<p>Lument Finance Trust, Inc. ((LFT)) 舉行了第三季度財報電話會議。以下是會議的主要亮點。</p>
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<p>Lument Finance Trust 最近的財報電話會議呈現出複雜的情緒，突顯了戰略進展和重大挑戰。儘管公司展示了戰略融資的積極發展和多户住宅領域的韌性，但也面臨淨利息收入下降、高風險貸款和違約影響財務穩定等困難。</p>
<h2>與摩根大通的新回購協議</h2>
<p>Lument Finance Trust 宣佈與摩根大通達成新的回購協議，提供高達 4.5 億美元的總貸款。這一戰略舉措旨在為資本管理和投資組合再融資提供靈活性，這對公司的財務操作能力至關重要。</p>
<h2>多户住宅領域的韌性</h2>
<p>多户住宅領域繼續展現韌性，租金增長適度，入住率穩定，新供應放緩。這些因素有助於形成平衡的市場環境和潛在的租金恢復，對 Lument Finance Trust 的投資組合是積極的指標。</p>
<h2>貸款償還及資金用途</h2>
<p>公司報告貸款償還總額約為 4900 萬美元，所得款項主要用於減少證券化負債。這反映了有效的資本管理和戰略性負債減少的做法。</p>
<h2>CRE CLO 市場反彈</h2>
<p>CRE CLO 市場顯示出強勁反彈，今年迄今的發行量超過 250 億美元。這表明流動性健康和投資者信心，這可能支持 Lument Finance Trust 重新進入證券化市場的潛力。</p>
<h2>淨利息收入下降</h2>
<p>淨利息收入下降，第三季度降至 510 萬美元，第二季度為 700 萬美元。這一下降主要是由於投資組合餘額減少和未記錄的非應計貸款利息，給公司帶來了挑戰。</p>
<h2>風險評級貸款和信用損失</h2>
<p>Lument Finance Trust 面臨持續的信用挑戰，有七筆貸款的風險評級為五，總本金金額為 8640 萬美元。記錄了約 90 萬美元的信用損失準備金，突顯了信用風險的擔憂。</p>
<h2>賬面價值下降</h2>
<p>截至 6 月 30 日，普通股的賬面價值略微下降至每股 3.25 美元，之前為每股 3.27 美元。這反映了公司在財務壓力下維持股東價值所面臨的挑戰。</p>
<h2>高比例的違約貸款</h2>
<p>幾筆貸款，特別是那些以多户住宅資產為抵押的貸款，處於貨幣或到期違約狀態。這包括位於密歇根州 Kelonte、科羅拉多斯普林斯和德克薩斯州 Cedar Park 的特定貸款，表明公司面臨的關注領域。</p>
<h2>前瞻性指導</h2>
<p>展望未來，Lument Finance Trust 報告 2025 年第三季度的 GAAP 每股淨收入為 0.01 美元，可分配收益為每股 0.02 美元。公司宣佈每普通股季度分紅為 0.04 美元。隨着美聯儲基準利率下調 25 個基點，可能會改善多户住宅領域借款人的債務義務。公司仍專注於積極的資產管理、解決遺留問題，並執行融資戰略，將資本重新部署到以中型市場多户住宅為中心的核心貸款戰略中。</p>
<p>總之，Lument Finance Trust 的財報電話會議反映出謹慎的樂觀情緒，戰略融資發展和多户住宅領域的韌性帶來了積極的信號。然而，淨利息收入下降和高風險貸款等挑戰突顯了在未來幾個季度中謹慎應對的必要性。公司的前瞻性指導表明，專注於戰略資產管理和資本重新部署，以加強其財務狀況。</p>

<p>Lument Finance Trust 的第三季度財報電話會議強調了戰略進展和挑戰。公司宣佈與摩根大通達成 4.5 億美元的回購協議，以增強財務靈活性。儘管多户住宅領域表現出韌性，Lument 仍面臨淨利息收入下降和高風險貸款的問題。4900 萬美元的貸款償還被用於減少負債。商業房地產擔保貸款證券市場有所反彈，但仍存在信用風險，涉及 8640 萬美元的高風險貸款。賬面價值略有下降，且有幾筆貸款處於違約狀態。未來的指導重點在於多户住宅領域的資產管理和資本再配置</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)) 舉行了第三季度財報電話會議。以下是會議的主要亮點。</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 最近的財報電話會議呈現出複雜的情緒，突顯了戰略進展和重大挑戰。儘管公司展示了戰略融資的積極發展和多户住宅領域的韌性，但也面臨淨利息收入下降、高風險貸款和違約影響財務穩定等困難。</p>
</div><h2>New Repurchase Agreement with JPMorgan</h2>
<div class="lb-trans"><h2>與摩根大通的新回購協議</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 宣佈與摩根大通達成新的回購協議，提供高達 4.5 億美元的總貸款。這一戰略舉措旨在為資本管理和投資組合再融資提供靈活性，這對公司的財務操作能力至關重要。</p>
