HCFT - Earnings call transcript Q2 2020 | Lument Finance Trust, Inc.

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Operator

Good morning and thank you for joining the Hunt Companies Finance Trust Second Quarter 2020 Earnings Call. Today’s call is being recorded and will be made available via webcast on the company’s website. [Operator Instructions] I would now like to turn the call over to Brendan Gover with Investor Relations at OREC Investment Management. Please go ahead.

Brendan Gover

Thank you and good morning everyone. our XXXX discuss financial joining Trust’s Companies for quarter second results. you call Hunt to Finance Thank With me Precilla on CEO; Real Mike the Investment call today President; Estate Briggs, are Jim CFO; and Strategies. Torres, of Larsen, Head Jim Flynn, which on issued quarter our our along a website. release, results, that presentation details supplemental of On Friday, earnings press can provided we with a second earnings be found

also We XX-Q our SEC. filed have the with

uncertainties intended statements could various forward-looking similar in intends words made call over identify historical statements. everyone to to the other results Jim, Factors forward-looking the actual like call would cause meaning and this XXA remind indicate, Form with and reports and believes, company’s statements XX-Q reports the Form as anticipate, risks and SEC, forward-looking Section Such constitute our from including risks Exchange of the outlook, information differ forward-looking on expects, Exchange statements. These Act the will, I that statements Securities discussed to are to its certain expressions within in the those on XXXX conference particular, and and materially in contained to subject handing XX-K during Act section may of X-K, of based used are such of the of course XXE When the Before not of Risk and of evaluate, Section the XXXX. uncertainties are Securities filed this XX-K. are that in

pandemic. or The statements, amplified Furthermore, not these uncertainties undertakes such reliance to amplified statements. future company or forward-looking measures or be call. of the Listeners which not in possible A presentation will no certain hereof. this of date place forward-looking will the of as non-GAAP information substitute to Reconciliations with by accordance undue risks. to risks by in only to financial these presented measures of obligation discussed to this any isolation conference a intended as is It in GAAP. considered be be are update the our information will of speak measures the Jim in these I on cautioned can financial and prepared to now most not maybe with call through ahead. and all filings many predict amplified the be currently is GAAP Flynn. identify to these financial accessed SEC. Additionally, over the non-GAAP turn accordance go COVID-XX the are Please comparable to with in continue

Jim Flynn

morning, Trust second operate Brendan. to you, in Hunt quarter the Thank Good very a earnings appreciate joining you in. Finance everyone. to of to Welcome XXXX. what environment call for We challenging today Companies the be continues us

safe to and like your regards healthy. staying COVID-XX to you the First with and express are pandemic, foremost, all would my hope and families that I

As continues we we epidemic experienced, work. how significant a and have industry overall impact to have all the and all the our on COVID-XX economy, lived

possible. to We business to continued with our ensuring while as employees continue measures little as disruption protect take operations

on investment actively to is all current and mid-March the is Our employees monitoring the unprecedented. Clearly, monitoring segments continue all asset and and as management, working have execute of related we it situation been ORIX servicing, on basis. have environment to a the Leadership able been since organization management remotely continues daily will across functions portfolio unfold.

is the liquidity Notably, of having seen as markets. financial and broader its economy well to improvement on continue impact the our impact recent months assets on as monitor that credit closely and volatility will markets. in the We have the capital pandemic the the generally and

around activity breadth reset general has of market, risk the as leverage Bridge of centered asset with financing. and transparency the less periods. to However, availability have the economic the lending around movement well values more versus concerns transition continued associated of lending the COVID-XX levels as registered moderate pre-COVID bridge positive impact

protection. credit lender structures constraints ordinance addition, on of and evaluations In reflective are local loan

are Our consistent themes. new origination with these efforts

HCFT. continue CRE patient will for all to We be thoughtful, and evaluation our in investments debt opportunistic of

or backdrop, update own our Given consist on a our healthcare I provide have up mortgage-backed assets of the our or of construction have financing position hotels. our securities liquidity loans, over backed regard currently sources, multi-family we we to like With our make portfolio, mezz do participations, our currently and do properties. nursing collateral not office retail brief dividends. would skilled loans any vast mortgage portfolio, to XX% seniors properties. our limited by to and senior of loans, to housing, investments majority this not Furthermore, exposure and loans any We and exposure

