Exhibit 99.1

Lument Finance Trust Reports Second Quarter 2026 Results and Announces Reverse Stock Split

NEW YORK, August 13, 2026 /PRNewswire/ — Lument Finance Trust, Inc. (NYSE: LFT) (“we”, “LFT” or “the Company”) today reported its second quarter results and also announced that its Board of Directors has unanimously approved a 1-for-10 reverse stock split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”).

Second Quarter 2026 Results

GAAP net loss attributable to common shareholders for the second quarter was $9.2 million, or $0.18 per share of common stock. Distributable Loss for the second quarter was $5.3 million, or $0.10 per share of common stock. The Company has also issued a detailed presentation of its results, which can be viewed at lumentfinancetrust.com.

Reverse Stock Split

The Reverse Stock Split is being implemented in order to regain compliance with applicable New York Stock Exchange listing requirements and support an efficient public trading market for the Company's common stock.

The Reverse Stock Split is expected to become effective at 5:00 pm Eastern Time on September 9, 2026 (the "Effective Time"). Accordingly, at the Effective Time, every ten issued and outstanding shares of the Company’s common stock will be converted into one share of common stock. The Company's common stock is expected to begin trading on a split-adjusted basis on the New York Stock Exchange at the opening of trading on September 10, 2026 (the first trading day after the Effective Time), under the existing ticker symbol "LFT", with a new CUSIP number: 55025L306.

The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder's percentage ownership interest in the Company, except with respect to the treatment of fractional shares. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive a fractional share as a result of the Reverse Stock Split will receive cash in lieu of such fractional share. The Reverse Stock Split is expected to reduce the number of issued and outstanding shares of the Company's common stock from approximately 52.5 million shares to approximately 5.3 million shares.

Stockholders holding shares in book-entry form or through a bank, broker or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split and will not be required to take any action in connection with the Reverse Stock Split. The Company reserves the right to abandon or delay the Reverse Stock Split and will inform stockholders of any changes to its plans.

For the benefit of its investors, the Company has also posted a Reverse Stock Split FAQ document on the Investor Relations page of its website.

Conference Call and Webcast Information

The Company will also host a conference call on Friday, August 14, 2026, at 8:30 a.m. ET to provide a business update and discuss the financial results for the second quarter of 2026. The conference call may be accessed by dialing 1-800-836-8184 (U.S.) or 1-646-357-8785 (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/nok7BevLPR1

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 lumentfinancetrust.com and by telephone dial-in. The replay call-in number is 1-888-660-6345 (U.S.) or 1-646-517-4150 (international) with passcode 70381.

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 or Loss 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 with our manager, Lument Investment Management, LLC (“Manager”), 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 website at sec.gov, the Company website at 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, 2025, which is available on the SEC’s website at sec.gov, and in the Company’s 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
[email protected]

Media Contact:
Tyler Howard
Associate Director
(513) 403-1911
[email protected]

Exhibit 99.2

August 2026 Lument Finance Trust Q2 2026 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, 2025 and Part II, Item 1A “Risk Factors” in the Company’s Quarterly Report on Form 10 - Q for the quarter ended June 30, 2026, which are available on the SEC’s website at www.sec.gov , and/or as disclosed in any subsequent filings. 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 13 th , 2026. 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 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 an average of 20+ years of industry experience across multiple economic cycles. • Affiliation with ORIX Corporation USA, the U.S. 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, LLC, 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 non - recourse CRE CLOs, revolving repurchase agreements, term loan facilities, and other secured financing structures.

Q2 2026 Updates 4 Note: (1) We believe that Distributable Earnings (Loss) provides meaningful information to consider in addition to our net inco me (loss) and cash flows from operating activities determined in accordance with GAAP. Distributable Earnings mirrors how we calculate Core Earnings pursuant to the Management Agreement for purposes of calculatin g t he Manager’s incentive fee. 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 1 8 months. • Q2 2026 GAAP net loss attributable to common stockholders of $0.18 per share. • Q2 2026 Distributable Loss (1) of $0.10 per share. • On June 10, 2026, the Company declared a cash dividend for the quarter of $0.04 per share of common stock. • The Company also declared a cash dividend for the quarter of $0.49219 per share of 7.875% Cumulative Redeemable Series A Preferred Stock. • Book Value Per Share of Common Stock was $2.76 (2) as of 6/30/2026. Financial Results • During the quarter, the Company experienced $91.0 million of loan fundings and $184.0 million of loan payoffs. • During the quarter, the Company sold one of the properties located in San Antonio, Texas, to a third party for $12.2 million and recognized a $0.1 million realized gain on the sale of the property. Notable Activity • As of June 30, 2026, the Company’s investment portfolio consisted of floating - rate CRE loans of which approximately 91.7% (3) were collateralized by multifamily assets. • As of June 30, 2026, the Company’s $1.0 billion loan portfolio had a weighted average remaining initial term of 9 months (4) , a weighted average note rate of SOFR + 3.30%, and unamortized aggregate purchase discounts of $0.8 million. • As of June 30, 2026, the Company’s loan portfolio had a weighted average risk rating of 3.1, with 80.7% of the portfolio rate d “3” (Moderate Risk) or better. Portfolio Performance • The floating - rate CRE loan portfolio was financed through the Company’s outstanding non - mark - to - market securitized debt obligation and secured financing arrangements: • $585.0 million of investment grade notes issued through 2025 - FL3 CLO. • Master repurchase agreement with $450.0 million borrowing capacity. • Secured lending agreement with $50.0 million borrowing capacity. • As of June 30, 2026, the Company held cash and cash equivalents of $29.0 million, and its leverage ratio declined quarter - over - quarter to 4.4x from 4.6x as of March 31, 2026. Capitalization

