Exhibit 99.1

Lument Finance Trust Reports Second Quarter Results

NEW YORK, August 8, 2023 /PRNewswire/ — Lument Finance Trust, Inc. (NYSE: LFT) (“we”, “LFT” or “the Company”) today reported its second quarter 2023 results. Distributable earnings for the quarter were $1.9 million, or $0.04 per share of common stock. GAAP net income attributable to common shareholders for the quarter was $1.4 million, or $0.03 per share of common stock. The Company has also issued a detailed presentation of its results, which can be viewed at www.lumentfinancetrust.com.

Conference Call and Webcast Information

The Company will also host a conference call on Wednesday, August 9, 2023, at 8:30 a.m. ET to provide a business update and discuss the financial results for the second quarter of 2023. The conference call may be accessed by dialing 1-888-336-7151 (U.S.) or 1-412-902-4251 (international). Note: there is no passcode; please ask the operator to be joined into the Lument Finance Trust call. A live webcast, on a listen-only basis, is also available and can be accessed through the URL:

https://app.webinar.net/G3wzB3Pq64P

For those unable to listen to the live broadcast, a recorded replay will be available for on-demand viewing approximately one hour after the end of the event through the Company’s website https://lumentfinancetrust.com/ and by telephone dial-in. The replay call-in number is 1-877-344-7529 (U.S.) or 1-412-317-0088 (international) with passcode 6083439.

Non-GAAP Financial Measures

In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States (“GAAP”). Specifically, the Company is presenting distributable earnings, which constitutes a non-GAAP financial measure within the meaning of Item 10(e) of Regulation S-K and is net income under GAAP. While we believe the non-GAAP information included in this press release provides supplemental information to assist investors in analyzing our results, and to assist investors in comparing our results with other peer issuers, these measures are not in accordance with GAAP, and they should not be considered a substitute for, or superior to, our financial information calculated in accordance with GAAP. The methods of calculating non-GAAP financial measures may differ substantially from similarly titled measures used by other companies. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.

Distributable Earnings

Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss) attributable to holders of common stock computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for that applicable reporting period, regardless of whether such items are included in other comprehensive income (loss) or net income (loss), and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items after discussions with the Company’s board of directors and approved by a majority of the Company’s independent directors.  Distributable Earnings mirrors how we calculate Core Earnings pursuant to the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating the incentive fee payable to our Manager.

While Distributable Earnings excludes the impact of any unrealized provisions for credit losses, any loan losses are charged off and realized through Distributable Earnings when deemed non-recoverable.  Non-recoverability is determined (i) upon the resolution of a loan (i.e. when the loan is repaid, fully or partially, or in the case of foreclosures, when the underlying asset is sold), or (ii) with respect to any amount due under any loan, when such amount is determined to be non-collectible.

We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flows from operating activities determined in accordance with GAAP.  We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share of common stock.  As a REIT, we generally must distribute annually at least 90% of our taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock.  Furthermore, Distributable Earnings help us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends.

Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), or an indication of GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs.

GAAP to Distributable Earnings Reconciliation

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 Lument Investment Management LLC, a Delaware limited liability company.

Additional Information and Where to Find It

Investors, security holders and other interested persons may find additional information regarding the Company at the SEC’s Internet site at http://www.sec.gov/ or the Company website www.lumentfinancetrust.com or by directing requests to: Lument Finance Trust, 230 Park Avenue, 20th Floor, New York, NY 10169, Attention: Investor Relations.

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 Report on Form 10-K for the year ended December 31, 2022, which is available on the SEC’s website at www.sec.gov, and in 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. 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:

James Briggs
Chief Financial Officer
(212) 521-6323
james.briggs@lument.com

Media Contact:

Tyler Howard
Associate Director
(513) 403-1911
tyler.howard@lument.com

Exhibit 99.2

August 2023 Lument Finance Trust Q2 2023 Earnings Supplemental Disclaimer 2 This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the current views of Lument Finance Trust, Inc. (NYSE: LFT) (“LFT,” the “Company,” “we,” “our,” or “us”) with respect to, among other things, the Company’s operations and financial performance. You can identify these forward - looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative version of these words or other comparable words or other statements that do not relate strictly to historical or factual matters. Such forward - looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10 - K for the year ended December 31, 2022, which is available on the SEC’s website at www.sec.gov . These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. The forward - looking statements contained in this presentation speak only as of August 8th, 2023. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances. This presentation includes non - GAAP financial measures, including Distributable Earnings. While we believe the non - GAAP information included in this presentation provides supplemental information to assist investors in analyzing our operating results and to assist investors in comparing our operating results with other peer issuers, these measures are not in accordance with GAAP, and they should not be considered a substitute for, or superior to, our financial information calculated in accordance with GAAP. Please refer to this presentation’s Appendix for a reconciliation of the non - GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.

