Here are 1-3 brief analogies for Lument Finance Trust (LFT):

• Sallie Mae for commercial real estate loans.
• Rocket Mortgage for commercial apartment buildings.

• Commercial Mortgage Loans: The company primarily provides transitional floating-rate commercial mortgage loans for middle market multi-family assets, alongside fixed-rate loans.
• Mezzanine Loans: These are subordinate debt instruments used to bridge financing gaps in commercial real estate projects.
• Preferred Equity: An equity investment that has priority over common equity in terms of dividends and liquidation proceeds.
• Commercial Mortgage-Backed Securities (CMBS): The company invests in securities backed by pools of commercial real estate mortgages.
• Construction Loans: Short-term financing specifically tailored for the development and construction phases of commercial real estate projects.

Lument Finance Trust (LFT) primarily sells to other companies, specifically entities in the commercial real estate sector that require financing for their projects and acquisitions. Given the nature of its business providing commercial real estate debt investments, LFT's customers are generally private real estate developers, property owners, and investment firms, rather than publicly traded corporations. Therefore, specific names of public customer companies with symbols cannot be listed.

The major categories of customers that LFT serves include:

• Developers and Owners of Middle-Market Multi-Family Properties: These are entities that seek financing for the acquisition, development, repositioning, or refinancing of apartment buildings and similar residential income-producing properties in the middle-market segment.
• Commercial Real Estate Investors and Firms: This category includes private equity real estate funds, institutional investors, family offices, and other investment vehicles that acquire, manage, and optimize portfolios of commercial real estate assets, requiring various debt instruments and preferred equity solutions.
• Real Estate Sponsors and Project Entities: These are the sponsors and special purpose entities formed to undertake specific commercial real estate projects, including new construction or significant renovations, seeking construction loans, mezzanine financing, or other forms of structured debt.

• ORIX Corporation (TYO: 8591)
• Bank of America (NYSE: BAC)
• Wells Fargo & Company (NYSE: WFC)
• KeyCorp (NYSE: KEY)

James P. Flynn, Chief Executive Officer

Mr. Flynn has served as CEO and chairman of the board of Lument Finance Trust since January 2018. He also holds the position of CEO at Lument, a division of ORIX USA, an affiliate of the Manager. He joined Lument, formerly known as Hunt Real Estate Capital, in 2007 and is a member of its executive management team and both the investment and credit committees. Before his tenure at Lument, Mr. Flynn practiced law in the real estate practice group at Gibson Dunn & Crutcher LLP, and prior to that, he worked as an investment banker at Lehman Brothers.

James A. Briggs, Chief Financial Officer

Mr. Briggs has been the CFO of Lument Finance Trust, LLC (LFT) since January 2020, having previously served as interim CFO since September 2018. He also acts as the chief accounting officer for Lument, a division of ORIX Corporation USA, which is an affiliate of the manager. Mr. Briggs joined Lument's predecessor, Hunt Real Estate Capital, in 2009. His prior experience includes serving as the director of finance at MRU Holdings. He has 15 years of experience with JP Morgan Chase & Co. and its predecessor companies, holding various accounting and finance roles, including head of valuation control and CFO for emerging markets.

Greg Calvert, President

Mr. Calvert was appointed President of Lument Finance Trust in 2025. He concurrently serves as Senior Managing Director and Chief Credit Officer of Lument, a division of ORIX USA. In this capacity, he is responsible for overseeing the company's Agency, FHA, and seniors housing and healthcare underwriting teams. Mr. Calvert directly manages Lument's credit functions, including credit review, approvals, and credit policy, and is a member of the company's investment committee.

Zachary Halpern, Managing Director

Mr. Halpern serves as a Managing Director for Lument Finance Trust, specifically as a portfolio manager. He is also a Senior Director and leads portfolio management and capital markets for Lument's real estate investment strategies group. Within Lument, he is a member of the management, valuation, and counterparty risk committee. Before joining Lument, Mr. Halpern was the chief investment officer and head of capital markets at Dwight Securities Management, where he was responsible for creating and managing several funds focused on commercial real estate bridge loans and commercial mortgage-backed securities investments.

Stephanie G. Culpepper, Secretary

Ms. Culpepper holds the position of Secretary at Lument Finance Trust. She is also a Senior Managing Director and General Counsel at Lument.

