Earnings call transcript Q3 2022

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Operator

Good morning, and thank you for joining the Lument Finance Trust Third Quarter 2022 Earnings Call. Today's call is being recorded, and will be available via webcast on the company's website.

I would now like to turn the call over to Charles Duddy with Investor Relations at Lument Investment Management. Please go ahead.

Charles Duddy

Thank you, and good morning, everyone. our financial discuss results. joining third Finance for XXXX quarter you call Lument to Trust's Thank CFO. With James Larsen, Briggs, Flynn, on CEO; me the Michael President; call and today are James

the On SEC which Tuesday, details quarterly our on our we XX-Q provided and a press filed issued release, results. with

be also can presentation provided website. our earnings supplemental on We a which found

are historical during Before of of XXXX. everyone Act that remind and handing like the of forward-looking the would course to statements, the on Section Securities Exchange call XXA meaning I over of not this constitute may of XXE call statements XXXX Securities and information of to made based Act Jim, within the certain the Section

will, to results intends, are materially risks anticipates, similar the or contained expressions in to forward-looking are could and forward-looking identify XX-Q, reports our other cause It expects, actual risks. to its as used possible X-K, uncertainties When Form conference, section in believes, statements. words and intended this Such uncertainties that various such in subject differ forward-looking statements. Risk particular, and reports on statements those indicate, Factors outlook, such from predict SEC, is discussed and with the XX-K. the filed to of These and including identify in risks XX-K, all Form the company's not evaluate, are

undue these these hereof. statements, forward-looking of place on which as reliance update not undertakes company The date to no of statements. only Listeners the are obligation cautioned forward-looking any speak to

comparable the a SEC to in Reconciliations non-GAAP www.sec.gov. is measures not in measures be with the can call. with be on conference information presentation through our financial financial isolation, substitute The with of of accordance considered will non-GAAP GAAP at GAAP. this to the measures in to accessed presented discussed certain be prepared nor as information Furthermore, filings accordance intended these this most

go Flynn. the over to ahead. turn now will James call Please I

James Flynn

like period the volatility, last economic to to current call morning, quarters interest quarter markets a addressing lenders everyone. experienced Thank the Charlie. third XXXX. environment. Multifamily and you, Lument begin as Welcome market transition of for investors I'd has geopolitical earnings the Finance Thank Good higher and to joining. few by capital react Trust for rates. over inflationary risk, of pressures, the you

CRE continued as in multifamily financing investment seen reassessing buyers increasing, assets, years. a slower market sellers costs new structures. for towards although indicators recessionary previous activity we employment has normal financing and rent finding the of the growth levels than market over declined two the asset for valuations strong supportive at of work a and Despite remains have asset and pace

rents said, quality being to credit attractive. expenses asset outpace the class That housing remains the we extremely workforce and of middle-market to continue expect believe

market the challenging, market and rent be remain rates and continues the of markets growth capital dynamics middle demographics, by supported to While housing long-term profile credit favorable trends. supply-demand

view and term. attractive our long for the over shareholders In an opportunity remaining investment

in book our remainder more Our during well. against to call, we reserve multifamily discuss which investment office demonstrate an performance. book our loan did unrealized quarter, detail while the has portfolio And performed sole continues strong of we'll this loss later the

last pricing the over standards and industry-wide lending tightened specifically, loans few market, have on More new increased lending within have the bridge quarters.

loans has decreased. as being asset regards manager has LTV by the with appraised Our more average manager being and credit our to selective offered new on

will mid-X%s low grows. the continue as year would on spreads manager seeing at were increase quoting new in LFT's expect is that we or to average priced with investment the a X%, to spreads transactions well portfolio the We lower. currently whereas spread Our loans above ago, portfolio

limited and the at broader Additions this the remain issuance is in dislocated. have CRE extremely and for capital CLO With market markets this time. volatile challenging backdrop, new the remained market

AAA The the price advance issue Liquidity extremely XXX. CRE LIBOR XXX% widening to for with BBB bonds to SOFR last us, October in lower plus of rated issuer effectively AAA remains That's limited, CLO. spreads LFT's reducing rates. the new for existing was market spread in early CLO plus on

portfolio order newly In capital loan transaction and growth of on our raised on the to from QX, executing a to loans continue remain we our actively focused deploy fully basis leverage in we manager. financing leverage a originated

that have market finance source to as utilized as our well attractive continue financing believe that historically to CRE CLO investments market due favorable provides non-mark-to-market the We leverage and to an non-recourse features. long-term

of However, delay our have continue elected next due just financing to the we CLO discussed, CRE the effort. to dislocation