Company Overview 3 Key Investment Highlights Strong Sponsorship/Ownership • Access to extensive loan origination platform through affiliation with Lument, a premier national mortgage originator and asset manager. • Experienced management team with average of 27 years of industry experience across multiple economic cycles. • Affiliation with ORIX Corporation USA, the US subsidiary of ORIX Corporation, the publicly traded Tokyo - based international financial services firm. • The Company is an externally - managed real estate investment trust focused on investing in, financing and managing a portfolio of commercial real estate debt investments. • The Company is externally managed by Lument Investment Management, an affiliate of ORIX Corporation USA. Attractive Investment Profile • Emphasis on middle market multifamily debt investments which are well positioned for the current environment. • Strong credit and asset management capabilities. • Attractive financing source via match term, non - recourse, non mark - to - market, collateralized financing structures.

Q2 2023 Updates 4 Note: (1) We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (los s) and cash flows from operating activities determined in accordance with GAAP. Distributable Earnings mirrors how we calculated Core Earnings in the past. Please see Appendix for reconciliation to GAAP. (2) See Appendix for definition of Book Value Per Share of Common Stock. (3) Based on carrying value. (4) If all extensions are exercised by the borrowers, the CRE loan portfolio will have a weighted average remaining term of 3 8 months. (5) The initial pool of loans used as collateral for the LMF 2023 - 1 Financing was acquired at a $5.9 million discount to par. Financial Results • Q2 2023 GAAP net income attributable to common stockholders of $1.4 million, or $0.03 per share of common stock. Q2 2023 Distributable Earnings (1) of $1.9 million, or $0.04 per share of common stock. • Q2 2023 Book Value Per Share of Common Stock of $3.43 (2) . Highlights • The Company experienced $72.0 million of loan payoffs and $72.9 million of loan acquisitions during the quarter. • On June 14, 2023, the Company announced the declaration of a cash dividend of $0.06 per share of common stock and $0.49219 per share of 7.875% Cumulative Redeemable Series A Preferred Stock with respect to the second quarter of 2023. Investment Portfolio Overview • As of June 30, 2023, 100% (3) of LFT’s investment portfolio consisted of floating - rate CRE loans. Approximately 89.5% (3) of the portfolio was multifamily. • The $1.0 billion CRE loan portfolio had a weighted average remaining term of 15 months (4) and a weighted average interest rate of LIBOR/SOFR + 3.45%. Capitalization • The floating - rate CRE loan portfolio is financed with $833.8 million (outstanding principal amount) of investment grade notes issued through LMNT 2021 - FL1, a CRE CLO. Subsequent Events • On July 12, 2023 LFT announced the closing of a $386 million collateralized commercial real estate financing (the “LMF 2023 - 1 Financing”). Note that the LMF 2023 - 1 Financing is a managed facility. • An investment grade loan of $270.4 million was provided by a private lender, $47.3 million of investment grade notes were issued and sold to an affiliate of LFT’s external manager, and a subsidiary of LFT retained subordinate interests in the issuing vehicle of $68.6 million. • The initial collateral pool (5) securing the LMF 2023 - 1 Financing consisted of 25 first lien floating rate mortgage loans secured by 32 multifamily properties across the United State. See slide 17 for collateral details.

Q2 2023 Balance Sheet Summary 5 Balance Sheet (thousands) June 30, 2023 (1) Commercial mortgage loans held - for - investment (net of allowance for credit losses) $1,017,145 Cash and cash equivalents 98,496 Restricted cash (2) 1,274 Accrued interest receivable 5,866 Investment related receivable 0 Other assets (3) 3,237 Total assets $1,126,017 Collateralized loan obligations (4) 830,564 Credit facility (4) 47,095 Other liabilities 9,268 Total liabilities $886,926 Total equity 239,091 Total liabilities / total equity 3.71x Book Value Per Share of Common Stock (5) $3.43 Note: (1) See Appendix for detailed consolidated balance sheet, including the Company’s consolidated variable interest entities (“VIE’s”). (2) Restricted cash held by LMNT 2021 - FL1, the Company’s CRE CLO, and available for investment in eligible mortgage assets. (3) Includes mortgage servicing rights, carried at fair value of $0.7 million. (4) Outstanding principal amount of investment grade notes issued by LMNT 2021 - FL1 is $833.8 million, and the unpaid principal balance of the credit facility is $47.8 million. For GAAP purposes, these liabilities are carried at their outstanding unpaid principal balance, net of any unamortized discounts and debt issuance cos ts. (5) See Appendix for definition of Book Value Per Share of Common Stock.

