 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 Net Exposure Assets(2) $191 $1,140 $0.06 Floating Rat
Slide 14: Appendix
Appendix fa] LUMENT
Slide 15: 12/31/2025 CRE Loan Portfolio Details
12/31/2025 CRE Loan Portfolio Details Closing Maturity Unpaid Principal Note Unamortized Initial Term As-Is LTV at # Loan Name Property Type City State (1) Date Date Balance Spread Discount/Premium (months) Origination 1 Loan 1 1/31/2025 8/5/2026 Multifamily Los Angeles CA 43,655,000 3.00% 0 32 66.1
Slide 16: 12/31/2025 CRE Loan Portfolio Details
12/31/2025 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 3/26/2025 4/5/2027 Multifamily Kannapolis NC 17,780,000 2.91% 0 28 60.4
Slide 17: Consolidated Balance Sheets
Consolidated Balance Sheets 17
Slide 18: Consolidated Statement of Income
Consolidated Statement of Income 18
Slide 19: Detailed Walk of Allowance for Loan Losses
Detailed Walk of Allowance for Loan Losses 19
Slide 20: 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 December Reconciliation Mar 31, 2025 2025 30, 2025 31, 2025 Reconciliation of GAAP to non-GAAP Information Net income attributable to common stockholders $(1,707,526) $
Slide 21: Detailed Walk of Capitalization as of 12/31/2025
Detailed Walk of Capitalization as of 12/31/2025 LFT Capitalization Reconciliation (in 000's) 12/31/2025 Total GAAP liabilities and stockholders' equity(1) $1,215,881 Adjustments for Capitalization ( - ) Accrued interest payable (1,870) ( - ) Dividends payable (3,093) ( - ) Fees and expenses payable
Slide 22: Book Value Per Share of Common Stock as of 12/31/2025
Book Value Per Share of Common Stock as of 12/31/2025 Book Value Per Common Share (in 000's) December 31, 2025 Total stockholders’ equity $218,987 ( - ) Preferred equity(1) (60,000) ( - ) Non-controlling interest (100) Common equity $158,987 Shares outstanding 52,399,265 Book Value Per Share of Comm
Slide 23: 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 24: March 2026
=| LUMENT March 2026