CLO to note-on-note We including Freddie alternative financing, the market are a and structures A also program. we and improve are Q conditions exploring prepared financing note options, extent execute quickly the to actively

than increases clear the it increased assets have it is that of cost financing. of that on also liabilities We believe likely the and existing Overall, line in originated increasing. assets, in spreads spreads the has with are assets going will market wider cost forward newly

have will We LFT. seen short-term interest, benefit increase which also time to a over in be

previously common dividend, quarters and the regards dividend XXXX. QX capital increased level This our of With $X.XX dividend, per quarterly three our have declared share first resetting reflected taking we our raise a account for of into count. to of share

as net capital we newly a drag reflected dividend to on to on common raised the work basis. leverage deploy the this addition, shareholders In income anticipated

markets earnings until financing continue loan we our execute were environment to to attractive time capital expect the able such would be pressured in transaction. an We normalize current as and to the

focus assets. we on deploying meantime, with multifamily to focus the continue into estate real capital our commercial a investments In debt on

the Our that platform in billion and year continue scale $XX portfolio in to manager nationwide. seniors $XX and broad benefit servicing a largest XXX LFT. and over We offices in over of billion executing nation's total employees investors transaction housing and believe the multifamily space, one will last volume this employing the XX capital providers expertise of is of

financial Briggs, details will Jim our over the call to provide With like who on I'd that, Jim? to turn results.

Jim Briggs

our our remarks. On filed Supplemental Form and the we everyone. will on on your a has as XX-Q and during referencing our Thank we quarterly to evening, which investor well Tuesday investor provided supplemental webcast presentation website, be been good uploaded reference. for presentation report you, Jim morning

On of key summary will presentation, updates the the our find quarter. you through earnings pages for eight in four

we third share. reported income quarter $XXX,XXX of stockholders the per For common to XXXX, $X.XX net of approximately or

in to QX We of P&L. approximately earnings I'd of per compares prior $X.X share to or of stock. $X.XX also $X.X regards highlight items, There distributable or like reported distributable are This our $X.XX per a share million few quarter. with earnings common the million to

$X.X XXXX. million QX net of our interest million in with income, was Beginning net to QX $X.X interest income compared

by of loan income $X.X in $XX.X which our and in on fees exit during impact QX were the prepayment increased P&L, in Excluding million included to from the million quarter our payoffs, income million, in $XX.X net approximately interest QX. interest

tailwind a experience income from was us. which CLO net of in level the did rising million QX. million which We million, interest reduced penalties during and relative SOFR quarter, This interest expense loan increase however $X $X.X a approximately to to approximately caused were earned prepayment payoffs driven for reduction by exit $X.X fees by the increasing by $XXX,XXX. increased LIBOR and rates,

which which payoffs, prior which fees quarter, payoffs, In million of exit represents annual QX, of to a During a $XXX,XXX of experienced loan rate, exit and historical penalties. significant million we $XX XX% is $XX the $XXX,XXX generated relative fees. generated payoff we experienced of of $XXX,XXX decrease This norms. prepayment

For payoffs year or was million average calendar million context, per XXXX of total UPB of the our $XXX during $XXX an quarter.

interest to to speeds the persistent experiencing rate volatility due coming quarters over reduced We uncertainty. payoff continue and economic expect

$X.X a Primary QX difference unrealized loan distributable for and between reported our was loss. income million net provision during

quarterly originated XXXX collateralized an office is is in million July of This a This and LFT's that office only loan was to by in investment. single property Chicago. loan provision property related $XX.X is

was agreement We losses sell of the for As loan million of market this of to loan. reserve a this impaired Chicago and and the a market our solely date office August extending time with resulting the on borrower into to into majority of of default. Chicago the in property. maturity of for Based to sheet an our $X.X year, September the XX, on ended additional more this $X.X related loan December quarter million in placed as borrower asset total the review allowance X year, allow to recorded entered again, was the forbearance office XX, loan September balance current of conditions, the

