Lument Finance Trust (LFT) is a mortgage REIT that originates and holds floating rate, short-term bridge loans on middle-market multifamily commercial real estate. These are transitional loans — borrowers use them to finance properties mid-business plan (renovation, lease-up, or repositioning) before refinancing into permanent debt once stabilized. As of year-end 2025, roughly 93% of LFT's loan portfolio is backed by multifamily properties, with 61 senior secured loans totaling ~$1.1B in unpaid principal. LFT earns money primarily through net interest income — the spread between what it earns on its floating rate loans (indexed to SOFR plus roughly 355 bps) and what it pays on its debt financing. LFT funds its portfolio primarily through CRE CLOs, which provide non-recourse, non-mark-to-market financing at advance rates in the high-70s to high-80s percent of collateral. In late 2025, LFT closed a new $663.8M CLO, replacing an older 2021 structure that had delevered significantly. LFT has no employees and is externally managed by Lument Investment Management, a subsidiary of ORIX USA, which provides origination, underwriting, and asset management through a national platform spanning 30+ offices. A key near-term focus is resolving a cohort of legacy underperforming loans — primarily cases where sponsors underestimated renovation costs or stopped investing in assets — before redeploying capital into new originations to grow the portfolio.