$LFT
Lument Finance Trust, Inc.

2023 Q2 Form 10-Q Financial Statement

#000162828023017619 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $22.65M $22.21M $10.01M
YoY Change 79.18% 121.75% 34.06%
Cost Of Revenue $15.14M $13.96M $4.927M
YoY Change 143.28% 183.34% 66.45%
Gross Profit $7.509M $8.246M $5.087M
YoY Change 17.02% 62.11% 12.55%
Gross Profit Margin 33.16% 37.14% 50.8%
Selling, General & Admin $2.615M $2.607M $2.219M
YoY Change -5.06% 17.51% 26.08%
% of Gross Profit 34.83% 31.62% 43.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.980M $2.492M $2.295M
YoY Change 56.4% 8.59% 28.22%
Operating Profit $2.529M $5.754M $2.792M
YoY Change -21.76% 106.1% 2.27%
Interest Expense $210.00 -$49.13K $150.0K
YoY Change -99.74% -132.75% -850.0%
% of Operating Profit 0.01% -0.85% 5.37%
Other Income/Expense, Net
YoY Change
Pretax Income $2.574M $5.756M $3.006M
YoY Change -23.6% 91.47% 6.61%
Income Tax $223.00 -$10.25K $51.67K
% Of Pretax Income 0.01% -0.18% 1.72%
Net Earnings $2.574M $5.767M $2.955M
YoY Change -23.02% 95.16% 5.2%
Net Earnings / Revenue 11.37% 25.97% 29.51%
Basic Earnings Per Share $0.03 $0.09 $0.05
Diluted Earnings Per Share $0.03 $0.09 $0.05
COMMON SHARES
Basic Shares Outstanding 52.23M shares 52.23M shares 36.46M shares
Diluted Shares Outstanding 52.23M shares 52.23M shares 36.46M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.50M $98.57M $45.85M
YoY Change 152.24% 115.01% 291.85%
Cash & Equivalents $98.50M $98.57M $45.85M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $104.4M $105.0M $48.57M
YoY Change 24.13% 116.21% 0.34%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.274M $1.946M $1.343M
YoY Change -86.81% 44.96% -95.83%
Total Long-Term Assets $1.022B $1.021B $1.081B
YoY Change -2.35% -5.54% 108.34%
TOTAL ASSETS
Total Short-Term Assets $104.4M $105.0M $48.57M
Total Long-Term Assets $1.022B $1.021B $1.081B
Total Assets $1.126B $1.126B $1.130B
YoY Change -0.38% -0.3% 99.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $365.9K $312.0K
YoY Change 17.29% 4.0%
Accrued Expenses $2.542M $2.505M $817.1K
YoY Change 129.33% 206.58% 104.26%
Deferred Revenue
YoY Change
Short-Term Debt $830.6M $829.9M $827.4M
YoY Change 0.31% 0.31% 102.1%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $838.9M $838.5M $834.0M
YoY Change 0.42% 0.55% 101.64%
LONG-TERM LIABILITIES
Long-Term Debt $47.09M $47.03M $46.78M
YoY Change 0.53% 0.53% 18.14%
Other Long-Term Liabilities $933.8K $365.9K $300.0K
YoY Change 211.25% 21.98% 0.0%
Total Long-Term Liabilities $48.03M $47.03M $46.78M
YoY Change 2.53% 0.53% 18.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $838.9M $838.5M $834.0M
Total Long-Term Liabilities $48.03M $47.03M $46.78M
Total Liabilities $886.9M $885.6M $880.8M
YoY Change 0.53% 0.54% 94.37%
SHAREHOLDERS EQUITY
Retained Earnings $36.00M $33.43M $24.34M
YoY Change 30.03% 37.32% 78.09%
Common Stock $522.3K $522.3K $522.2K
YoY Change 0.01% 0.01% 109.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $239.0M $240.7M $249.0M
YoY Change
Total Liabilities & Shareholders Equity $1.126B $1.126B $1.130B
YoY Change -0.38% -0.3% 99.13%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $2.574M $5.767M $2.955M
YoY Change -23.02% 95.16% 5.2%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $4.246M $5.842M $4.556M
YoY Change 13.54% 28.23% 43.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$672.3K $51.63M -$53.24M
YoY Change -132.0% -196.98% -285.88%
Cash From Investing Activities -$672.3K $51.63M -$53.24M
YoY Change -132.0% -196.98% -285.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $81.14M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.323M -$4.315M $77.59M
YoY Change 0.01% -105.56% -235.37%
NET CHANGE
Cash From Operating Activities 4.246M $5.842M $4.556M
Cash From Investing Activities -672.3K $51.63M -$53.24M
Cash From Financing Activities -4.323M -$4.315M $77.59M
Net Change In Cash -749.2K $53.15M $28.91M
YoY Change -149.35% 83.85% -213.36%
FREE CASH FLOW
Cash From Operating Activities $4.246M $5.842M $4.556M
Capital Expenditures
Free Cash Flow
YoY Change

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IncreaseDecreaseInInterestPayableNet
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IncreaseDecreaseInInterestPayableNet
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IncreaseDecreaseInDueToRelatedParties