</div><h2>Multifamily Sector Resilience</h2>
<div class="lb-trans"><h2>多户住宅領域的韌性</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>多户住宅領域繼續展現韌性，租金增長適度，入住率穩定，新供應放緩。這些因素有助於形成平衡的市場環境和潛在的租金恢復，對 Lument Finance Trust 的投資組合是積極的指標。</p>
</div><h2>Loan Payoffs and Use of Proceeds</h2>
<div class="lb-trans"><h2>貸款償還及資金用途</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>公司報告貸款償還總額約為 4900 萬美元，所得款項主要用於減少證券化負債。這反映了有效的資本管理和戰略性負債減少的做法。</p>
</div><h2>CRE CLO Market Rebound</h2>
<div class="lb-trans"><h2>CRE CLO 市場反彈</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 市場顯示出強勁反彈，今年迄今的發行量超過 250 億美元。這表明流動性健康和投資者信心，這可能支持 Lument Finance Trust 重新進入證券化市場的潛力。</p>
</div><h2>Decrease in Net Interest Income</h2>
<div class="lb-trans"><h2>淨利息收入下降</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>淨利息收入下降，第三季度降至 510 萬美元，第二季度為 700 萬美元。這一下降主要是由於投資組合餘額減少和未記錄的非應計貸款利息，給公司帶來了挑戰。</p>
</div><h2>Risk-Rated Loans and Credit Losses</h2>
<div class="lb-trans"><h2>風險評級貸款和信用損失</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 面臨持續的信用挑戰，有七筆貸款的風險評級為五，總本金金額為 8640 萬美元。記錄了約 90 萬美元的信用損失準備金，突顯了信用風險的擔憂。</p>
</div><h2>Reduction in Book Value</h2>
<div class="lb-trans"><h2>賬面價值下降</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，普通股的賬面價值略微下降至每股 3.25 美元，之前為每股 3.27 美元。這反映了公司在財務壓力下維持股東價值所面臨的挑戰。</p>
</div><h2>High Percentage of Loans in Default</h2>
<div class="lb-trans"><h2>高比例的違約貸款</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>幾筆貸款，特別是那些以多户住宅資產為抵押的貸款，處於貨幣或到期違約狀態。這包括位於密歇根州 Kelonte、科羅拉多斯普林斯和德克薩斯州 Cedar Park 的特定貸款，表明公司面臨的關注領域。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>展望未來，Lument Finance Trust 報告 2025 年第三季度的 GAAP 每股淨收入為 0.01 美元，可分配收益為每股 0.02 美元。公司宣佈每普通股季度分紅為 0.04 美元。隨着美聯儲基準利率下調 25 個基點，可能會改善多户住宅領域借款人的債務義務。公司仍專注於積極的資產管理、解決遺留問題，並執行融資戰略，將資本重新部署到以中型市場多户住宅為中心的核心貸款戰略中。</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>總之，Lument Finance Trust 的財報電話會議反映出謹慎的樂觀情緒，戰略融資發展和多户住宅領域的韌性帶來了積極的信號。然而，淨利息收入下降和高風險貸款等挑戰突顯了在未來幾個季度中謹慎應對的必要性。公司的前瞻性指導表明，專注於戰略資產管理和資本重新部署，以加強其財務狀況。</p>
</div>

Lument Finance Trust 的收益電話會議：在挑戰中採取的戰略舉措