Lument Finance Trust Announces Pricing of Public Offering of Series A Cumulative Redeemable Preferred Stock
Lument Finance Trust, Inc. (NYSE: LFT) has priced a public offering of 2,400,000 shares of its 7.875% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, generating net proceeds of approximately $58.1 million. The offering is set to close on May 5, 2021, pending customary conditions. The funds will be utilized for investments in target assets and general corporate purposes. LFT plans to list the Series A Preferred Stock under the ticker symbol 'LFTPrA' on the NYSE.
- Net proceeds of approximately $58.1 million, enhancing financial capacity.
- Funds intended for additional investments aligned with corporate strategy.
- Potential dilution of existing shareholders due to the new offering.
NEW YORK, April 29, 2021 /PRNewswire/ -- Lument Finance Trust, Inc. (NYSE: LFT) ("LFT" or the "Company") today announced that it priced an underwritten public offering of an aggregate of 2,400,000 shares of its newly designated
The Company 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 and declared effective with the Securities and Exchange Commission (the "SEC"). 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 prospectus relating to the offering, 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 or from Raymond James & Associates, Inc. at 880 Carillon Parkway, St. Petersburg, FL 33716, or by email at prospectus@raymondjames.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. For example, the fact that the offering has priced may imply that the offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. Forward-looking statements are subject to risks and uncertainties. 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.
Investor Relations Contact:
Charles Duddy
Managing Director
(646) 248-0174
charles.duddy@lument.com
Media Contact:
Michael Ratliff
Director
(212) 588-2163
michael.ratliff@lument.com
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SOURCE Lument Finance Trust, Inc.
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