$LFT
Lument Finance Trust, Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023028250 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $31.86M $22.65M
YoY Change 116.02% 79.18%
Cost Of Revenue $22.31M $15.14M
YoY Change 140.79% 143.28%
Gross Profit $9.540M $7.509M
YoY Change 73.99% 17.02%
Gross Profit Margin 29.94% 33.16%
Selling, General & Admin $2.280M $2.615M
YoY Change -11.49% -5.06%
% of Gross Profit 23.9% 34.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.240M $4.980M
YoY Change -22.5% 56.4%
Operating Profit $6.300M $2.529M
YoY Change 383.67% -21.76%
Interest Expense $0.00 $210.00
YoY Change -100.0% -99.74%
% of Operating Profit 0.0% 0.01%
Other Income/Expense, Net
YoY Change
Pretax Income $6.380M $2.574M
YoY Change 354.97% -23.6%
Income Tax $19.80K $223.00
% Of Pretax Income 0.31% 0.01%
Net Earnings $6.360M $2.574M
YoY Change 323.9% -23.02%
Net Earnings / Revenue 19.96% 11.37%
Basic Earnings Per Share $0.10 $0.03
Diluted Earnings Per Share $0.10 $0.03
COMMON SHARES
Basic Shares Outstanding 52.23M shares 52.23M shares
Diluted Shares Outstanding 52.23M shares 52.23M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.40M $98.50M
YoY Change -10.49% 152.24%
Cash & Equivalents $43.41M $98.50M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $83.10M $104.4M
YoY Change 55.77% 24.13%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.200M $1.274M
YoY Change -78.03% -86.81%
Total Long-Term Assets $1.360B $1.022B
YoY Change 26.5% -2.35%
TOTAL ASSETS
Total Short-Term Assets $83.10M $104.4M
Total Long-Term Assets $1.360B $1.022B
Total Assets $1.443B $1.126B
YoY Change 27.88% -0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $3.800M $2.542M
YoY Change 128.62% 129.33%
Deferred Revenue
YoY Change
Short-Term Debt $1.145B $830.6M
YoY Change 38.21% 0.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.155B $838.9M
YoY Change 38.09% 0.42%
LONG-TERM LIABILITIES
Long-Term Debt $47.20M $47.09M
YoY Change 0.62% 0.53%
Other Long-Term Liabilities $400.0K $933.8K
YoY Change 7.3% 211.25%
Total Long-Term Liabilities $47.60M $48.03M
YoY Change 1.47% 2.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.155B $838.9M
Total Long-Term Liabilities $47.60M $48.03M
Total Liabilities $1.203B $886.9M
YoY Change 36.15% 0.53%
SHAREHOLDERS EQUITY
Retained Earnings $42.36M $36.00M
YoY Change 45.14% 30.03%
Common Stock $522.3K $522.3K
YoY Change 0.01% 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.5M $239.0M
YoY Change
Total Liabilities & Shareholders Equity $1.443B $1.126B
YoY Change 27.88% -0.38%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $6.360M $2.574M
YoY Change 323.9% -23.02%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $5.420M $4.246M
YoY Change 57.5% 13.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$365.1M -$672.3K
YoY Change -1364.56% -132.0%
Cash From Investing Activities -$365.1M -$672.3K
YoY Change -1364.56% -132.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 309.6M -4.323M
YoY Change -7274.31% 0.01%
NET CHANGE
Cash From Operating Activities 5.420M 4.246M
Cash From Investing Activities -365.1M -672.3K
Cash From Financing Activities 309.6M -4.323M
Net Change In Cash -50.13M -749.2K
YoY Change -279.03% -149.35%
FREE CASH FLOW
Cash From Operating Activities $5.420M $4.246M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<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>
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OneMonthLIBORRate
0.0418
CY2023Q2 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0514
CY2022Q4 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0419
CY2023Q2 oaks Weighted Average Libor Floor Rate
WeightedAverageLIBORFloorRate
0.0025
CY2022Q4 oaks Weighted Average Libor Floor Rate
WeightedAverageLIBORFloorRate
0.0027
CY2023Q2 oaks Weighted Average Floating Rate
WeightedAverageFloatingRate
0.739
CY2023Q2 oaks Weighted Average Sofr Rate
WeightedAverageSOFRRate
0.261
CY2022Q4 oaks Weighted Average Floating Rate
WeightedAverageFloatingRate
0.774
CY2022Q4 oaks Weighted Average Sofr Rate
WeightedAverageSOFRRate
0.226
CY2023Q2 oaks Average Risk Rate
AverageRiskRate
3.4
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
CY2023Q2 oaks One Month Libor Rate
OneMonthLIBORRate
0.0519
CY2022Q4 oaks One Month Libor Rate
OneMonthLIBORRate
0.0418
CY2023Q2 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0514
CY2022Q4 oaks One Month Sofr Rate
OneMonthSOFRRate
0.0419
CY2023Q2 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
CY2023Q2 oaks Financing Receivable Sofr Spread Rate
FinancingReceivableSOFRSpreadRate
0.0342
CY2022Q4 oaks Financing Receivable Sofr Spread Rate
FinancingReceivableSOFRSpreadRate
0.0341
us-gaap Loans Receivable Basis Spread On Variable Rate During Period
LoansReceivableBasisSpreadOnVariableRateDuringPeriod
0.0143
CY2022 us-gaap Loans Receivable Basis Spread On Variable Rate During Period
LoansReceivableBasisSpreadOnVariableRateDuringPeriod
0.0143
CY2019Q1 oaks Collateralized Loan Obligation Unamortized Discount
CollateralizedLoanObligationUnamortizedDiscount
39200000 usd
CY2023Q2 oaks Collateralized Loan Obligation Deferred Financing Costs
CollateralizedLoanObligationDeferredFinancingCosts
675871 usd
CY2022Q4 oaks Collateralized Loan Obligation Deferred Financing Costs
CollateralizedLoanObligationDeferredFinancingCosts
778958 usd
CY2023Q2 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2023Q2 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
CY2023Q2 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
47750000 usd
CY2022Q4 us-gaap Secured Debt
SecuredDebt
47750000 usd
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
746734 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
795656 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss
1071889518 usd
oaks Annual Management Fee Percentage
AnnualManagementFeePercentage
0.015
oaks Quarterly Management Fee Percentage
QuarterlyManagementFeePercentage
0.00375
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52231152 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52231152 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52231152 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52231152 shares
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12

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0001628280-23-028250-xbrl.zip Edgar Link pending
a20230630exhibit31-1.htm Edgar Link pending
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