Lument Finance Trust, Inc. · NYSE:LFT
Lument Finance Trust — Q1 2026 Earnings Presentation
23 slides from Lument Finance Trust's earnings presentation, May 15, 2026
Slide 1: Lument Finance Trust Q1 2026 Earnings Supplemental
Lument Finance Trust Q1 2026 Earnings Supplemental May 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: Q1 2026 Updates
Q1 2026 Updates • Q1 2026 GAAP net loss attributable to common stockholders of $0.02 per share. • Q1 2026 Distributable Earnings(1) to common stockholders of $0.02 per share. Financial • On March 19, 2026, the Company declared a cash dividend for the quarter of $0.04 per share of common stock. Resul
Slide 5: Q1 2026 Balance Sheet Summary
Q1 2026 Balance Sheet Summary Balance Sheet (thousands) March 31, 2026(1) Commercial mortgage loans held-for- $1,108,061 investment (net of allowance for credit losses) Real Estate Owned 57,470 Cash and cash equivalents 21,249 Restricted cash(2) 9,373 Accrued interest receivable 5,552 Other assets(3
Slide 6: Q1 2026 Income Statement Summary
Q1 2026 Income Statement Summary GAAP Net Income to Three Months Distributable Earnings Three Months Summary Income Statement Ended March 31, Reconciliation Ended March 31, (thousands) 2026 (thousands) 2026 Net interest income $5,697 Net Income attributable to $(978) common stockholders Total other
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 Stock Stock(2) $0.06 $0.05 $3.27 $3.25 $0.04 $0.04 $0.04 $3.03 $0.02 $0.02 $2.97 $0.00 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Distributa
Slide 8: Investment Portfolio
Investment Portfolio • On March 31, 2026, 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 oppor
Slide 9: Q1 2026 Loan Activity
Q1 2026 Loan Activity • The Company funded $47.9 million of loan assets Portfolio Activity(2) and experienced $46.8 million of loan payoffs during the quarter. $1,114.0 $47.9 ($46.8) $3.1 ($10.5) $0.3 $1,108.1 Q4 2025 Loan Payoffs / Provision Loans Other Q1 2026 Portfolio Fundings Sales for Loan Tra
Slide 10: Portfolio Credit
Portfolio Credit • As of March 31, 2026, 91.8% of the Company’s portfolio was performing(1), with 76.7% of the portfolio rated “3” (Moderate Risk) or better. • Weighted average risk rating(2) of 3.1. • During the quarter, management applied a “5” risk-rating to seven loans with an aggregate principa
Slide 11: Q1 2026 Capital Structure Overview
Q1 2026 Capital Structure Overview Primary sources of financing include a CRE CLO (2025-FL3 CLO), secured financing agreements, preferred stock, and a corporate term loan. Capital Structure Composition(1) Capital Structure Detail ($ in millions) Secured Financings(2) Maturity Date Rate Advance Rate
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 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) $1,131 $195 $0.06 Floating Rat
Slide 13: Appendix
Appendix fa] LUMENT
Slide 14: 3/31/2026 CRE Loan Portfolio Details
3/31/2026 CRE Loan Portfolio Details Closing Maturity Unpaid Principal Note Unamortized As-Is LTV at # Loan Name Property Type City State Date Date Balance Spread Discount/Premium Origination(1) 1 Loan 1 1/31/2025 8/5/2026 Multifamily Los Angeles CA 43,655,000 3.00% 0 66.10% 2 Loan 2 12/16/2021 7/6/
Slide 15: 3/31/2026 CRE Loan Portfolio Details
3/31/2026 CRE Loan Portfolio Details Closing Maturity Unpaid Principal Note Unamortized As-Is LTV at # Loan Name Property Type City State (1) Date Date Balance Spread Discount/Premium Origination 31 Loan 31 3/26/2025 4/5/2027 Multifamily Kannapolis NC 17,780,000 2.91% 0 60.40% 32 Loan 32 11/23/2021
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 June 30, September December March 31, GAAP to Distributable Earnings Reconciliation 2025 30, 2025 31, 2025 2026 Reconciliation of GAAP to non-GAAP Information Net income attributable to common stockholders $2,505,731 $
Slide 20: Detailed Walk of Capitalization as of 3/31/2026
Detailed Walk of Capitalization as of 3/31/2026 LFT Capitalization Reconciliation (in 000's) 3/31/2026 Total GAAP liabilities and stockholders' equity(1) $1,204,718 Adjustments for Capitalization ( - ) Accrued interest payable (1,775) ( - ) Dividends payable (3,099) ( - ) Fees and expenses payable t
Slide 21: Book Value Per Share of Common Stock as of 3/31/2026
Book Value Per Share of Common Stock as of 3/31/2026 Book Value Per Common Share (in 000's) March 31, 2026 Total stockholders’ equity $216,063 ( - ) Preferred equity(1) (60,000) ( - ) Non-controlling interest (100) Common equity $155,964 Shares outstanding 52,439,463 Book Value Per Share of Common $
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: May 2026
=| LUMENT May 2026