<p>Lument Finance Trust, Inc. ((LFT)) 举行了第三季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Lument Finance Trust 最近的财报电话会议呈现出复杂的情绪，突显了战略进展和重大挑战。尽管公司展示了战略融资的积极发展和多户住宅领域的韧性，但也面临净利息收入下降、高风险贷款和违约影响财务稳定等困难。</p>
<h2>与摩根大通的新回购协议</h2>
<p>Lument Finance Trust 宣布与摩根大通达成新的回购协议，提供高达 4.5 亿美元的总贷款。这一战略举措旨在为资本管理和投资组合再融资提供灵活性，这对公司的财务操作能力至关重要。</p>
<h2>多户住宅领域的韧性</h2>
<p>多户住宅领域继续展现韧性，租金增长适度，入住率稳定，新供应放缓。这些因素有助于形成平衡的市场环境和潜在的租金恢复，对 Lument Finance Trust 的投资组合是积极的指标。</p>
<h2>贷款偿还及资金用途</h2>
<p>公司报告贷款偿还总额约为 4900 万美元，所得款项主要用于减少证券化负债。这反映了有效的资本管理和战略性负债减少的做法。</p>
<h2>CRE CLO 市场反弹</h2>
<p>CRE CLO 市场显示出强劲反弹，今年迄今的发行量超过 250 亿美元。这表明流动性健康和投资者信心，这可能支持 Lument Finance Trust 重新进入证券化市场的潜力。</p>
<h2>净利息收入下降</h2>
<p>净利息收入下降，第三季度降至 510 万美元，第二季度为 700 万美元。这一下降主要是由于投资组合余额减少和未记录的非应计贷款利息，给公司带来了挑战。</p>
<h2>风险评级贷款和信用损失</h2>
<p>Lument Finance Trust 面临持续的信用挑战，有七笔贷款的风险评级为五，总本金金额为 8640 万美元。记录了约 90 万美元的信用损失准备金，突显了信用风险的担忧。</p>
<h2>账面价值下降</h2>
<p>截至 6 月 30 日，普通股的账面价值略微下降至每股 3.25 美元，之前为每股 3.27 美元。这反映了公司在财务压力下维持股东价值所面临的挑战。</p>
<h2>高比例的违约贷款</h2>
<p>几笔贷款，特别是那些以多户住宅资产为抵押的贷款，处于货币或到期违约状态。这包括位于密歇根州 Kelonte、科罗拉多斯普林斯和德克萨斯州 Cedar Park 的特定贷款，表明公司面临的关注领域。</p>
<h2>前瞻性指导</h2>
<p>展望未来，Lument Finance Trust 报告 2025 年第三季度的 GAAP 每股净收入为 0.01 美元，可分配收益为每股 0.02 美元。公司宣布每普通股季度分红为 0.04 美元。随着美联储基准利率下调 25 个基点，可能会改善多户住宅领域借款人的债务义务。公司仍专注于积极的资产管理、解决遗留问题，并执行融资战略，将资本重新部署到以中型市场多户住宅为中心的核心贷款战略中。</p>
<p>总之，Lument Finance Trust 的财报电话会议反映出谨慎的乐观情绪，战略融资发展和多户住宅领域的韧性带来了积极的信号。然而，净利息收入下降和高风险贷款等挑战突显了在未来几个季度中谨慎应对的必要性。公司的前瞻性指导表明，专注于战略资产管理和资本重新部署，以加强其财务状况。</p>

<p>Lument Finance Trust 的第三季度财报电话会议强调了战略进展和挑战。公司宣布与摩根大通达成 4.5 亿美元的回购协议，以增强财务灵活性。尽管多户住宅领域表现出韧性，Lument 仍面临净利息收入下降和高风险贷款的问题。4900 万美元的贷款偿还被用于减少负债。商业房地产担保贷款证券市场有所反弹，但仍存在信用风险，涉及 8640 万美元的高风险贷款。账面价值略有下降，且有几笔贷款处于违约状态。未来的指导重点在于多户住宅领域的资产管理和资本再配置</p>