Q2 2023 Income Statement Summary 6 Summary Income Statement (thousands) Three Months Ended June 30, 2023 Net interest income $7,509 Total other income (loss) (509) Operating expenses (1) (4,425) Benefit (provision) from income taxes (0) Preferred dividends (1,185) Net income attributable to common stockholders (1) $1,389 Weighted average shares outstanding during the period, basic and diluted 52,231,152 Net income attributable to common stockholders per share $0.03 GAAP Net Income to Distributable Earnings Reconciliation (thousands) Three Months Ended June 30, 2023 Net Income attributable to common stockholders (1) $1,389 Adjustments: Unrealized (gains) losses on mortgage servicing rights (0) Recognized compensation expense related to restricted stock 3 Unrealized provision for credit losses 555 Provision for (benefit from) income taxes 0 Distributable Earnings (2) $1,947 Weighted average shares outstanding during the period, basic and diluted 52,231,152 Distributable Earnings per share of common stock $0.04 Dividend per share of common stock $0.06 Note: (1) Includes $1.7 million of costs relating to a previously contemplated CRE CLO transaction. (2) See Appendix for definition of Distributable Earnings and reconciliation to GAAP.

Earnings and Book Value Per Share of Common Stock 7 $0.01 $0.02 $0.09 $0.03 $0.03 $0.06 $0.00 $0.04 Q3 2022 Q4 2022 Q1 2023 Q2 2023 GAAP Earnings/Share Distributable Earnings/Share $3.55 $3.50 $3.46 $3.43 Q3 2022 Q4 2022 Q1 2023 Q2 2023 GAAP Earnings & Distributable Earnings (1) Per Share of Common Stock Book Value Per Share of Common Stock (2) Note: (1) See Appendix for definition of Distributable Earnings and reconciliation to GAAP. (2) See Appendix for definition of Book Value Per Share of Common Stock. CECL implemented on January 1, 2023. BVPS is net of CECL reserve of $0.06 as of 3/31/23.

Investment Portfolio 8 Geographic Concentration (2) Multi - Family , $910.7 , 89.5% Seniors Housing & Healthcare , $86.8 , 8.5% Self Storage , $19.6 , 1.9% Property Type (2) $1,017.1 Note: (1) Based on carrying value. (2) $ In millions, based on carrying value. • On June 30, 2023, the Company owned a portfolio of floating - rate CRE loans with a carrying value of $1.0 billion. 89.5% (1) of the portfolio was invested in loans backed by multifamily assets. • The Company anticipates that the majority of loan activity will continue to be related to multifamily assets. The Company does not own any hospitality, retail, or office assets and has limited exposure to self - storage assets. TX , $236.4 , 23.2% Other States , $339.6 , 33.4% FL , $179.8 , 17.7% GA , $105.6 , 10.4% NJ , $84.5 , 8.3% TN , $71.3 , 7.0% $1,017.1 Q2 2023 Loan Activity 9 Multi - Family , $55.3 , 76.8% Retail , $16.7 , 23.2% Payoffs by Property Type (1) $72.0 • The Company experienced $72.0 million of loan payoffs during the quarter.

• The Company acquired $72.9 million of loans during the quarter. Note: (1) $ In millions, based on carrying value. Acquisitions by Property Type (1) $72.9 Multi - Family , $55.0 , 75.4% Healthcare , $17.9 , 24.6% Portfolio Credit 10 • 98.8% of the Company’s portfolio is performing, which reflects our strong credit and asset management capabilities.

• Increase in weighted average risk rating driven by rising interest rates and broader economic uncertainties. 100.0% 98.9% 99.0% 97.9% 98.8% 98.8% 0.2% 0.9% 2.5% 3.9% 4.6% 5.1% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 % Performing Average 1M SOFR Asset Performance (1) Weighted Average Risk Rating (2) Note: (1) An asset is defined as performing if it is not in default, or not on non - accrual status. (2)Weighted average risk rating is weighted based on carrying value of portfolio assets. 2.1 2.3 2.7 3.0 3.2 3.4 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 1 2 3 4 5 Weighted Avg Risk Rating Q2 2023 Capital Structure Overview 11 74.4% 16.0% 5.4% 4.3% Secured Financing Common Equity Preferred Equity Term Loan $1,120.5 million (5) Capital Structure Composition Capital Structure Detail Note: (1) Secured financing shown at par value.