Balloon status [ph] non-accrual classification. impaired as is on a of loan result the

borrower to COVID office continues payments. quarter reflects negatively of market office property loan taken Chicago remain the recent which of and market office the been The particular The factors. market of these loss and this we've and current service soft The all collateralizing vacancies debt has in negatively due the is However, has our in has Chicago provision valuations to near-term general office challenged. impacted current the been collateral. experienced impacted all demonstrably on

borrower during lieu unable of sell potential take the we quarter and If borrower to a deed expect the a the our is We loan. of asset with by maturity are facilitate to date, working LFT. asset closely extended maximizing to sale the with December the ownership repayment in fourth value goal for

held August purchased currently X was CLO the balance being sheet loan by out is on The of and unlevered. on LFT LFT's

have office opening continues on any demonstrate this provision As portfolio the loss other of the than performance. Jim taken in remarks, remainder the loan his strong mentioned taken And our to quarter provisions. other we not loan

loss provision the on Chicago is that not taken our office the provision distributable nature the Given of reflected earnings. unrealized loan in

expenses. Moving on to

during largely in of $X.X prior total quarter's $X.X million. which QX, million expenses were total is with Our line

book equity million $XXX value approximately per XX, As book the approximately was Total company's of $XXX or common million. September total $X.XX was share.

in to company which by XXXX-XX a credit Current I have as to reporting CECL yet or as referred remind like is recognize as financial to losses As a ASC on Credit not prior we instruments. adopted that the discussed defined quarters, comprehensive amendment Expected how of commonly Losses, GAAP SEC, everyone would smaller

loss we scheduled smaller reporting company, January a statements Until implement XXXX. are we then basis. X, on continue incurred on CECL to prepare to an our financial model As

activity. over details Larsen, and who will now turn our the I'll to Mike on composition portfolio provide call investment

Michael Larsen

the Thank you, Jim. to reducing with dynamics and manager broader us our have a which more market volatile to expectations conditions, and continued investments. leverage caused economic originations, increasing to new Jim new regard uncertain. touched spread including These and have for measured be on approach take

and we basis. slowed to support in that continuing on Due has financing the That evaluate being activity in-place a market number to the these selective new current new opportunities bridge significantly. has of opportunities declined cost conditions are of acquisition said,

moderate At new the quarters. higher the anticipate capacity to reset slow relative interest while to into same We speeds previous we investments the interest seen general rate real increases time, this for payoff rate XXXX, new have and reducing continuing markets trend estate our environment.

secured balance was space note principal I of During this five class loans $XX from increased an investments acquired asset investments by the a million. properties have new new of total additions of the housing Four in our that LFT and multifamily were manager foresee on and we housing a asset. this should of near-term. our seniors in affiliate to portfolio opportunities one seniors quarter, with seen these

our XXX As had The housing new the acquired average basis manager providers a that loans a to were of period SOFR is to therefore healthcare evaluate and well-positioned capital of reminder, and indexed the terms and this opportunities. is source to seniors points. XX-day and of space spread were weighted one largest these

floor to for a rate points. of points. XX new The the which spread XXX also increase acquisitions average basis relative an basis relative the had points, This basis weighted level increase of meaningful current XX a average portfolio to weighted portfolio average index represents represents

a We end balance of in during principal $X.XX portfolio relative increase outstanding the XX% size X% loan and payoffs billion, was quarter, total our at quarter experienced third a quarter portfolio million in represents $XX loan increase XXXX. to which quarter-over-quarter and

our Portfolio The XXXX. overall significant loan related to and multi-family our anticipate million size and to new with on quarter manager's exposure increase XX% of investment was of strong XX% $XX an the classes. to asset to for retail multi-family we diversity. due focus end very continue low loans providing housing at XX activity seniors remain continues our a Retail multi-family to portfolio -- of and slight as average office of these consists asset year-end from majority

Touching on interest rates.

correlation Our with investment strong return growth positive rates. interest profile rising had

LFT and included Page rise as of the have pressures. short-term in battles rates meaningfully table presentation a rate interest continued to we our earnings sensitivity from We benefit expect on inflationary Fed a supplemental overall XX

or rate to by X% per anticipate expected $X.XX SOFR $X.X our and every in term X.XX% Since a from is increase these quarter from the today the million, over X.X% P&L end else XXX curve coming to one-month of SOFR has factors forward by spring. SOFR quarters. basis annual implies point the Holding positive reaching P&L share. increased increase We the all as equal over do impact

proceeds of loan one utilize We on mortgage reinvested repo assets financing are assets. CLO as the December of facility to from XXXX continues and spread weighted an not from for then a And portfolio CRE in of running our rate LIBOR of not reinvestment be the warehouse repayments on that to qualifying any average or finally currently subject allows advance principal The and or financing points securitization in X/XX, basis lenders. CLO LFT, our repo XXX to side therefore, of a be do has over period has margin financed with calls through of warehouse assets XX.XXX%. one-month

