Lument Finance Trust, Inc. · NYSE:LFT
Lument Finance Trust — Q1 2022 Earnings Presentation
21 slides from Lument Finance Trust's earnings presentation, May 10, 2022
Slide 1: Q1 2022 Earnings Supplemental
Lument Finance Trust Q1 2022 Earnings Supplemental May 2022
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 and Key Investment Highlights
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, an affiliate of ORIX Corporation USA Key In
Slide 4: Q1 2022 Updates
Q1 2022 Updates • Q1 2022 GAAP net income attributable to common stockholders of $1.8 million, or $0.05 per share of Financial common stock. Q1 2022 Distributable Earnings(1) of $1.7 million, or $0.05 per share of common stock. Results • Q1 2022 Book Value Per Share of Common Stock of $3.62(2) • Dur
Slide 5: Q1 2022 Balance Sheet Summary
Q1 2022 Balance Sheet Summary Balance Sheet March 31, (thousands) 2022(1) Commercial mortgage loans held-for-investment $1,077,516 Cash and cash equivalents 45,847 Restricted cash(2) 1,343 Accrued interest receivable 2,718 Other assets(3) 2,434 Total assets $1,129,858 Collateralized loan obligations
Slide 6: Q1 2022 Income Statement Summary
Q1 2022 Income Statement Summary Three Months GAAP Net Income to Distributable Three Months Summary Income Statement Ended March Earnings Reconciliation Ended March (thousands) 31, 2022 (thousands) 31, 2022 Net interest income $5,087 Net Income attributable to common $1,770 stockholders Total other
Slide 7: Earnings and Book Value Per Share of Common Stock
Earnings and Book Value Per Share of Common Stock GAAP Earnings & Distributable Earnings(1) Book Value Per Share of Common Stock(2) Per Share of Common Stock $0.11 $0.10 $0.11 $0.06 $4.41 $4.37 $4.38 $3.62 $0.05 $0.05 $0.05 $0.04 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 GAAP E
Slide 8: Q1 2022 Balance Sheet Summary
Q1 2022 Balance Sheet Summary • The CRE loan portfolio increased by $75.3 million in Q1 2022 • We acquired $185.0 million of loans at par from an affiliate of the Manager and we experienced $109.7 million of loan payoffs Q1 2022 Loan Acquisitions and Net Funding Activity(1,2) Fundings(1,2) $185.0 $(
Slide 9: Investment Portfolio
Investment Portfolio • At March 31, 2022, the Company owned a portfolio of floating-rate CRE loans with a carrying value of $1.1 billion. 94%(1) of the portfolio was invested in loans backed by multifamily assets • The Company anticipates that the majority of loan activity will continue to be relate
Slide 10: Q1 2022 Capital Structure Overview
Q1 2022 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 assets from repo or warehouse lenders • Primary sources of financing include a match-term non-MTM CRE CLO (LMNT 2021-FL1),
Slide 11: Net Interest Income Sensitivity to Shifts in LIBOR and Term SOFR
Net Interest Income Sensitivity to Shifts in One-Month LIBOR and Term SOFR • 100% of loan portfolio is floating-rate • 93.9% of portfolio is indexed to one-month LIBOR and 6.1% of portfolio is indexed to 30-day term SOFR Annual Net Interest Income Sensitivity to Floating-Rate Exposure Shifts in One-
Slide 12: Appendix
Appendix fa] LUMENT
Slide 13: 3/31/2022 CRE Loan Portfolio Details
3/31/2022 CRE Loan Portfolio Details Closing Maturity Note Initial Term As-Is LTV at # Loan Name Property Type City State Current Balance Date Date Spread (months) Origination(1) 1 Loan 1 12/16/2021 1/3/2025 Multi-Family Daytona FL 51,375,000 3.05% 37 71.70% 2 Loan 2 11/22/2019 8/6/2022 Multi-Family
Slide 14: 3/31/2022 CRE Loan Portfolio Details
3/31/2022 CRE Loan Portfolio Details Closing Maturity Note Initial Term As-Is LTV at # Loan Name Property Type City State Current Balance Date Date Spread (months) Origination(1) 37 Loan 37 8/16/2021 9/6/2024 Multi-Family Columbus OH 12,750,000 3.65% 37 75.00% 38 Loan 38 3/12/2021 4/5/2024 Multi-Fam
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets 15
Slide 16: Consolidated Statement of Income
Consolidated Statement of Income 16
Slide 17: Reconciliation of GAAP to Distributable Earnings
Reconciliation of GAAP to Distributable Earnings For the Three Months Ended December 31, September 30, GAAP to Distributable Earnings Reconciliation March 31, 2022 2021 2021 June 30, 2021 Reconciliation of GAAP to non-GAAP Information Net income attributable to common stockholders $1,769,841 $2,478,
Slide 18: Detailed Walk of Capitalization as of 3/31/2022
Detailed Walk of Capitalization as of 3/31/2022 (in 000's) 3/31/2022 Total GAAP liabilities and stockholders' equity $1,129,758 Adjustments for Capitalization ( - ) Accrued interest payable (817) ( - ) Dividends payable (4,135) ( - ) Fees and expenses payable to Manager (1,324) ( - ) Other accounts
Slide 19: Book Value Per Share of Common Stock as of 3/31/2022
Book Value Per Share of Common Stock as of 3/31/2022 Book Value per Share of Common (in 000's) Stock Total stockholders’ equity $248,981 ( - ) Preferred equity (60,000)(1) Common equity 188,981 Shares outstanding 52,225,152 Book Value Per Share of Common $3.62 Stock Note: (1) Reflects 2.4 million sh
Slide 20: 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 21: May 2022
=| LUMENT May 2022