LMNT 2021 - FL1 GAAP carrying value of $830.6 million includes $3.2 million of una mortized debt issuance costs. (2) Term loan shown at par value. GAAP carrying value of $47.1 million includes $0.7 million of unamortized debt issuance cos ts . (3) Preferred equity shown at $60 million liquidation preference. (4) Noncontrolling interest was $99,500 as of 6/30/2023 and is excluded from common equity above. (5) LFT total capitalization is a non - GAAP measure which excludes certain Balance Sheet items; Please see Appendix for reconcil iation to GAAP. Match Term Non - Recourse Financing • The Company does not currently utilize repurchase or warehouse facility financing and therefore is not subject to margin calls on any of its assets from repo or warehouse lenders. • Primary sources of financing include a match - term non - MTM CRE CLO (LMNT 2021 - FL1), preferred stock, and a corporate term loan. See slide 23 for pro forma capital structure post the LMF 2023 - 1 Financing.

($ in millions) Secured Financings Rate Advance Rate Amount LMNT 2021-FL1 (1) L + 1.43% 83.4% $833.8 Credit Facilities Term Loan (2) 7.25% $47.8 Total Debt $881.5 Equity Preferred Equity (3) 7.875% $60.0 Book Value of Common Equity (4) $179.0 Total Capitalization (5) $1,120.5 ($2,823) ($1,882) ($941) $941 $1,882 $2,823 $3,764 -150 bps -100 bps -50 bps +50 bps +100 bps +150 bps +200 bps $ in Thousands Change in SOFR Net Interest Income Sensitivity to Shifts in Term SOFR 12 Floating Rate Assets (2) $1,022 Floating Rate Liabilities (3) - $834 Net Exposure $188 Floating - Rate Exposure Annual Net Interest Income Sensitivity to Shifts in Term SOFR (4) $ in Millions Note: (1) The Company converted its LIBOR - based loans and CLO liabilities to term SOFR on July 6 th , 2023. (2) Comprised of the Company’s portfolio of floating - rate CRE loans: 100% indexed to 30 - day term SOFR. Displayed as unpaid prin cipal balance. (3) Comprised of outstanding securitization notes in the CRE CLO, which is indexed to one - month SOFR. (4) Assumes starting 30 - day term SOFR of 5.09%. • 100% floating - rate loan portfolio. • 73.9% of portfolio is indexed to one - month LIBOR and 26.1% of portfolio is indexed to 30 - day term SOFR (1) .

Appendix

6/30/2023 CRE Loan Portfolio Details 14 Continued on the following page Note: (1) LTV as of the date the loan was originated by an affiliate. LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Initial Term (months) As-Is LTV at Origination (1) 1 Loan 1 12/16/2021 1/3/2025 Multi-Family Daytona FL 51,375,000 3.05% 37 71.70% 2 Loan 2 11/22/2019 1/5/2024 Multi-Family Virginia Beach VA 36,781,588 3.27% 50 77.10% 3 Loan 3 6/28/2021 7/6/2024 Multi-Family Barrington NJ 36,658,084 3.05% 36 78.13% 4 Loan 4 6/8/2021 7/5/2024 Multi-Family Chattanooga TN 33,360,000 3.65% 37 79.76% 5 Loan 5 12/29/2021 1/6/2025 Multi-Family Multi NC 30,709,146 3.85% 36 59.90% 6 Loan 6 6/8/2021 7/5/2024 Multi-Family Miami FL 30,576,666 3.20% 37 74.26% 7 Loan 7 5/20/2021 6/6/2024 Multi-Family Marietta GA 30,220,508 3.10% 37 77.02% 8 Loan 8 6/7/2021 7/5/2024 Multi-Family San Antonio TX 27,569,521 3.40% 37 80.00% 9 Loan 9 8/26/2021 8/5/2024 Multi-Family Clarkston GA 25,440,413 3.50% 35 79.00% 10 Loan 10 11/15/2021 12/6/2024 Multi-Family El Paso TX 24,330,000 3.10% 37 75.96% 11 Loan 11 10/18/2021 11/6/2023 Multi-Family Cherry Hill NJ 23,348,000 3.00% 24 72.40% 12 Loan 12 8/26/2021 9/5/2024 Multi-Family Union City GA 22,872,354 3.35% 36 70.40% 13 Loan 13 6/30/2021 7/5/2024 Multi-Family Jacksonville FL 21,968,000 3.50% 36 77.10% 14 Loan 14 11/16/2021 12/5/2024 Multi-Family Dallas TX 21,916,753 3.20% 37 73.54% 15 Loan 15 8/31/2021 9/6/2024 Multi-Family Houston TX 21,644,684 3.30% 36 74.20% 16 Loan 16 11/29/2022 12/5/2025 Healthcare Glendale WI 20,360,000 4.00% 36 45.00% 17 Loan 17 10/13/2017 11/20/2023 Self Storage Seattle WA 19,648,818 3.60% 74 46.50% 18 Loan 18 11/5/2021 11/5/2024 Multi-Family Orlando FL 19,625,274 3.00% 36 78.05% 19 Loan 19 11/21/2022 12/5/2025 Healthcare Houston TX 18,920,000 4.00% 37 67.00% 20 Loan 20 11/23/2021 12/5/2024 Multi-Family Orange NJ 18,834,024 3.20% 36 78.00% 21 Loan 21 2/11/2022 3/5/2025 Multi-Family Tampa FL 18,599,480 3.60% 37 77.99% 6/30/2023 CRE Loan Portfolio Details 15 Continued on the following page Note: (1) LTV as of the date the loan was originated by an affiliate.

LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Initial Term (months) As-Is LTV at Origination (1) 22 Loan 22 3/1/2023 9/5/2024 Healthcare Multi VA 17,930,000 4.25% 18 53.00% 23 Loan 23 10/12/2021 11/5/2023 Multi-Family Atlanta GA 17,500,000 3.15% 25 42.90% 24 Loan 24 7/8/2021 8/5/2023 Multi-Family Knoxville TN 17,000,000 3.95% 25 69.67% 25 Loan 25 11/10/2022 12/5/2025 Healthcare Austin TX 16,690,000 4.00% 37 65.00% 26 Loan 26 12/1/2021 12/5/2024 Multi-Family Horn Lake MS 15,449,323 3.30% 36 75.70% 27 Loan 27 2/1/2022 2/5/2025 Multi-Family San Antonio TX 15,400,000 3.45% 36 79.79% 28 Loan 28 12/2/2021 12/6/2023 Multi-Family Colorado Springs CO 15,010,343 3.00% 24 72.48% 29 Loan 29 4/12/2021 5/5/2024 Multi-Family Cedar Park TX 15,000,000 3.75% 37 66.70% 30 Loan 30 2/22/2022 3/5/2025 Multi-Family Philadelphia PA 15,000,000 3.80% 36 80.00% 31 Loan 31 6/15/2022 7/5/2025 Multi-Family Denton TX 14,511,455 3.90% 37 73.00% 32 Loan 32 11/21/2022 12/5/2025 Healthcare Southlake TX 14,030,000 4.00% 37 48.00% 33 Loan 33 5/12/2021 6/5/2024 Multi-Family Fort Worth TX 13,862,247 3.35% 37 74.86% 34 Loan 34 11/3/2021 11/6/2023 Multi-Family Louisville KY 13,720,000 3.35% 24 75.38% 35 Loan 35 5/26/2022 6/6/2024 Multi-Family Brooklyn NY 13,300,000 3.75% 24 64.30% 36 Loan 36 8/16/2021 9/6/2024 Multi-Family Columbus OH 12,674,255 3.65% 37 75.00% 37 Loan 37 12/13/2021 1/5/2024 Multi-Family Evansville IN 12,600,000 3.30% 25 74.30% 38 Loan 38 10/1/2021 10/4/2024 Multi-Family East Nashville TN 12,100,000 3.35% 36 79.08% 39 Loan 39 6/28/2022 7/4/2025 Multi-Family Colorado Springs CO 11,470,000 3.90% 36 73.06% 40 Loan 40 10/28/2021 11/6/2024 Multi-Family Tampa FL 11,202,535 2.95% 36 75.70% 41 Loan 41 4/23/2021 5/6/2024 Multi-Family Tualatin OR 10,986,357 3.20% 36 73.90% 42 Loan 42 9/30/2021 10/6/2023 Multi-Family Clearfield UT 10,795,000 3.15% 24 67.98% 43 Loan 43 12/29/2021 1/3/2025 Multi-Family Phoenix AZ 10,239,800 3.65% 36 75.90% 44 Loan 44 12/2/2021 12/6/2024 Multi-Family Tomball TX 9,975,000 3.40% 36 68.50% 6/30/2023 CRE Loan Portfolio Details 16 Note: (1) LTV as of the date the loan was originated by an affiliate.

LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Initial Term (months) As-Is LTV at Origination (1) 45 Loan 45 11/23/2021 12/5/2024 Multi-Family Atlanta GA 9,856,000 3.35% 36 79.50% 46 Loan 46 1/14/2022 2/5/2025 Multi-Family Houston TX 9,609,250 3.60% 37 78.76% 47 Loan 47 10/21/2021 11/5/2024 Multi-Family Madison TN 9,100,000 3.20% 37 68.42% 48 Loan 48 10/29/2021 11/5/2024 Multi-Family Riverside MO 8,717,380 3.40% 36 76.60% 49 Loan 49 5/12/2021 6/5/2024 Multi-Family Lakeland FL 8,220,000 3.35% 37 76.80% 50 Loan 50 6/22/2022 7/3/2025 Multi-Family Des Moines IA 8,175,500 4.00% 36 72.03% 51 Loan 51 6/24/2022 7/6/2025 Multi-Family Monks Corner SC 7,934,160 4.15% 36 67.80% 52 Loan 52 11/16/2021 12/6/2023 Multi-Family Cape Coral FL 7,680,000 3.25% 25 79.18% 53 Loan 53 9/28/2021 10/4/2024 Multi-Family Chicago IL 7,286,000 3.65% 36 75.90% 54 Loan 54 2/18/2022 3/5/2025 Multi-Family Drexel Hills PA 7,200,000 3.95% 37 78.09% 55 Loan 55 7/1/2021 7/5/2024 Multi-Family Harker Heights TX 7,169,838 3.60% 36 72.30% 56 Loan 56 12/19/2022 1/6/2025 Multi-Family Asheville NC 6,325,000 3.75% 24 41.10% 57 Loan 57 4/8/2022 5/5/2025 Multi-Family St. Petersburg FL 6,096,412 4.00% 37 75.50% 58 Loan 58 4/27/2022 5/5/2025 Multi-Family North Brunswick NJ 6,000,000 3.40% 36 79.90% 59 Loan 59 5/21/2021 6/6/2024 Multi-Family Youngtown AZ 5,994,000 3.65% 37 71.40% 60 Loan 60 7/14/2021 8/6/2024 Multi-Family Birmingham AL 5,913,912 3.70% 37 71.69% 61 Loan 61 10/26/2021 11/6/2023 Multi-Family Indianapolis IN 5,812,000 3.85% 24 77.08% 62 Loan 62 11/19/2021 12/5/2024 Multi-Family Huntsville AL 5,519,604 3.75% 37 78.75% 63 Loan 63 4/30/2021 5/5/2024 Multi-Family Daytona Beach FL 5,285,500 3.65% 36 77.40% 64 Loan 64 12/13/2021 1/5/2024 Multi-Family Evansville IN 5,250,000 3.30% 25 73.90% 65 Loan 65 6/10/2019 7/6/2023 Multi-Family San Antonio TX 4,807,027 2.90% 49 62.92% 66 Loan 66 12/28/2021 1/3/2025 Multi-Family Houston TX 2,800,000 3.25% 36 71.20% Total / Average 1,021,956,208 3.45% 36 71.65% LMF 2023 - 1 Collateral Details 17 Note: (1) Unpaid principal balance as of the date of the execution of the LMF 2023 - 1 Financing.

