Q1 2024 Lument Finance Trust Inc Earnings Call Transcript
Key Points
- Lument Finance Trust Inc reported GAAP net income of $0.11 and distributable earnings of $0.15 per share of common stock for Q1 2024.
- Declared a dividend of $0.07 per common share of stock for the first or second quarter.
- Successfully resolved two five-rated assets from the December 31 report, maintaining a stable weighted average risk rating of 3.5 for the quarter.
- Increased available unrestricted cash quarter-over-quarter, ending Q1 with approximately $65 million compared to $51 million in December.
- Portfolio continues to be financed with long-dated secured financing that is not subject to mark-to-market margin calls.
- Multifamily sector faced challenges with muted property sales activity and limited acquisition financing opportunities due to elevated interest rates.
- Lending volume with multifamily was down 7% year over year in Q1 and down 29% from Q4 of 2023.
- Economic data suggests inflation has remained stubbornly elevated, impacting the lending environment.
- Total operating expenses increased to $4.3 million in Q1 from $2.7 million in Q4 '23, driven by the accrual of incentive fees.
- Two loans were risk rated five for default risks, indicating potential concerns about loan performance.
Good morning, and thank you for joining the Lument Finance Trust First Quarter 2024 earnings call. Today's call is being recorded and will be made available via webcast on the company's website.
I would now like to turn the call over to Andrew Chang with Investor Relations, at Lument's Investment Management. Please go ahead.
Good morning, everyone, and thank you for joining our call to discuss Lument Finance Trust's First Quarter 2024 financial results. With me on the call today are James Flynn, our CEO; James Briggs, our CFO; James Henson; our President and Zack Halpern, our Managing Director of Portfolio Management. On Thursday, May 9. We filed the 10Q with the SEC and issued a press release to provide details on our first quarter results. We also provided a supplemental earnings presentation, which can be found on our website.
Before handing the call over to James Flynn, I'd like to remind everyone that certain statements made during the course of the call are not based on
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