June like loans would as of the made in current. CRE I Furthermore, XXX% of portfolio in X, the payments. investment their to highlight portfolio loans of that XXX% XXXX, July our are our Additionally,

With any proactive asset executed forbearances continue by well-positioned potentially impacted all not Overall, our focus the economic to-date. to on broader have COVID-XX of management uncertainties. We that and regards do financings we and portfolio assets sources, we currently not our assets believe from is or warehouse repo HCFT therefore warehouse margin repurchase or and any at financing subject facility not lenders. of to are to our we utilize calls on

to CLOs as on amendment distress the manage regards note sources would to I result This flexibility were this of effectively loan. a as documentation. corporate not term additional their a originally to matched successfully facility. primary financing an to that entered company loan, COVID-XX borrower non-mark-to-market of in lender provide we potential with working that are amendment well contemplated Our any related term to with was X, loan two the term into to corporate July like With CRE

believe if have to adverse investment to-date provides material not is events which on liquidity While this amendment proactive has positive forward adverse perspective, any a impacts step, our COVID-XX. material a portfolio any liquidity we experienced flexibility had due From to-date, additional going not COVID-XX we needed.

maybe exists sufficient depth and based liquidity on and/or uncertainty the state today the extent is impacted. to the accordance default the uncertainty We the management While coming made where the the yet position on believe to QX dividend we being That delinquencies acknowledge the portfolio, of XX. paid months. over course today. significant normal XXXX per we we recession. XXXX that we In our the we And around we With in months, stand to length experienced July focused on dividend economic said, significant respect and economic share obvious, over liquidity coming our not QX have of our remain dividend, with liquidity $X.XXX timing process, a declaration.

to the will our provide expect would call in financial Jim? September on course. Briggs, details With dividend after Board with a We like Jim I results. make who determination on our to turn the in over normal that, our discussing to

Jim Briggs

Jim. be investor On you, evening, The we Good an during website, provided for X our X, your we presentation quarter. the Thank updates well will and a you morning, summary investor supplemental the for presentation, supplemental will has on remarks. as uploaded reference. our earnings X which referencing of been to and Pages everyone. webcast Friday On key the presentation find

We with the filed have our also SEC. XX-Q

net the common $X.X second XXXX, share. to prior to the compares income or quarters share $X.XX by $X.XX current share to net For an the $X.X for was or million, increase income second of driven in income. non-core XXXX. impacted quarter per net million, stockholders of quarter a positive interest by variance This we of quarter of for quarter and primarily million, $X.X The was per or income stockholders two common The to net of common prior per to relative $X.XX items. reported stockholders

associated servicing during legacy $XXX,XXX mortgage The an UPB On the fair rights off value lower portfolio, with QX. of during a first a of prepayment our portfolio rates of in our MSR driven speeds the by basis, primarily in XX% interest decline these residential which was was paid quarter. increase

MSR or this X.X legacy end, at of asset quarter multiple valued fees. million of was As servicing $X.X

per income during subsidiary. The adjusting activity this was benefit determination financing a point current costs, that of earnings QX’s the not other as at taxable were earnings have new by non-core as I based our capitalized we issuance million which to on was as share $XX,XXX the items, for to like of previously $X.XX per with for was think prior core line impacted CLO experienced conditions. $X.X it that quarter did XXXX, core $XXX,XXX our item in We second in XXXX our $X.X REIT quarter is of unlikely in or or also GAAP tax in this two This stockholders common CLO under we is to would income these earnings will $X.XX share. that core which both expensed quarter periods. negatively quarter expense quarter $XXX,XXX attributed execute back was adjustment. After out market well this the pertaining million

will been later have the item, had added earnings recurring non-recurring this speak However, detail a $X.XX for Mike our would basis. on million about on per in core share financing CLO we per Larsen more QX or back call. share $X.X

at the value as adopted non-core XX the book I we would have which would not remind of CECL, book instruments. share book or currently with or as like is to to on per commonly value quarter-over-quarter $X.XX which SEC, reporting credit company, value $XXX both expected share. share. how last recognize that losses, Our financial would June in increased of share per impact the referred discussed, million I quarter, item basis. a that on XXXX and QX smaller and line XXXX-XX $X.XX additional ASC comprehensive our have like discussed is our of to by per One amendment defined GAAP This per previously dollars note was everyone yet to excluding is but non-recurring the items to credit as losses a we

our would until smaller loss continue then implement XXXX, a As financial company, incurred we of January statements we model. on on to CECL X prepare reporting an