Jim. to back call the pass I'll that, With

James Flynn

during updating market. look Thank forward this progress you, Mike. volatile continued you all on We to

the With open follow-up operator that, like ask to to to I questions. would

Operator

[Operator from Piper Crispin Thank Sandler. will with question Love you. first come our Instructions]. And

Crispin Love

morning. Good Thanks.

the During the XX. XXX% might didn't net and through there quarter, lag the just shine in exposure Is the driver out the given to decrease, at asset or expect the rate is pointed floating the assets sensitivity might portfolio you such prepay a quarter on that Slide there key as you play anything how the fees there reprice the as else in given relative liabilities?

James Flynn

side. our place the the as of of in all That's floating I caps on So interest lengths our -- varying most have out. loans on Most caps rate you side mean, time. are place and borrower point or in

assets. -- remain those maturities, assets with impact holding to we're is our the assets there pricing the of balance existing occurs so any only so isn't spreads there's off We're change, The not with are existing constant. right? rate impact differential going that disposing to not sort sheet, the the -- So of of

what loans and is which the quarters So it over been coming I has really it as -- mentioned years. is runoff payoff of anticipate than we the in seen think the couple past slower we slower being we've

reduces But of payoffs we and these with -- the exit impact exit do typically fees in fees. all are as see slowdown structured that loans

we we're earnings negativity is quickly So an there in standpoint fees as have getting as some the not exit from in that past.

or performance out I other relatively it's point But muted. from a impact we as And … should

Crispin Love

Okay.

James Flynn

payoffs assets, is …there's imminently currently we've immediately had capital that that deployed were new very but going reinvested. be to some into

excess from that there capital. So was some drag

Crispin Love

you fees think that, $XXX,XXX I Okay. Great. Thanks. I in right? exact number. mentioned, the the exit Thanks It Jim. quarter? And somewhere then, missed the Jim, was between is and $XXX,XXX

James Flynn

$XXX,XXX payoffs. The quarter exit were $XX million Yeah. fees the of Crispin for on

Crispin Love

key to then, Okay. looking XX-Q there a three your Can you for Grade to Perfect. And ratings of two in at from one move bucket. risk decent was speak last question Grade some there? the credit just the drivers me, just

discussed, that It just especially but broadly, one more credit than seems environment? entering in the how in as your you like, just that you moves that buckets? pretty And credit loan recessionary other a how good do view book, quality it's we're curious,

James Flynn

pretty broad change I The we I'll the kind about we multifamily mean, I is mean, of of rating a feel the as side, the risk portfolio market. whole. good on like really it call Yeah. the reflective discussed,

out while general, have achieve the largely some consistent as uncertainty the see And overall. on growth just And what expense they you recessionary plans the with sponsors pressures business side, trends inflationary been point rental side. could we thought and on

from rating a if a the -- just has that kind So put we think market that just changed. to broad were on you of risk

performance. we feel in class the you in If think the our comfortable asset about portfolio,

and at talked among three four there that But greater ago rates other risk from increase we've pressures that that prudent in ago. just with looking a quarters about, we there's it was than this today feel standpoint things the inflation all or quarters and

markets And that's right? seen is and think ratings. have volatility, open I in capital until the and haven't what do, in really we we the And really reflective we'll decrease overall in the some questions

because that, we've rates the It's been month to to or down, go down, week those much although, for could really each so volatility. that that's positive. not go be And driver ratings. have of So of primary each the spreads waiting a have that

rates, really our tighter our and rates good of lower equity of performing ahead relatively a they on it certainly loans capital But to sponsors than on basis relative peers. were portfolio higher just and is there's other are in With exits classes part math the with good and good that function. we it's think and well asset to

Crispin Love

I appreciate taking sense all to my questions. Thanks. and me makes And you that

James Flynn

Crispin. you, Thank

Operator

again And our with is go Ladenburg line next open. Nolan And Christopher your from question ahead. will come Nolan Thalmann. Please Christopher

Christopher Nolan

now? me hear you Can

Operator

you. Thank We can.

James Flynn

Yes. Hi, Chris.

