Lument Finance Trust Announces Launch Of Public Offering Of Series A Cumulative Redeemable Preferred Stock
Lument Finance Trust, Inc. (LFT) announced a public offering of its Series A Cumulative Redeemable Preferred Stock at a liquidation preference of $25.00 per share. The company plans to grant underwriters a 30-day option to purchase an additional 15% of the offering. Proceeds will be utilized for investments in target assets aligned with its strategy and general corporate purposes. A registration statement has been submitted to the SEC but is not yet effective. The Series A Preferred Stock will be listed under the ticker symbol LFTPrA.
- Offering of Series A Preferred Stock aims to raise capital for strategic investments.
- 30-day option to purchase additional 15% of the offering may ensure increased capital.
- Potential dilution of existing shareholders through new share issuance.
- Market uncertainty until SEC registration becomes effective.
NEW YORK, April 26, 2021 /PRNewswire/ -- Lument Finance Trust, Inc. (NYSE: LFT) ("LFT" or the "Company") today announced the launch of an underwritten public offering of shares of its Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") with a
LFT intends to use the net proceeds from this offering to make additional investments in target assets consistent with its investment strategy and for general corporate purposes.
LFT intends to file an application to list the Series A Preferred Stock on the New York Stock Exchange under the ticker symbol "LFTPrA."
Piper Sandler and Raymond James are acting as joint book-running managers, and B. Riley Securities and JonesTrading are acting as co-managers for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and the prospectus, when available, may be obtained from Piper Sandler & Co. at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or by email at fsg-dcm@psc.com.
About LFT
LFT is a Maryland corporation focused on investing in, financing and managing a portfolio of commercial real estate debt investments. The Company primarily invests in transitional floating rate commercial mortgage loans with an emphasis on middle-market multi-family assets.
LFT is externally managed and advised by OREC Investment Management, LLC d/b/a Lument Investment Management, a Delaware limited liability company.
The Company changed its name from Hunt Companies Finance Trust, Inc. to Lument Finance Trust, Inc., effective December 28, 2020.
Forward-Looking Statements
Certain statements included in this press release constitute forward-looking statements intended to qualify for the safe harbor contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended. Forward-looking statements are subject to risks and uncertainties. These forward-looking statements include information about the Company's ability to complete the public offering of the Series A Preferred Stock and the anticipated use of proceeds from the offering, as well as statements regarding possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. You can identify forward-looking statements by use of words such as "believe," "expect," "anticipate," "project," "estimate," "plan," "continue," "intend," "should," "may," "will," "seek," "would," "could," or similar expressions or other comparable terms, or by discussions of strategy, plans or intentions. Forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company on the date of this press release or the date on which such statements are first made. Actual results may differ from expectations, estimates and projections. You are cautioned not to place undue reliance on forward-looking statements in this press release and should consider carefully the factors described in Part I, Item IA "Risk Factors" in the Company's annual reports on Form 10-K, our quarterly reports on Form 10-Q, and other current or periodic filings with the SEC, when evaluating these forward-looking statements. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 pandemic. Additional information concerning these and other risk factors are contained in our 2020 10-K which is available on the SEC's website at www.sec.gov. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Lument Finance Trust, Inc.
FAQ
What is the public offering announced by Lument Finance Trust (LFT)?
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