Q2 2026 Balance Sheet Summary 5 Note: (1) See Appendix for detailed consolidated balance sheet, including the Company’s consolidated variable interest entities (“VIEs”). (2) Restricted cash primarily comprises REO operating cash accounts. (3) Includes mortgage servicing rights, carried at fair value of $0.5 million. (4) Outstanding principal amount of investment grade notes issued by LMNT 2025 - FL3 is $585.0 million. The unpaid principal bala nce of the credit facility is $50.0 million. For GAAP purposes, these liabilities are carried at their outstanding unpaid principal balance, net of any unamortized discounts and debt issuance costs. (5) See Appendix for definition of Book Value Per Share of Common Stock. June 30, 2026 (1) Balance Sheet (thousands) $991,665 Commercial mortgage loans held - for - investment (net of allowance for credit losses) 61,602 Real Estate Owned 28,979 Cash and cash equivalents 25,698 Restricted cash (2) 4,510 Accrued interest receivable 3,005 Other assets (3) $1,115,459 Total assets $580,687 Secured debt obligations (4) 271,140 Secured financing arrangements 49,667 Credit facility (4) 9,147 Other liabilities $910,641 Total liabilities $204,818 Total equity 4.4x Total liabilities / total equity $2.76 Book Value Per Share of Common Stock (5)

Q2 2026 Income Statement Summary 6 Three Months Ended June 30, 2026 Summary Income Statement (thousands) $4,503 Net interest income (8,671) Total other income (loss) (3,856) Operating expenses 11 Benefit (provision) from income taxes (1,185) Preferred dividends $(9,198) Net income (loss) attributable to common stockholders 52,459,976 Weighted average shares outstanding during the period, basic and diluted $(0.18) Net income (loss) attributable to common stockholders per share Note: (1) See Appendix for definition of Distributable Earnings and reconciliation to GAAP. Three Months Ended June 30, 2026 GAAP Net Income to Distributable Earnings Reconciliation (thousands) $(9,198) Net income (loss) attributable to common stockholders Adjustments: 17 Unrealized (gain) loss on mortgage servicing rights 8,626 (Release of) credit losses 390 Depreciation of real estate owned (3,268) Realized gain (loss) on sale of real estate owned (1,842) Realized gain (loss) on mortgage loans (11) Provision for (benefit from) income taxes $(5,285) Distributable Earnings (Loss) (1) 52,459,976 Weighted average shares outstanding during the period, basic and diluted $(0.10) Distributable Earnings (Loss) per share of common stock $0.04 Dividend per share of common stock

Earnings and Book Value Per Share of Common Stock 7 Note: (1) See Appendix for definition of Distributable Earnings and for reconciliation of GAAP net income to Distributable Ear nings. (2) See Appendix for definition of Book Value Per Share of Common Stock. $0.02 $0.00 $0.02 - $0.10 $0.04 $0.04 $0.04 $0.04 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Distributable Earnings Dividends $3.25 $3.03 $2.97 $2.76 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Distributable Earnings (1) & Dividends Per Share of Common Stock Book Value Per Share of Common Stock (2)

Investment Portfolio 8 Geographic Concentration (2) Multifamily , $909.6 , 91.7% Seniors Housing & Healthcare , $82.1 , 8.3% Property Type (2) $991.7 Note: (1) Based on carrying value. (2) $ In millions, based on carrying value. • On June 30, 2026, the Company owned a portfolio of floating - rate CRE loans with a carrying value of $1.0 billion. 91.7% (1) of the portfolio was invested in loans collateralized by multifamily assets. • The Company anticipates that it will continue to focus on investment opportunities within multifamily credit. The Company does not currently own any hospitality, retail, self - storage, or office loan assets and has limited exposure to seniors housing and healthcare. TX , $219.3 , … FL , $157.3 , 15.9% GA , $96.5 , 9.7% NJ , $79.0 , 8.0% OH , $68.5 , 6.9% Other States , $371.1 , 37.4% $991.7