Christopher Nolan

Hi.

advance any would time, there the or For is set? it's once financing, is the or reset over in it that happen stable CLO changes rates

James Flynn

Yeah, rates of bonds, reinvestment period CLO. as the during called. but of your usually there senior you is those a And further after There's that's buying no change loans eventually no the to but change pay into change. future, that's off, get existing -- the advance have the… when no structure There's down typical

Christopher Nolan

given And Okay. seems of like it the prospect investment -- slower environment. a

being buyback? are doing Any more a guys possibility of share You much cautious.

James Flynn

value think number talked the them. that as I shareholders we -- this continue talked in different relative us That's we've a is increase certainly the the through and of stock managers trying and support the to about I can to past. to ways price Board of have about book. the mean, trading one

has the other also the actually positive been shareholder on increasing options, we as it I'll -- flow I'll face -- also impacts point of described, is what and And on But impacts. that base. focused has and of we've challenges one really out also you that but one while the our increasing

talked that in any made And future. about, expecting we've not the time decision a or certainly at anything so we've it's but near something that

Christopher Nolan

you. Thank Okay.

Operator

come Stewart with will Jason JonesTrading. question next our from And

Matthew Erdner

Jason at morning. you Matthew for this preferred buyback? share is This on guys Are all guys. Hey about talking

James Flynn

at We today, -- rates the sub have think not are -- we've if in where said looked at of look it's cost I you that capital. currently, -- the X%

would be challenging replace it it today. something So cheaper to with

you I common is your of the preferred. on cost probably no think for if common question the factors be looking than the buck bang each just at think the would more prior were other and I

Matthew Erdner

could then loan pricing about you. Got a more lag little bit of And in you source liabilities? the talk

James Flynn

impacts change Yes. is So are and The there's a spreads liabilities right? and moved, changed liability spreads slower every but that changed. have look the rates so I on bit time loans side, also the the portfolio mean past environment. side. the set, the asset rates, seasoned in immediately, spread way, really this on side over both but But in generally a regular --

So given to of the rates the It's roll matter current coming repayments. you immediately, just portfolio as need And us exacerbate quarters, really order the to slower in rate in portfolio repayment of can that further the change have replace the anticipated at that a change whole and will for whole you spreads, off. only portfolio transition. kind

Matthew Erdner

then you. you at? funds view could provide, think where terminal on And a Got the you Fed tops rate Thanks.

James Flynn

to on into it different logical that's if be of X% down of a the there, the state over have we're answer. creeps couple what or me the other the call or the month to all past see factors this have the bit tightening the just is. next of what I we current kind economy, seem around inflation its a the gone week But think depends little quarters and makes four, we past I'd somewhere including, at seems and in that's I a the on think of meaning lot to over short-term, general seems way different a expectation That goal -- the in the Whether numbers. as of year, numbers, way what the assuming. signs be three actually, from probably

I have an where ,we'll impact on ends think that up.

comes at back possible we're think going Xs, little economic six and predictions economists are but quarters. data the in and it the indicators. I for four, the bit X%, and heavily think And past that do inflation next the readings. least to what into several the it's I five, think wrong, other dependent a the on over around comes mostly, some around in numbers But show Again, to I been hit that have it's probably those of there the stays very going

to of expected, even few numbers a last see few So, the need I where come periods -- we a over we more they're that in to comfortable think couple they we see can -- been have a think rates quarters. somewhere projections, out over I are feel on and than accurate quarters then the the on only need

Matthew Erdner

questions. Got you. Thanks for taking the

Operator

next open. proceed And questions. line Raymond will our with your Matthew come with your Please question Stephen is [Operator Laws, B. from Stephen Instructions] next with open. Stephen is Laws Howlett And ahead line come will questions. Again, from Laws our question with go Please your James. Again, your Riley.

