The following is a summary of the Lument Finance Trust, Inc. (LFT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Lument Finance Trust reported Q4 GAAP net income of $0.07 per share and $0.29 per share for the fiscal year 2023, with distributable earnings of $0.10 and $0.26 per share of common stock for Q4 and the year respectively.
In December, a dividend of $0.07 per share was declared for Q4, bringing the cumulative declared dividends for the year to $0.26 per share.
The company closed $386 million secured financing in July and increased its leveraged investment capacity to $1.4 billion.
Net interest income was $9.1 million compared to $9.5 million in Q3, due to fewer payoffs resulting in lower exit fees.
Total common book value was around $181 million or $3.46 per share, matching the previous quarter.
Business Progress:
Lument Finance Trust dealt with payoffs and paydowns during Q4 totaling $43 million, compared to $111 million in the prior quarter.
The company reported a $34 million net increase in their loan portfolio in Q4, after accounting for loan payoffs and decreases.
About 70% of $77 million loan investments acquired or funded during Q4 were collateralized by multifamily properties.
As of year-end, Lument's portfolio consisted of 88 floating-rate loans with an aggregate unpaid principal balance of about $1.4 billion, with multifamily properties collateralizing 94% of the portfolio.
Anticipation for significant refinance opportunities in the coming years with over $300 billion of multifamily loans expected to mature by 2025.
Plans have been laid out to maintain the current liquidity position, awaiting market clarity before making new investments or dividend changes.
More details: Lument Finance Trust IR
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