Lument Finance Trust Reports 2024 Results and Declares Quarterly Dividends for Its Common and Preferred Stock
NEW YORK, March 19, 2025 /PRNewswire/ -- Lument Finance Trust, Inc. (NYSE: LFT) ("we", "LFT" or "the Company") today reported its fourth quarter and full year 2024 results. GAAP net income attributable to common shareholders for the fourth quarter was $3.6 million, or $0.07 per share of common stock, and for the full year was $17.9 million, or $0.34 per share of common stock. Distributable earnings for the fourth quarter were $5.4 million, or $0.10 per share of common stock, and for the full year were $23.2 million, or $0.44 per share of common stock. The Company has also issued a detailed presentation of its results, which can be viewed at www.lumentfinancetrust.com.
The Company also announced the declaration of a cash dividend of $0.08 per share of common stock with respect to the first quarter of 2025. The dividend is payable on April 15, 2025, to common stockholders of record as of the close of business on March 31, 2025.
The Company also announced the declaration of a cash dividend of $0.4921875 per share of 7.875% Cumulative Redeemable Series A Preferred Stock. The dividend is payable on April 15, 2025, to preferred stockholders of record as of the close of business on April 1, 2025.
In addition, the Company announced that its Board of Directors (the "Board") has appointed Greg D. Calvert as President of the Company, effective May 1, 2025, following James J. Henson announcing his resignation, effective May 1, 2025, to the Board on March 18, 2025. Mr. Calvert is co-chair of the Investment Committee of Lument Investment Management, LLC, the Company's external manager ("Manager"), and Chief Credit Officer for Lument Real Estate Capital Holdings, LLC, the parent company of our Manager."I'd like to thank Jim Henson for his valuable contributions to the Company and congratulate him on his retirement," said James P. Flynn, Chief Executive Officer and Chairman of the Board of Lument Finance Trust, Inc. "We are excited to have Greg Calvert as our next President, who, with extensive experience in multifamily credit and a nearly 30-year tenure at Lument and its predecessors, is an ideal leader for our next growth phase."
Conference Call and Webcast Information
The Company will also host a conference call on Thursday, March 20, 2025, at 8:30 a.m. ET to provide a business update and discuss the financial results for the fourth quarter of 2024. The conference call may be accessed by dialing 1-800-836-8184 (U.S.) or 1-646-357-8785 (international). Note: there is no passcode; please ask the operator to be joined into the Lument Finance Trust call. A live webcast, on a listen-only basis, is also available and can be accessed through the URL:
https://app.webinar.net/dk6JGge78x0
For those unable to listen to the live broadcast, a recorded replay will be available for on-demand viewing approximately one hour after the end of the event through the Company's website https://lumentfinancetrust.com/ and by telephone dial-in. The replay call-in number is 1-888-660-6345 (U.S.) or 1-646-517-4150 (international) with passcode 92435.
Non-GAAP Financial Measures
In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States ("GAAP"). Specifically, the Company is presenting distributable earnings, which constitutes a non-GAAP financial measure within the meaning of Item 10(e) of Regulation S-K and is net income under GAAP. While we believe the non-GAAP information included in this press release provides supplemental information to assist investors in analyzing our results, and to assist investors in comparing our results with other peer issuers, these measures ...