Matthew Howlett

everybody. morning, Good Thanks.

you of sort those sort we first that? at part the of you can Sort growth think that achieve incremental alternatives for on achieve of two can at outlook distributable successful that you're EPS, with what of financing question look the if when still ROEs portfolio what outlined core think you look you could do you part do And we buckets, and dividend coverage things? you on kind -- three

James Flynn

Sure.

a is certainly it latter, the question of trading. On

our leverage is get and done first is is the transaction thing And going so the then getting to -- point. what

assets this done. to of if capital, that -- get of -- million -- somewhere XXs it leverage $XXX It's still would still leverage in it whether seen to long-term point pressured. the you perhaps what would that's change But the I that were but a transaction you're permanent call But than -- been lower will say the to million right could levered BBBs think we be hard the bit mentioned that's in wouldn't the call not that's and expect now, low-XXs, probably past the really if in I think a financing have be I $XXX we've in to market. how you at $XXX a lower-end.

again we to waited. and reason think We double-digit -- -- would loans think having we've unlevered kind there's stability a transaction look of terms have that in see has those good I for -- the so all it's support in CLO think those or sense of point And question still more that returns QX, returns return. waiting reasonable options future. the an some do market markets is, -- at made using that to of gross why QX, attractive a execute confidence look it's capital base. We of on source generally in with had that those financing which the in a for we including The is the the QX? some from the investor

way I other it's being think -- CLOs I treated I it's don't think -- treated don't in products. think different are securitized a being than

think just slowdown activity. it's a the in I capital overall general markets

of terms In

Matthew Howlett

correctly. I hear so, you Just

implying $XXX $X.XX, successful something If just quarter million from transaction? accretion a a be XX% transaction earnings are something that a could you you $X.XX like leverage the growth, something like a

James Flynn

the $X.XX about $X.XX. just think me or let So

at it the look way think $XXX we can to that is million. I lever

the unlevered execute $XXX on million EPS a call which what out $XXX execute it's bit at million we think the the this we do million I yes, return But run guidance to of transaction, get the think math, -- loans double-digit to yield point. is or million. is which okay to transaction X%. to math to timing on and unlevered us we double-digit that's If of at can And that $XXX say $XXX able the I being unknown double-digit versus you dependent the you versus impact SOFR return lever be we shareholders. at million to $XXX get – specific to plus believe that's on if a put obviously a $XXX to the can it because able can want million while we'll high-single

Matthew Howlett

coverage. interest. it of do deployment seems we -- Got dividend minus next it's you. the wrong dividend that why, up compelling could the capital $X.XX question terms there's the were And $X.XX that's No my and of, math mean I I mean, sort with in on then pointed with it the or coverage. goes mean get you I type way? of pick you to thinking we like of sensitivities you out the can the

James Flynn

No.

think the earnings we're I at to -- I and growth. quality and certainly earnings look continuing look think looking that

at if on SOFR meaningful had a bottom-line I level impact earnings and our from to to look forward. have think will the you our a the meaningful had continue as asset that's dividend impact and set an level the a we cover move -- on asset ability aside that's our

So that higher out it the multifamily positive again assuming cleansing economic that stable that's to -- has remain reasonably that overall in is on any earnings environment things impact SOFR the think our and core capital ability I even And bit our better to cover dividend adds that's execute a if can standpoint. little we more that a from obviously. a transaction markets

Matthew Howlett

that solid of in you've and -- questions. And you done multifamily, you the versus my Thank me. multis just as is still as taking see last multifamily? senior terms that in class just feel for asset one you for Senior housing, I housing in mean, what

James Flynn

their the space spreads. just and solid. of FHA and the I they opportunity of portfolios assets side. permanent to longer again and What see have a looking seniors being sponsors, we've financing lenders points manager little bit leverage we pretty long of transition mean Yes, on strong attractive is there sure. assets lead frankly one housing or good often the in I story, we and level. on high-quality the truly They're building seniors but in country the the we're and have mean at largest a seniors -- seen kind acquiring times typically to --

of year a fewer than It's attractive not investments that's gone there away, changing. of change. the Obviously, of, we And love last multifamily. is The a it's market in just and terms of in ago our were are kind midst couple of existing years a there our, rehab portfolio bridge rents from and in nature lending and growing the the standpoint fact. just

seen And we we've provides the investments housing from multifamily. the benefit over to the we've so we've not more think our And identified we've that that as I We side standpoint, -- we're it's not shareholders. seen that But LFT seniors that assets years. are. than couple of think new a looking attractive on past at certainly

Matthew Howlett

you. Thank

Operator

time there turn over And at I'll to this you. conference are further the questions. no back

James Flynn

Okay, talk look market speaking in for We forward to quarter. you some everyone And so to Thank lot. have then. a joining. great. hopefully, stability you we'll we'll next Thanks the

Operator

does participation. today's Thank your Have you. We day. that do conclude an for conference. you thank And excellent

Lument Finance Trust (LFT) 9 Nov 222022 Q3 Earnings call transcript