(2) The initial pool of loans used as collateral for the LMF 2023 - 1 Financing was acquired at a $5.9 million discount to par. (3) LTV as of the date the loan was originated by an affiliate. LTV has not been updated for any subsequent draws or loan mod if ications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance (1) Note Spread (2) Initial Term (months) As-Is LTV at Origination (3) 1 Loan 1 3/22/2022 4/5/2025 Multi-Family Seneca SC 31,876,244 3.35% 37 74.54% 2 Loan 2 6/28/2022 7/3/2025 Multi-Family Dallas TX 31,602,808 3.90% 37 71.59% 3 Loan 3 8/25/2022 9/5/2025 Multi-Family Wilmington NC 28,653,440 4.00% 37 71.45% 4 Loan 4 3/22/2022 4/5/2025 Multi-Family York PA 21,934,375 3.30% 37 79.17% 5 Loan 5 7/8/2022 8/5/2025 Multi-Family Arlington TX 21,818,465 3.75% 37 67.10% 6 Loan 6 6/10/2022 7/5/2025 Multi-Family Augusta GA 20,250,372 3.75% 37 75.79% 7 Loan 7 3/31/2022 4/5/2025 Multi-Family Tallahassee FL 16,956,276 3.30% 37 74.80% 8 Loan 8 4/6/2022 4/4/2025 Multi-Family Vineland NJ 15,347,180 3.75% 36 77.00% 9 Loan 9 4/6/2022 4/5/2025 Multi-Family Haltom City TX 15,156,425 3.45% 37 74.10% 10 Loan 10 7/26/2022 8/5/2025 Multi-Family Atlanta GA 14,351,599 3.65% 37 65.15% 11 Loan 11 12/28/2021 1/3/2025 Multi-Family Houston TX 14,000,000 3.25% 37 71.20% 12 Loan 12 5/13/2022 6/5/2025 Multi-Family Decatur AL 13,885,769 3.50% 37 59.21% 13 Loan 13 6/10/2022 7/5/2025 Multi-Family Blakely PA 13,625,505 3.90% 37 75.00% 14 Loan 14 12/29/2021 1/5/2024 Multi-Family Elizabeth NJ 13,191,852 3.75% 25 74.79% 15 Loan 15 1/25/2022 2/6/2025 Multi-Family Corpus Christi TX 12,249,079 3.55% 37 78.76% 16 Loan 16 5/12/2022 6/5/2025 Multi-Family Ypsilanti MI 11,926,591 3.50% 37 68.40% 17 Loan 17 12/10/2021 1/5/2025 Multi-Family Los Angeles CA 11,662,582 3.50% 37 67.93% 18 Loan 18 3/4/2022 3/5/2025 Multi-Family Houston TX 11,467,505 3.45% 37 78.30% 19 Loan 19 4/14/2022 5/5/2025 Multi-Family Irving TX 11,287,602 3.50% 37 74.90% 20 Loan 20 5/3/2022 5/5/2025 Multi-Family Port Richey FL 10,818,945 3.55% 37 79.05% 21 Loan 21 12/29/2021 1/3/2025 Multi-Family Phoenix AZ 10,615,094 3.65% 37 75.90% 22 Loan 22 7/14/2022 8/5/2025 Multi-Family Bradenton FL 9,429,206 3.90% 37 74.40% 23 Loan 23 8/5/2022 8/5/2025 Multi-Family San Antonio TX 9,127,649 4.35% 37 75.00% 24 Loan 24 5/26/2022 6/5/2025 Multi-Family Haltom City TX 8,116,833 4.00% 37 74.38% 25 Loan 25 10/7/2022 11/5/2024 Multi-Family Fairborn OH 7,000,000 4.10% 25 79.10% Total / Average 386,351,396 3.65% 36 73.19% Consolidated Statement of Income 19

Consolidated Balance Sheets 18

Detailed Walk of Allowance for Loan Losses 20

Reconciliation of GAAP to Distributable Earnings 21 For the Three Months Ended GAAP to Distributable Earnings Reconciliation June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Reconciliation of GAAP to non - GAAP Information Net income attributable to common stockholders $1,389,185 $4,581,733 $879,776 $315,233 Adjustments for non - Distributable earnings Unrealized losses (gains) on mortgage servicing rights (206) 49,129 22,251 (37,312) Realized loss on commercial mortgage loans - (4,271,672) - - Unrealized provision for credit losses 555,083 (179,684) 2,385,731 1,521,023 Subtotal 554,877 (4,402,227) 2,407,982 1,483,711 Other Adjustments Recognized compensation expense related to restricted common stock 2,836 3,358 3,433 3,433 Adjustment for income taxes 223 (10,246) 31,728 (97,974) Subtotal 3,059 (6,888) 35,161 (94,541) Distributable Earnings 1,947,121 172,618 3,322,919 1,704,403 Weighted average shares outstanding, b asic and diluted 52,231,152 52,231,152 52,231,152 52,231,152 Distributable Earnings per share of common stock , b asic and diluted $0.04 $0.00 $0.06 $0.03 Detailed Walk of Capitalization as of 6/30/2023 22 (in 000's) 6/30/2023 Total GAAP liabilities and stockholders' equity $1,125,918 Adjustments for Capitalization ( - ) Accrued interest payable (2,542) ( - ) Dividends payable (4,131) ( - ) Fees and expenses payable to Manager (1,660) ( - ) Other accounts payable and accrued expenses (934) ( + ) Other capitalized financing & issuance costs 3,841 LFT Capitalization $1,120,492