XX, be have current recorded the loan and any our model for we consider losses the not or in not loans June of do incurred to any impaired allowance quarter. of loss impairments As under

remains its collateralize of properties While the COVID-XX commercial mortgage of impact on loan performance that uncertainty bridge portfolio current the pandemic on about including our of exists, investments. duration impact the of borrowers our loan the and healthy, economic severity the our value the and

the composition activity. continue Larsen details any will to evaluate who I losses will record Michael portfolio impairments loan to provide turn incurred. as and We now credit over our call will for investment will and on allowance the or portfolio

Mike Larsen

Thank you, Jim.

the managing take to on related to uncertainty approach on continues, existing we new originations. focused market remain a our continue measured pandemic COVID-XX assets the and As

advances million million experienced quarter. advances of And future the During $X.X whole loan multifamily on We the quarter. quarter, assets. did by acquire on loans secured we total by decreased We incremental not portfolio fundings with during a these XX the funding our loan $XX.X loans net during of and of on all loans, made $XXX.X payoffs any new million. were basis,

thoughtful new and market. be to patient in continue opportunities the of in While we new are our opportunities, assuming we compelling evaluation investment current

We continue our to anticipate related be assets. activity the loan multifamily majority will of to

portfolio loan greatest resiliency note the different XX% this prior was particularly believe environment. same the overall worrisome have in types being at reflected relevant downturn is trends current the with period. over anticipate the the which we multifamily, line this Our and during quarter despite historically assets to quarter. during Multifamily is end We among property employment in true

Our consisted had which of at $XX.X of asset loans outstanding an million, size end. portfolio XX rate The provides of balance loan portfolio. diversity total with loans $XXX the quarter an principal average significant of portfolio floating for million

rates on LIBOR average of with basis our and portfolio. have as LIBOR cost portfolio the the spot portfolio a a persist, earnings. of the Final of noted on plus CLO LIBOR we are anticipate able XXX average was basis floors of note to prior have financed on of our we above our our LIBOR should they positive Our to XXXX floor LIBOR points. may above LIBOR and impact basis – are our spread with have points our portfolio XXX portfolio in on had LIBOR existing X/XX, we with an current Therefore, currently of calls, we XXX securitizations as floors And floors rate where XXX% XXX% average weighted are library weighted of loans maintain financing across a levels, points. able has current to financing CRE loan weighted two that we

our period the The additional February the mark-to-market XXXX current million of term second $XX bonds. has in of CLO uncertainty, quarter CLO us June reinvestment down million like and paying after additional end. sequentially reinvestment in any that period runs through paid financing bonds in CLO, first experienced the begun rate second leverage and these period impact pay-offs, that during CLO August cost quarter plus would of CLO of since have our funds market that We I after first a our We XX.X% CLOs in gives the basis to down we and at very points. these even match that non advance the our payoffs prior With LIBOR and ended, to loan XXX has note $XX attractive reinvestment remain within stability. $X mid-end provide securitization million in that XXXX. first and on XX

working refinancing have first towards the We CLO. been

there However, is us to uncertain. within current the requirement structure and of for is refinance market and no volatility, CLO this the timing

as We capital for the will markets back to that, our continue call remarks. the the status I Jim develop. options will of to evaluate closing With pass

Jim Flynn

the company. Thanks Mike. future we remain for about the In summary, excited

look environment current Again, impact interest. that, progress. call during We all We up all reiterate time We and both terms are hope would the would to and safe actively also questions. open my updating that I to on experiencing. our and the like in remain in challenging its the challenging appreciate time to like and of all this the of monitoring markets. our I to very forward environment you And we with the your you capital on COVID-XX that portfolio are healthy state

Operator

We Please from JMP comes go [Operator will Delaney question-and-answer Securities. question Steve The of the Instructions] now ahead. begin first session.