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IncreaseDecreaseInDueToRelatedParties
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IncreaseDecreaseInOtherOperatingLiabilities
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CY2022Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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DividendsDeclaredNotYetPaid
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CY2022Q1 oaks Dividends Declared Not Yet Paid
DividendsDeclaredNotYetPaid
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
100518930 usd
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52231152 shares
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g. valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company's estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.</span></div>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98572560 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43858515 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47366365 usd
CY2023Q1 oaks Number Of Non Accrual Loans
NumberOfNonAccrualLoans
1 loan
CY2023Q1 oaks Number Of Realized Loan Losses Since Inception
NumberOfRealizedLoanLossesSinceInception
1 realizedloanloss
CY2023Q1 oaks Number Of Commercial Real Estate Loans Included In Loan Performance Analytical Model
NumberOfCommercialRealEstateLoansIncludedInLoanPerformanceAnalyticalModel
100000 loan
CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
1076148186 usd
CY2022Q4 us-gaap Allowance For Loan And Lease Losses Real Estate
AllowanceForLoanAndLeaseLossesRealEstate
4258668 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1071889518 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
583989 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
31250852 usd
CY2023Q1 oaks Number Of Sub Servers
NumberOfSubServers
2 sub-servicer
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52231152 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52231152 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52231152 shares
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 usd
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2400000 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2400000 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2400000 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2400000 shares
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
3357527 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4258668 usd
CY2023Q1 oaks One Month Libor Rate
OneMonthLIBORRate
0.0470
CY2022Q4 oaks One Month Libor Rate
OneMonthLIBORRate
0.0418
CY2023Q1 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0470
CY2022Q4 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0419
CY2023Q1 oaks Weighted Average Libor Floor Rate
WeightedAverageLIBORFloorRate
0.0027
CY2022Q4 oaks Weighted Average Libor Floor Rate
WeightedAverageLIBORFloorRate
0.0027
CY2023Q1 oaks Weighted Average Floating Rate
WeightedAverageFloatingRate
0.763
CY2023Q1 oaks Weighted Average Sofr Rate
WeightedAverageSOFRRate
0.237
CY2022Q4 oaks Weighted Average Floating Rate
WeightedAverageFloatingRate
0.774
CY2022Q4 oaks Weighted Average Sofr Rate
WeightedAverageSOFRRate
0.226
CY2023Q1 oaks Average Risk Rate
AverageRiskRate
3.2
CY2022Q4 oaks Average Risk Rate
AverageRiskRate
3.0
CY2023Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
6000000 usd
CY2022 oaks Reserve For Impaired Loan
ReserveForImpairedLoan
4300000 usd
CY2021Q2 oaks Number Of Newly Formed Subsidiaries
NumberOfNewlyFormedSubsidiaries
2 subsidiary
CY2021Q2 oaks Variable Interest Entity Qualitative And Quantitative Information Equity Interest
VariableInterestEntityQualitativeAndQuantitativeInformationEquityInterest
96250000 usd
CY2021Q2 oaks Proceeds From Issuance Of Debt Securities Allocated To Acquire Additional Loan Obligations
ProceedsFromIssuanceOfDebtSecuritiesAllocatedToAcquireAdditionalLoanObligations
330300000 usd
CY2021Q2 oaks Period To Acquire Additional Loan Obligations From Closing Date
PeriodToAcquireAdditionalLoanObligationsFromClosingDate
P180D
CY2021Q2 oaks Collateralized Loan Obligation Leverage Ratio
CollateralizedLoanObligationLeverageRatio
0.83
CY2023Q1 oaks One Month Libor Rate
OneMonthLIBORRate
0.0470
CY2022Q4 oaks One Month Libor Rate
OneMonthLIBORRate
0.0418