Q2 2026 Loan Activity 9 Multifamily , $184.0 , 100.0% Q2 Payoffs by Property Type (1) $184.0 • The Company funded $91.0 million of loan assets and experienced $184.0 million of loan payoffs during the quarter. Note: (1) $ In millions, based on UPB. (2) Portfolio balances shown based on carrying value net of allowances. “Other Activity” is comprised of changes in capitaliz ed origination fees, extension fees, and purchase discounts. Portfolio Activity (2) Multifamily , $91.0 , 100.0% Q2 Fundings by Property Type (1) $91.0 $1,108.1 $91.0 ($184.0) ($1.7) ($22.1) $0.5 $991.7 Q1 2026 Portfolio Loan Fundings Payoffs / Sales Provision for Loan Losses Loans Transferred to REO Other Activity Q2 2026 Portfolio

Portfolio Credit 10 • As of June 30, 2026, 91.9 % of the Company’s portfolio was performing (1) , with 80.7% of the portfolio rated “3” (Moderate Risk) or better. • Weighted average risk rating (2) of 3.1. • During the quarter, management applied a “5” risk - rating to six loans with an aggregate principal value of $98.1 million. Asset Performance (1) Weighted Average Risk Rating (2) Note: (1) “Performing” defined as loans that are neither in default nor on non - accrual status. (2) Weighted average risk rating is weighted based on carrying value of portfolio assets. 89.7% 91.2% 91.8% 91.9% 4.1% 3.7% 3.7% 3.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 % Performing Average 1M SOFR 3.6 3.2 3.1 3.1 0 1 2 3 4 5 0% 20% 40% 60% 80% 100% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 1 2 3 4 5 Weighted Avg Risk Rating

Note: (1) In millions. LFT total capitalization is a non - GAAP measure which excludes certain Balance Sheet items; Please see App endix for reconciliation to GAAP. (2) Secured financing shown at par value. 2025 - FL3 CLO GAAP carrying value of $580.7 includes $4.3 million of unamortized debt issuance costs. Secured financing agreements carrying value of $271.1 million includes $1.9 million of unamortized debt issuance costs. (3) Term loan shown at par value. GAAP carrying value of $49.7 million includes $0.3 million of unamortized debt issuance cos ts . (4) Preferred equity shown at $60 million liquidation preference. (5) Noncontrolling interest was $99,500 as of 6/30/2026 and is excluded from common equity above. 77.1% 13.0% 5.4% 4.5% Secured Financing Common Equity Preferred Equity Term Loan $1,112.7 Capital Structure Composition (1) Capital Structure Detail Q2 2026 Capital Structure Overview 11 Primary sources of financing include a CRE CLO (2025 - FL3 CLO), secured financing agreements, preferred stock, and a corporate term loan. ($ in millions) Secured Financings (2) Maturity Date Rate Advance RateAmount LMNT 2025-FL3 July 2043 S + 1.91% 88.1% $585.0 Secured financing agreements Various Various Various $273.0 Credit Facilities Term Loan (3) February 2030 9.75% $50.0 Total Debt $908.0 Equity Preferred Equity (4) N/A 7.875% $60.0 Book Value of Common Equity (5) N/A $144.7 Total Capitalization (1) $1,112.7

$0.00 $0.00 $0.01 $0.02 +50 bps +25 bps 0 bps -25 bps -50 bps Net Interest Income Sensitivity to Shifts in Term SOFR 12 Floating Rate Assets (2) $1,015 Floating Rate Liabilities (3) - $858 Net Exposure $157 Floating - Rate Exposure (1) Net Interest Income Per Share Sensitivity to Change in SOFR (4) • 100% floating - rate loan portfolio. • 100% of portfolio is indexed to 30 - day term SOFR. Note: (1) In millions. Net Exposure represents UPB of floating rate loan portfolio assets net of par value of secured floating rate debt outstanding. (2) Figure reflects unpaid principal balance of floating - rate loan portfolio. (3) Comprised of secured financing arrangements and outstanding securitization notes related to 2025 - FL3, all of which are inde xed to one - month SOFR. Figure reflects par value of notes. (4) Annualized impact per common share. Assumes starting 30 - day term SOFR of 3.65%. Our loan assets feature rate floors which p artially mitigate the adverse earnings impact of declines in SOFR.