Steve Delaney

congratulations Good the Mike first morning, that… your portfolio. everyone. credit And profile of said Jim, on strong

Jim Flynn

Hey, you? are Steve. How

Steve Delaney

the I what Mike second and hope remarks XX% had like am mentioned are guys X on distributions, I of of in I had you I million getting well you to you that Thank think assume you. you are well. then on obviously, said in quarter pretty and are his is, $XX in reinvest whatever all guess also. FLX, that share safe lend, Mike, question this June you time. repayments lending come at in think far based I on cautious so you post XX. you But million your rate. my advance structure new I can’t being XX%

that for you continue plans see to FLX? your are on pay-downs to what So distributions and cash as you

Jim Flynn

distribution? Why Yes, the Mike. ahead go don’t on clarify you

Mike Larsen

Yes.

clarify so the – – is are to passed reinvestment down CLO, we that bonds those… Just repayments in paying period when the now the sequentially,

Steve Delaney

Sequential yes.

Mike Larsen

the we compelling slight rate still in overall I the which on there. that is Cash result And of a as see the And in advance as mentioned, reduction very leverage don’t the problematic. is company, transaction. pricing

Steve Delaney

you stay right, am at pro are to sequential if no you with fully were to point the does are de-lever then place called? that go to out, and going so last – be hearing, going before Mike So, but not to it is rata, be in so dollars I what it

Mike Larsen

right. That’s

Steve Delaney

a your structure? Okay. And use, the at refinance – the up you and you looking back market it call so that well, bide to are pretty much are conditions saying to sounds just CMBS at like tightening the the multifamily, tranches. open market seeing of typical certainly upper not and time not that Basically and but performance going are we despite

Mike Larsen

Yes.

always that around did that and it’s appropriate the and reviewing best it that the that’s evaluating not mean refinance to going continually portfolio but that are portfolio. refinance stop we We time. at at fees, are determination are We make gap opportunities we capitalized opportunity a here to the looking doesn’t to won’t the and

Steve Delaney

able so signed some there the no your President I so curious can it’s of look orders what on get dividend case, pulling an back you capability down percent incur to look case or And borrower of of you average, much, rents because meet need your loan? by just am they eviction. am about you talk is kind landlords, and give us forbearance stepping just debt your is much impact there Right. weekend. pay there, to at when kind of on what and trying in the in understanding And know I their monthly out be When core pay there I roughly could your different order over service, an of to idea be of they forbearance percentage to still

Jim Flynn

Charlie second me to want here, just if look on coverage? a quick based a the Give or at take you Precilla, that,

Steve Delaney

Yes.

Jim Flynn

to well, on Mike up just just follow – to I what said But there think. before

Steve Delaney

Sure.

Jim Flynn

I get respect to where better off From still financing I current side we mean, CLO de-leveraging the the – are the could probably keeps well, top, refinance than the right, think refinancing they that. we and some with where the at today. modest

Steve Delaney

Okay.

Jim Flynn

our as the of up scale As I we is have to expand past, sources our discussed we in financing in the past, the and not continue it’s but think concern. immediate grow going discussed forever, the But is – overall obviously, that’s now, size company. a to not desire right have to

any existed grow. basically to now kind ORIX’s resolved now had and management can that prior for that we legacy and agreement have ways and acquisition we of We in mode growth Hunt’s of looking matters the from are

by strongest impacted lasts, open respect the with Of point particularly the the obviously and long-term benefits, has matter a questions with the how to out, of of period, pay And how effects to asset COVID believe course, or and my strong be for having pays pandemic. opinion appropriately one performance federal been to the of during government for that’s to while and it’s will there significantly of election, class long are does about, that how, consequences one substantial the tax respect the it support how impacted unemployment the who very strongest them continue in the provided the economy. continue multifamily no throughout asset I as is classes you

equation ourselves like and pretty want in company protects and intentions on think All the think long-term growing around needs fine of a forbearances, we along variables capital to and today, to that but look sociopolitical we we property that the the partners do tenants at and which the in our lot think rights is okay, positioning that those it are company. absolutely – evictions, are provide the more way etcetera do partners, investors it’s of strategy, struggling. with our workout something the as with working is to balancing are about a of that environment those and about the how of table fashion, things are kind of X with And feel their will be with do think might a capital on about are And what well, best but big I there a who we we I to we in so doing and Y. we company wrestle owners good

So, should how we and put capital we are now. coffers I’d were the want to and we that much realistically if through and can our out have flowing? What in of we going that’s kind free say analysis would

Steve Delaney

Got it.

Jim Flynn

In the collection? rent terms of

Steve Delaney

Yes.

