Lument Finance Trust, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 08, 2022 at 10:03 pm
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Lument Finance Trust, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net income was USD 1.5 million compared to USD 2.37 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.05 a year ago.
For the nine months, net income was USD 7.8 million compared to USD 6.86 million a year ago. Basic earnings per share from continuing operations was USD 0.09 compared to USD 0.2 a year ago.
Lument Finance Trust, Inc. is a real estate investment trust (REIT). The Company is focused on investing in, originating, financing and managing a portfolio of commercial real estate (CRE) debt investments. It primarily invests or originates in transitional floating rate CRE mortgage loans with an emphasis on middle-market multifamily assets. The Company also invests in other CRE-related investments including mezzanine loans, preferred equity, commercial mortgage-backed securities, fixed rate loans, construction loans and other CRE debt instruments. It finances its investments in transitional multifamily and other CRE loans primarily through matched-term non-recourse secured borrowings, including collateralized loan obligations (CLO). Its mortgage loan investment portfolio consists of approximately 88 senior secured floating rate loans with an aggregate unpaid principal balance of $1.4 billion. The Company is externally managed by its manager, Lument Investment Management, LLC.