Pro Forma Capital Structure Overview 23 80.1% 12.4% 4.2% 3.3% Secured Financing Common Equity Preferred Equity Term Loan $1,438.2 million (5) Capital Structure Composition Capital Structure Detail Note: (1) Secured financing shown at par value. LMNT 2021 - FL1 GAAP carrying value of $830.6 million includes $3.2 million of una mortized debt issuance costs. (2) Term loan shown at par value. GAAP carrying value of $47.1 million includes $0.7 million of unamortized debt issuance cos ts . (3) Preferred equity shown at $60 million liquidation preference. (4) Noncontrolling interest was $99,500 as of 6/30/2023 and is excluded from common equity above. (5) LFT total capitalization is a non - GAAP measure which excludes certain Balance Sheet items; Please see Appendix for reconcil iation to GAAP. Match Term Non - Recourse Financing • Shown below is LFT’s pro forma capital structure inclusive of the LMF 2023 - 1 Financing transaction executed post Q2 quarter end. Pro forma capital structure is for illustrative purposes only and does not reflect actual Q2 figures. • LMF 2023 - 1 is collateralized by 25 first lien, floating rate mortgage loans. ($ in millions) Secured Financings (1) Rate Advance Rate Amount LMNT 2021-FL1 S + 1.43% 83.4% $833.8 LMF 2023-1 Financing S + 3.10% 82.2% $317.7 Credit Facilities Term Loan (2) 7.25% $47.8 Total Debt $1,199.2 Equity Preferred Equity (3) 7.875% $60.0 Book Value of Common Equity (4) $179.0 Total Pro-Forma Capitalization (5) $1,438.2 Book Value Per Share of Common Stock as of 6/30/2023 24 (in 000's) Book Value per Share of Common Stock Total stockholders’ equity $239,091 ( - ) Preferred equity (60,000) (1) ( - ) Non - controlling interest (100) Common equity 178,992 Shares outstanding 52,231,152 Book Value Per Share of Common Stock $3.43 Note: (1) Reflects 2.4 million shares of the Company’s 7.875% Series A Cumulative Redeemable Preferred Stock outstanding at a $ 25 liquidation preference per share.

Key Definitions 25 “ Book Value Per Share of Common Stock ” is calculated as: a) total stockholders’ equity computed in accordance with GAAP less the value of the issued and outstanding preferred stock at its stated liquidation preference of $25.00 per share, divided by b) the weight ed average number of shares of common stock issued and outstanding during the period, basic and diluted. “ Distributable Earnings ” is a non - GAAP measure, which we define as GAAP net income (loss) attributable to holders' of common stock, or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not ot her wise included in GAAP net income (loss) and excluding ( i ) non - cash equity compensation, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non - cash items that are included in net income for that applicable reporting period, regardless of whether such items are included in other comprehensive income (loss) or net income (loss), and (iv) one - time events pursuant to changes in GAAP and certain material non - cash income or expense items after discussions with the Company's board of directors and approved by a majority of the Company's independent directors. We also add back one - time charges such as acquisition costs and one - time gains/losses on the early extinguishment of debt and redemption of preferred stock. Distributable Earnings mirrors how we calculate Core Earnings pursu ant to the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating the incentive fee payable to our Manager. While Distributable Earnings excludes the impact of any unrealized provisions for credi t l osses, any loan losses are charged off and realized through Distributable Earnings when deemed non - recoverable. Non - recoverability is determine d ( i ) upon the resolution of a loan (i.e. when the loan is repaid, fully or partially, or in the case of foreclosures, when the underlyi ng asset is sold), or (ii) with respect to any amount due under any loan, when such amount is determined to be non - collectible. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and c ash flows from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for e xis ting and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator o f o ur dividends per share. As a REIT, we generally must distribute annually at least 90% of our taxable income, subject to certain adjustment s, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Refer to Note 16 to ou r c onsolidated financial statements for further discussion of our distribution requirements as a REIT. Furthermore, Distributable Earnings h elp us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indica tiv e of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be con sid ered as an alternative to GAAP net income (loss), or an indication of GAAP cash flows from operations, a measure of our liquidity, or an in dication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the m eth odologies employed by other companies to calculate the same or similar performance measures, and accordingly, our reported Distributabl e E arnings may not be comparable to the Distributable Earnings reported by other companies.

August 2023