Jim Flynn

I or would something, somewhere around but Charlie don’t think view, Precilla know I it’s XX% can…

Precilla Torres

Sure.

fee, they means So, to the our of to bridge – they you with are respect look concession. are transaction loans if in again, nature which

of held the will future cases in not number amounts the structured itself where �� that the some in a And as proactively as So performance right service. will right, I number in reserves result a shortfalls. types cases, collection of you are back of you is funding precisely potential and/or of is units of representative the for out transactions, service asset. perhaps of debt we you situations are tell of be purpose will those What a obviously have either

continues with where to issues unwind. aid should just So, potential there to situations, as the into connections that respect pandemic maybe

Steve Delaney

And helpful. comments That’s and all best the Precilla. forward. everyone’s you, appreciate going Thank Great.

Jim Flynn

you, Thank Steve.

Operator

Nolan comes The of ahead. go next from Thalmann. Ladenburg Please Christopher question

Christopher Nolan

hear me? Can guys. Hey, you

Jim Flynn

Yes. How Hi, you? are Chris.

Christopher Nolan

Good.

the to question, asset volumes your it half last up say is following your that expect on you in fair Just year? volumes, decline second of to asset earning the

Jim Flynn

likely I would yes. than not, more that say is

Christopher Nolan

Okay.

Jim Flynn

just be de-levering. from would That

Christopher Nolan

funding understand. are now, given like stable. likely is Totally costs it. LIBOR Got it where right to be And looks

to So all volumes that that which Is really, likely those and the other whatever look earnings in are into non-accruals would fair the your on be getting goes variables yields stuff. and at? more is to way asset be you investments,

Jim Flynn

the meaning in described, time yes, short-term that’s period, the think you right. I as In

Christopher Nolan

ends New my question to has where rent in the York are increase down in locks ability landlords a And for second very are meet. to seeing to seeing are state these… the point rent Okay. that state you would guess – I for you getting and other year-over-year lot unable a make the for economically rents regulations half, be the – taken properties, stabilized then of progressive Are in markets landlords really you where tact

Jim Flynn

– of I around number that lot generally. and Oregon, lending New cases We has balanced Yes, it and there think proposals issue, there I states, is exists rent think control There affordable been for that in and don’t think do city reasonably – is whole a not the legislation rent size Francisco Washington blanket Northern been an it’s other example, of of some I some actually crisis do mean well, are has the California, York state. like in given is the in I the of been Western – places. proposed there maybe a there. but control not in they the have been San a around that have out pressure York, a New

worthy think it’s I topic. a

or do there and with affordable I estate you provide housing there risk because solutions and some lesser compromise pendulum of cost is swinging being up real of operator, housing entrepreneurial but run markets, without regulation. think no the think need room in to – and very investment being is high come working I there there no that support without from expensive of does some significantly investment deteriorating owner the government to going these to affordable together

where municipalities has got to definitely balance. be there risk. recent It’s that there we think a definitely legislation. in It’s states some focused I something are on been has and

understanding in are deals we at a might the have mean what about mentioned, long-term. I there very example, as of looking cautious we Oregon, for it For better until

we not business owner. places it impact different how of looking activity with impacting act, it’s business there and and our lens saying won’t but – to at the do that a So, understand are line not we might is it we things how are we in the drawing

the hope important more property what can what into government So I deal a crisis. a regulators, willing constituents how be together with we up are is owners, both with or in folks reasonable of, more the is of reasonable on is very coming – there to more a willingness come to who compromise a what real a part those and affordability

Christopher Nolan

Yes, refinance lower there be lower property trend, run grow, grow The can it looks you to on can and guys, are is I a and looking water XXX tell an running end as at just these your of go. problem and lens. affordability mortgage, municipal increased as And going that’s when your it to ability your the And City you New run costs, you your double-digits for it the outlet ability low funding actually And who is pamphlet, costs, to so out a crisis. business lost multifamily states. York revenues, costs, similar in then to off? only down the rent you at continue the should is probably stabilized, somebody like this broke blue used or guess as if for day, model portfolio investment units taxes multi when I and over is in those biggest grow they yes, lock to the you challenge starts

Jim Flynn

many of the markets all your lot general, Yes, form not only require your line that that is environment as don’t lower a would because continue federal some we additional positive look, these place that financing, extent is of that, to are the in road. but subsidy categories I the of, markets it particularly right. I dominated term do we the either it can a it’s, big where, government resolved there or mentioned, any reserve grow and for that, the high that’s solving bank will more have might just If there which to In New now, point is that are point by where come York those ownership high capital state really agree crisis, as to optimism cost lenders. the cost you long there costs in should down being With out not you that that in across someone, it solution. investment probably or able the but City in rise lending revenue I said, or obviously with But properties of particular, in value the the actual during make the invested government, dollars to a anything, worse can properties get from impact that, and affordability

Christopher Nolan

it for Thank Okay, that’s guys. you, me.