Addressable Markets for Lument Finance Trust (LFT)

Lument Finance Trust (LFT) primarily invests in commercial real estate (CRE) debt in the United States, with a focus on transitional floating rate commercial mortgage loans on middle-market multi-family assets, as well as other CRE-related investments such as mezzanine loans, preferred equity, commercial mortgage-backed securities (CMBS), fixed-rate loans, and construction loans. The addressable market sizes for these main products and services in the U.S. region are as follows:

• Overall U.S. Commercial Real Estate Debt Market: The total outstanding CRE debt in the U.S. was estimated at $5.9 trillion as of the fourth quarter of 2023. Other estimates place the U.S. commercial mortgage market at $4.8 trillion or $5.5 trillion.
• U.S. Multi-family Mortgage Market: Total multi-family lending volume in the U.S. was estimated at $326 billion in 2024. In 2024, new mortgages for multi-family properties with five or more units amounted to $288.7 billion. Projections indicate that the multi-family market's origination volume grew to exceed $330 billion in 2025 and is expected to reach approximately $400 billion in 2026. For context, the total value of institutional-quality apartment properties in the U.S. was $2.6 trillion as of mid-2025.
• U.S. Commercial Mortgage-Backed Securities (CMBS) Market: The U.S. CMBS market had a market capitalization of approximately $1.8 trillion as of December 31, 2025. CMBS issuance in the U.S. reached $92.5 billion through September 30, 2025, with private-label CMBS issuance increasing to $125.6 billion in 2025.
• U.S. Construction Loan Market: The market for construction loans in the U.S. was approximately $470 billion.
• U.S. Mezzanine Loans and Preferred Equity Market: These investments are typically part of the broader private credit market. The North American mezzanine finance market is the largest globally, projected to reach a valuation of "several billion dollars" by 2026. The global private credit market, which includes mezzanine financing and preferred equity, reached US$238 billion in 2024 and is expected to grow to US$400 billion in assets under management by the end of the decade. Alternative debt sources, such as private credit funds, accounted for 24% of U.S. CRE lending volume in the past year.

Lument Finance Trust (LFT) anticipates several key drivers for its future revenue growth over the next two to three years, primarily stemming from its core investment strategy and prevailing market conditions.

1. Expanded Lending and Capital Redeployment in Middle-Market Multifamily Assets: Lument Finance Trust focuses on investing in transitional floating-rate commercial mortgage loans on middle-market multi-family assets. The company plans to actively redeploy capital into this core lending area as the market stabilizes. Strong multifamily fundamentals, characterized by modest and stable rent growth, robust occupancy, and a slowing of new supply, are expected to support expanded lending, stable earnings, and diversified revenue opportunities. This sustained demand in the multifamily sector, partly due to affordability challenges in the single-family market, is a key driver for new loan originations.

2. Strategic Utilization of the CRE CLO Market for Financing: The company views the open and healthy Commercial Real Estate Collateralized Loan Obligation (CRE CLO) market as crucial for its future growth. The rebound in CRE CLO issuance supports LFT's outlook for returning to this securitization market as a repeat issuer. Successfully closing new CRE CLO transactions, such as the $664 million CLO in December 2025, provides LFT with the necessary liquidity and financing to fund new loan originations and expand its investment portfolio.

3. Favorable Interest Rate Environment for Floating-Rate Loans: As Lument Finance Trust primarily invests in floating-rate commercial mortgage loans, its investment returns are positively correlated with interest rate fluctuations. The expectation of sustained elevated short-term interest rates is anticipated to continue benefiting LFT's earnings profile. While there has been some moderation in rates, the company expects continued positive impact from these conditions in the coming quarters.

Share Issuance

• In May 2021, Lument Finance Trust closed an underwritten public offering of 2,400,000 shares of its 7.875% Series A Cumulative Redeemable Preferred Stock at $25.00 per share.
• The company received approximately $58.1 million in net proceeds from this offering, after deducting underwriting discounts but before estimated offering expenses.
• The net proceeds from this issuance were intended to be used for additional investments in target assets consistent with its investment strategy and for general corporate purposes.

Capital Expenditures

• Lument Finance Trust had capital expenditures of approximately $861,706, which was covered by its robust free cash flow.