<p>Lument Finance Trust, Inc. ((LFT)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Lument Finance Trust, Inc. ((LFT)) 举行了第三季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>Lument Finance Trust’s recent earnings call presented a mixed sentiment, highlighting both strategic advancements and significant challenges. While the company showcased positive developments in strategic financing and resilience within the multifamily sector, it also faced hurdles such as decreased net interest income, high-risk-rated loans, and defaults affecting financial stability.</p>
<div class="lb-trans"><p>Lument Finance Trust 最近的财报电话会议呈现出复杂的情绪，突显了战略进展和重大挑战。尽管公司展示了战略融资的积极发展和多户住宅领域的韧性，但也面临净利息收入下降、高风险贷款和违约影响财务稳定等困难。</p>
</div><h2>New Repurchase Agreement with JPMorgan</h2>
<div class="lb-trans"><h2>与摩根大通的新回购协议</h2>
</div><p>Lument Finance Trust announced a new repurchase agreement with JPMorgan, providing up to $450 million in aggregate advances. This strategic move aims to offer flexibility in managing capital and refinancing the portfolio, which is crucial for the company’s financial maneuverability.</p>
<div class="lb-trans"><p>Lument Finance Trust 宣布与摩根大通达成新的回购协议，提供高达 4.5 亿美元的总贷款。这一战略举措旨在为资本管理和投资组合再融资提供灵活性，这对公司的财务操作能力至关重要。</p>
</div><h2>Multifamily Sector Resilience</h2>
<div class="lb-trans"><h2>多户住宅领域的韧性</h2>
</div><p>The multifamily sector continues to demonstrate resilience with modest rent growth, stable occupancy, and a slowdown in new supply. These factors contribute to a balanced market environment and potential rent recovery, which are positive indicators for Lument Finance Trust’s portfolio.</p>
<div class="lb-trans"><p>多户住宅领域继续展现韧性，租金增长适度，入住率稳定，新供应放缓。这些因素有助于形成平衡的市场环境和潜在的租金恢复，对 Lument Finance Trust 的投资组合是积极的指标。</p>
</div><h2>Loan Payoffs and Use of Proceeds</h2>
<div class="lb-trans"><h2>贷款偿还及资金用途</h2>
</div><p>The company reported loan payoffs totaling approximately $49 million, with proceeds primarily used to reduce securitization liabilities. This reflects effective capital management and a strategic approach to liability reduction.</p>
<div class="lb-trans"><p>公司报告贷款偿还总额约为 4900 万美元，所得款项主要用于减少证券化负债。这反映了有效的资本管理和战略性负债减少的做法。</p>
</div><h2>CRE CLO Market Rebound</h2>
<div class="lb-trans"><h2>CRE CLO 市场反弹</h2>
</div><p>The CRE CLO market has shown a strong rebound, with year-to-date issuance exceeding $25 billion. This indicates healthy liquidity and investor confidence, which could support Lument Finance Trust’s potential return to the securitization market.</p>
<div class="lb-trans"><p>CRE CLO 市场显示出强劲反弹，今年迄今的发行量超过 250 亿美元。这表明流动性健康和投资者信心，这可能支持 Lument Finance Trust 重新进入证券化市场的潜力。</p>
</div><h2>Decrease in Net Interest Income</h2>
<div class="lb-trans"><h2>净利息收入下降</h2>
</div><p>Net interest income saw a decline, dropping to $5.1 million in Q3 from $7 million in Q2. This decrease was mainly due to a decline in portfolio balance and non-recording of interest on nonaccrual loans, posing a challenge for the company.</p>
<div class="lb-trans"><p>净利息收入下降，第三季度降至 510 万美元，第二季度为 700 万美元。这一下降主要是由于投资组合余额减少和未记录的非应计贷款利息，给公司带来了挑战。</p>
</div><h2>Risk-Rated Loans and Credit Losses</h2>
<div class="lb-trans"><h2>风险评级贷款和信用损失</h2>
</div><p>Lument Finance Trust faces ongoing credit challenges, with seven loans risk-rated five, totaling an aggregate principal amount of $86.4 million. A provision for credit losses of approximately $900,000 was recorded, highlighting the credit risk concerns.</p>
<div class="lb-trans"><p>Lument Finance Trust 面临持续的信用挑战，有七笔贷款的风险评级为五，总本金金额为 8640 万美元。记录了约 90 万美元的信用损失准备金，突显了信用风险的担忧。</p>
</div><h2>Reduction in Book Value</h2>
<div class="lb-trans"><h2>账面价值下降</h2>
</div><p>The book value of common stock decreased slightly to $3.25 per share from $3.27 per share as of June 30. This reflects the challenges the company faces in maintaining shareholder value amidst financial pressures.</p>
<div class="lb-trans"><p>截至 6 月 30 日，普通股的账面价值略微下降至每股 3.25 美元，之前为每股 3.27 美元。这反映了公司在财务压力下维持股东价值所面临的挑战。</p>
</div><h2>High Percentage of Loans in Default</h2>
<div class="lb-trans"><h2>高比例的违约贷款</h2>
</div><p>Several loans, particularly those collateralized by multifamily assets, are in monetary or maturity default. This includes specific loans in locations such as Kelonte, Michigan, Colorado Springs, and Cedar Park, Texas, indicating areas of concern for the company.</p>
<div class="lb-trans"><p>几笔贷款，特别是那些以多户住宅资产为抵押的贷款，处于货币或到期违约状态。这包括位于密歇根州 Kelonte、科罗拉多斯普林斯和德克萨斯州 Cedar Park 的特定贷款，表明公司面临的关注领域。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Lument Finance Trust reported a GAAP net income of $0.01 per share and distributable earnings of $0.02 per share for the third quarter of 2025. The company declared a quarterly dividend of $0.04 per common share. With the Fed funds rate cut by 25 basis points, there is potential for improved borrower debt obligations in the multifamily sector. The company remains focused on active asset management, resolving legacy positions, and executing a financing strategy to redeploy capital into a core lending strategy centered on middle-market multifamily properties.</p>
<div class="lb-trans"><p>展望未来，Lument Finance Trust 报告 2025 年第三季度的 GAAP 每股净收入为 0.01 美元，可分配收益为每股 0.02 美元。公司宣布每普通股季度分红为 0.04 美元。随着美联储基准利率下调 25 个基点，可能会改善多户住宅领域借款人的债务义务。公司仍专注于积极的资产管理、解决遗留问题，并执行融资战略，将资本重新部署到以中型市场多户住宅为中心的核心贷款战略中。</p>
</div><p>In summary, Lument Finance Trust’s earnings call reflected a cautious optimism, with strategic financing developments and multifamily sector resilience offering positive notes. However, challenges such as decreased net interest income and high-risk-rated loans underscore the need for careful navigation in the coming quarters. The company’s forward-looking guidance suggests a focus on strategic asset management and capital redeployment to strengthen its financial position.</p>
<div class="lb-trans"><p>总之，Lument Finance Trust 的财报电话会议反映出谨慎的乐观情绪，战略融资发展和多户住宅领域的韧性带来了积极的信号。然而，净利息收入下降和高风险贷款等挑战突显了在未来几个季度中谨慎应对的必要性。公司的前瞻性指导表明，专注于战略资产管理和资本重新部署，以加强其财务状况。</p>
</div>

Lument Finance Trust 的收益电话会议：在挑战中采取的战略举措