CY2023Q1 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0470
CY2022Q4 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0419
CY2023Q1 oaks Weighted Average Libor Floor Rate Collateralized Loan Obligations
WeightedAverageLIBORFloorRateCollateralizedLoanObligations
0.0027
CY2022Q4 oaks Weighted Average Libor Floor Rate Collateralized Loan Obligations
WeightedAverageLIBORFloorRateCollateralizedLoanObligations
0.0025
CY2023Q1 oaks Financing Receivable Sofr Spread Rate
FinancingReceivableSOFRSpreadRate
0.0342
CY2022Q4 oaks Financing Receivable Sofr Spread Rate
FinancingReceivableSOFRSpreadRate
0.0341
CY2022 us-gaap Loans Receivable Basis Spread On Variable Rate During Period
LoansReceivableBasisSpreadOnVariableRateDuringPeriod
0.0143
CY2023Q1 us-gaap Loans Receivable Basis Spread On Variable Rate During Period
LoansReceivableBasisSpreadOnVariableRateDuringPeriod
0.0143
CY2019Q1 oaks Collateralized Loan Obligation Unamortized Discount
CollateralizedLoanObligationUnamortizedDiscount
39200000 usd
CY2023Q1 oaks Collateralized Loan Obligation Deferred Financing Costs
CollateralizedLoanObligationDeferredFinancingCosts
717515 usd
CY2022Q4 oaks Collateralized Loan Obligation Deferred Financing Costs
CollateralizedLoanObligationDeferredFinancingCosts
778958 usd
CY2023Q1 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47750000 usd
CY2022Q4 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47750000 usd
CY2023Q1 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47750000 usd
CY2022Q4 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47750000 usd
CY2023Q1 oaks Number Of Sub Servers
NumberOfSubServers
2 sub-servicer
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
746528 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
795656 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1071889518 usd
CY2023Q1 oaks Annual Management Fee Percentage
AnnualManagementFeePercentage
0.015
CY2023Q1 oaks Quarterly Management Fee Percentage
QuarterlyManagementFeePercentage
0.00375
CY2023Q1 us-gaap Management Fee Expense
ManagementFeeExpense
1087262 usd
CY2022Q1 us-gaap Management Fee Expense
ManagementFeeExpense
924617 usd
CY2023Q1 us-gaap Management Fee Payable
ManagementFeePayable
1086000 usd
CY2022Q1 us-gaap Management Fee Payable
ManagementFeePayable
929000 usd
CY2023Q1 oaks Incentive Fees
IncentiveFees
0 usd
CY2022Q1 oaks Incentive Fees
IncentiveFees
0 usd
CY2023Q1 oaks Reimbursable Operating Expense
ReimbursableOperatingExpense
509986 usd
CY2022Q1 oaks Reimbursable Operating Expense
ReimbursableOperatingExpense
390710 usd
CY2023Q1 oaks Reimbursable Costs Payable
ReimbursableCostsPayable
518000 usd
CY2022Q1 oaks Reimbursable Costs Payable
ReimbursableCostsPayable
395000 usd
CY2023Q1 oaks Reduction To Reimbursable Expenses As Percentage Of Exit Fees Waived Percent
ReductionToReimbursableExpensesAsPercentageOfExitFeesWaivedPercent
0.50
CY2023Q1 oaks Reimbursable Operating Expense Waived
ReimbursableOperatingExpenseWaived
0 usd
CY2022Q1 oaks Reimbursable Operating Expense Waived
ReimbursableOperatingExpenseWaived
603317 usd
CY2022Q1 oaks Reimbursable Operating Expense Reduction
ReimbursableOperatingExpenseReduction
301659 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52231152 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52231152 shares
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
5766691 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2954799 usd
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
3133869 usd
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
3133509 usd
CY2023Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1184958 usd
CY2022Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1184958 usd
CY2023Q1 us-gaap Dividends
Dividends
4318827 usd
CY2022Q1 us-gaap Dividends
Dividends
4318467 usd
CY2023Q1 us-gaap Undistributed Earnings
UndistributedEarnings
1447864 usd
CY2022Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-1363668 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52225152 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36460452 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4500 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52231152 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36464952 shares

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