Operator

[Operator question Zulch comes ahead. Please from Overcap. next go of Lee Instructions] The

Lee Zulch

QX, expand Michael a everyone. new could mentioned morning, Good bit? opportunities you in that on little

Jim Flynn

Sure, Mike.

You want to that? go ahead and take

Mike Larsen

Yes.

we as performing borrowers of the very are limited Mae very HCFT. to a and confident performance the a – manager to day is large very a and still Fannie particularly of to our every there has Freddie are financing and our financing. are or you talking very permanent active who Likely aware, as ability Mac, properties platform are are particularly crisis. received So, the there. looking lot limited doing needs about we and maybe feel still that discussing borrowers through and their current market, space, and and and be good platform financing rehab the production both working activity those lending of see their despite more very with or, bridge, We construction to lower with and lot volumes that limited a strong in stabilized bridge in continues focus needs we transition, candidates or see bridge construction with transactions active COVID-XX that are their a we with for think have opportunities And across new or we transitional convert

because still environment mentioned and in little earlier out would those are a his is we opportunities. little Jim COVID expect. bit than So what you as every higher remarks, pre spreads bit leverage are it we is like a associating But opportunities. not seeing lower and Leverage there day

Lee Zulch

So for QX, ahead. go

Jim Flynn

higher, values of one else owners inherently investing property Well, as creatures, go to are get go going seen kind meaning going is be up, to wouldn’t it investors, optimistic thing stereotype that are mentality up was they be we is, kind of that better. things rents leverage a are or that to I thinking, right, have say, going

have that we and already – we the we etcetera it as historically, financing point turning CMBS, alternative banks seen toward financing would be today. maybe structure other higher see loan whether So, at lower some some out lower in Fannie, than price low where both the some with but than mezz do borrowers leverage leverage companies is maybe to in out permanent bridge point, like a pencil Mike’s or traditional or the what consider and structured of a on like, normal the Freddie, environments do markets, would or pref things you

so or you lower an an level a from basis at what it bit will a standpoint. that to lend and in at I yields a leverage call normal is opportunity traditional attractive have attractive And a environment

So two. and wade wade the borrowers and really road looking of – traditional those down out year their of this and to but or out go pandemic to financing get economic the kind XX the then really longer storm or a than year are cycle, the cycle X related kind or

in traditional is So opportunity result structured – is something to various transactions an the private then the obviously that I investment could structured that in that market think and accretive earnings.

Lee Zulch

at looking we have come any thoughts? idea And thank is in that you. what production, loan new going do just any to Okay, now, at QX

Jim Flynn

transactions – about the would real last pointed ORIX did We $XX HCFT we much I of Mike are larger year. say overall for for as capital. estate out, what a Well, billion

So to are we see activity. continuing

capital is is. HCFT, For activity a really matter of our the what

cash loans pay liquidity excess in So those as up appropriate, we beyond think will have where the we we or that end fill investable we investments. point then off with is II if CLO capital

remain those expect it’s some happens dependent loan will full absent I upon to to be payoffs. going volume year. timing closing. dependent raise actual the infusion the or off origination really any capital is loan relatively it – to really capital So be But the throughout on aspects what There and paying would

Lee Zulch

Okay, thank you.

Operator

the our question-and-answer Jim turn would conference closing to back Flynn over session. concludes This any like I for remarks. to

Jim Flynn

to across speaking We hopefully of safe health joining today. you on next We next next Be and quarter. quarter resolution will for safe quarter. Thanks. globe all well look way you be to that Thank we crisis. and you. we toward do thank us hope will our and the forward this talk remains everyone Okay,

Operator

concluded. now attending today’s for Thank has conference The presentation. you

disconnect. now You may

Lument Finance Trust (LFT) 10 Aug 202020 Q2 Earnings call transcript