Lument Finance Trust Inc (NYSE: LFT) is a commercial real estate finance company that originates and holds senior secured floating-rate commercial mortgage loans. It earns money primarily through net interest income, the spread between interest collected on its loan portfolio and the cost of its debt financing. LFT is structured as a real estate investment trust (REIT) and is externally managed. The loan portfolio is concentrated in multifamily and healthcare properties across the United States, financed primarily through collateralized loan obligations (CRE CLOs) and secured financing agreements. For FY2025, interest income on commercial mortgage loans held-for-investment was $76.7 million, down 36% from $119.4 million in FY2024. Net interest income was $25.1 million in FY2025, compared to $41.4 million in FY2024. The company reported a net loss per share of $0.14 for FY2025 and a book value per share of $3.03 as of December 31, 2025. James P. Flynn serves as CEO and Chairman of the Board, with James A. Briggs as CFO.

Revenue model

Net interest income from floating-rate senior secured commercial mortgage loans held-for-investment, funded through CRE CLOs, master repurchase agreements, and a secured term loan. Interest income on loans was $76.7 million in FY2025; total interest expense was $53.9 million in FY2025, yielding $25.1 million in net interest income.

Products and services

Senior secured floating-rate commercial mortgage loans, primarily on multifamily and healthcare properties. The company also retains subordinated classes of equity and debt in CRE CLOs it has sponsored.

Customers and end markets

Borrowers are owners and operators of multifamily apartment properties and healthcare facilities across the United States. Individual loan collateral locations identified in filings include Georgia, Washington, New Jersey, North Carolina, Ohio, Texas, Pennsylvania, and Wisconsin, among others.

Value-chain role

Direct lender and loan portfolio holder. Originates senior secured commercial mortgage loans, finances them through CRE CLO securitizations and repurchase facilities, and retains subordinated securities. Collateral management and special servicing are conducted through LREC, Lument IM, or designated third-party servicers.

Geographic exposure

United States. Loan collateral properties identified in the FY2025 10-K are located across multiple states including Georgia, Washington, New Jersey, North Carolina, Ohio, Texas, Pennsylvania, and Wisconsin.

Source: SEC 10-K, filed 2026-03-23

Industry: Real Estate Investment Trusts Peers: TPG Mortgage Investment Trust Inc Annaly Capital Management Inc Arlington Asset Investment Corp. Cherry Hill Mortgage Investment Corp Ellington Credit Co RPT Realty Nexpoint Real Estate Finance Inc Seven Hills Realty Trust Sachem Capital Corp