Lument Finance Trust, Inc. Announces Closing of Public Offering of Series A Cumulative Redeemable Preferred Stock
Lument Finance Trust, Inc. (NYSE: LFT) has successfully closed its underwritten public offering of 2.4 million shares of 7.875% Series A Cumulative Redeemable Preferred Stock at $25 per share, raising approximately $58.1 million in net proceeds. The funds are earmarked for investments in target assets aligned with its investment strategy and general corporate purposes. Trading for the Series A Preferred Stock is set to begin on May 10, 2021, under the symbol 'LFTPrA'.
- Raised approximately $58.1 million in net proceeds from the offering.
- Funds will be used for additional investments consistent with the company's strategy.
- None.
NEW YORK, May 5, 2021 /PRNewswire/ -- Lument Finance Trust, Inc. (NYSE: LFT) (the "Company") announced today that it has closed its underwritten public offering of 2,400,000 shares of its newly designated
The Company received approximately
The Series A Preferred Stock has been authorized for listing on the New York Stock Exchange under the symbol "LFTPrA." Trading of the Series A Preferred Stock is expected to commence on May 10, 2021.
Piper Sandler and Raymond James served as joint book-running managers for the offering and B. Riley Securities and JonesTrading served as co-managers for the offering.
The offering was made pursuant a prospectus, dated April 28, 2021 that constitutes part of the Company's Registration Statement on Form S-11, which was declared effective by the U.S. Securities and Exchange Commission ("SEC") on April 28, 2021, and the Company's Registration Statement on Form S-11 MEF, which became effective upon filing with the SEC on April 28, 2021.
Copies of the prospectus supplement and accompanying prospectus may be obtained from the SEC's website at www.sec.gov or 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.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these shares or any other securities in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
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. 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/lument-finance-trust-inc-announces-closing-of-public-offering-of-series-a-cumulative-redeemable-preferred-stock-301284914.html
SOURCE Lument Finance Trust, Inc.
FAQ
What is the purpose of LFT's public offering on May 5, 2021?
How many shares were offered by LFT in the recent public offering?
What is the dividend rate for LFT's Series A Preferred Stock?
When will LFT's Series A Preferred Stock start trading?
What is the ticker symbol for LFT's Series A Preferred Stock?