Appendix

6/30/2026 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 Unamortized Discount/Premium As-Is LTV at Origination (1) 1 Loan 1 12/20/2024 1/5/2028 Multifamily Olympia WA 59,836,911 3.75% 0 68.49% 2 Loan 2 12/16/2021 7/6/2026 Multifamily Multi FL 51,375,000 3.16% 0 71.70% 3 Loan 3 12/23/2024 1/5/2027 Multifamily Macon GA 36,800,000 2.90% 0 66.10% 4 Loan 4 1/16/2025 8/5/2026 Multifamily Noblesville IN 36,000,000 2.70% 0 67.57% 5 Loan 5 1/29/2025 2/5/2027 Multifamily Manchaca TX 35,500,000 3.00% 0 52.21% 6 Loan 6 10/27/2025 11/5/2027 Multifamily Columbus OH 33,333,333 2.35% 0 75.00% 7 Loan 7 3/22/2022 4/5/2027 Multifamily Seneca SC 31,627,625 3.35% (153,214) 74.54% 8 Loan 8 6/28/2022 4/5/2027 Multifamily Dallas TX 29,623,930 3.40% (154,963) 71.59% 9 Loan 9 4/3/2025 4/5/2027 Multifamily Lockport IL 27,500,000 2.81% 0 64.50% 10 Loan 10 11/2/2021 7/6/2026 Multifamily Melbourne FL 26,049,291 3.21% 0 72.09% 11 Loan 11 9/17/2024 10/5/2026 Multifamily Marysville OH 25,500,000 2.85% 0 73.80% 12 Loan 12 4/27/2022 11/5/2026 Multifamily North Brunswick NJ 24,525,000 3.40% 0 79.90% 13 Loan 13 8/26/2021 8/5/2027 Multifamily Clarkston GA 24,468,032 3.61% 0 79.00% 14 Loan 14 10/18/2021 8/5/2026 Multifamily Cherry Hill NJ 23,348,000 3.11% 0 72.40% 15 Loan 15 6/30/2026 7/5/2029 Multifamily Phoenix AZ 23,125,000 2.50% 0 65.00% 16 Loan 16 8/26/2021 3/6/2027 Multifamily Union City GA 22,872,354 3.46% 0 70.40% 17 Loan 17 11/16/2021 3/6/2026 Multifamily Dallas TX 21,916,753 3.31% 0 73.54% 18 Loan 18 8/31/2021 8/5/2026 Multifamily Houston TX 21,644,684 3.41% 0 74.20% 19 Loan 19 3/22/2022 4/5/2027 Multifamily York PA 21,442,771 3.30% (137,201) 79.17% 20 Loan 20 11/29/2022 12/31/2026 Healthcare Glendale WI 20,360,000 4.00% 0 45.00% 21 Loan 21 11/5/2021 6/5/2027 Multifamily Orlando FL 19,625,274 3.11% 0 78.05% 22 Loan 22 2/18/2026 3/5/2029 Multifamily Holt MI 19,500,000 3.10% 0 76.30% 23 Loan 23 2/11/2022 3/6/2026 Multifamily Tampa FL 19,445,670 3.60% 0 77.99% 24 Loan 24 11/21/2022 12/31/2026 Healthcare Houston TX 18,920,000 4.00% 0 67.00% 25 Loan 25 11/10/2022 12/31/2026 Healthcare Austin TX 18,590,000 4.00% 0 65.00% 26 Loan 26 2/2/2022 7/4/2026 Multifamily Houston TX 17,936,729 3.50% 0 77.50%

6/30/2026 CRE Loan Portfolio Details 15 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 Unamortized Discount/Premium As-Is LTV at Origination (1) 27 Loan 27 11/23/2021 12/4/2026 Multifamily Orange NJ 17,781,968 3.31% 0 78.00% 28 Loan 28 3/26/2025 4/5/2027 Multifamily Kannapolis NC 17,780,000 2.91% 0 60.40% 29 Loan 29 12/20/2024 7/5/2026 Multifamily Lafayette IN 17,010,000 2.85% 0 68.00% 30 Loan 30 3/31/2022 4/5/2026 Multifamily Tallahassee FL 16,956,276 3.00% (95,685) 74.80% 31 Loan 31 3/28/2025 4/5/2027 Multifamily Lansing MI 16,500,000 2.90% 0 73.50% 32 Loan 32 7/31/2025 8/4/2028 Multifamily Oswego IL 16,237,935 4.15% 0 64.70% 33 Loan 33 12/29/2021 1/6/2027 Multifamily Multi NC 16,075,387 3.96% 0 59.90% 34 Loan 34 11/21/2022 12/31/2026 Healthcare Southlake TX 15,735,000 4.00% 0 48.00% 35 Loan 35 4/27/2022 5/5/2026 Multifamily Houston TX 14,171,704 3.70% 0 79.60% 36 Loan 36 4/12/2021 5/5/2025 Multifamily Cedar Park TX 13,666,721 3.86% 0 66.70% 37 Loan 37 6/3/2025 6/4/2027 Multifamily Bound Brook NJ 13,510,000 3.95% 0 67.60% 38 Loan 38 7/26/2022 8/5/2027 Multifamily Atlanta GA 12,905,495 3.65% (91,960) 65.15% 39 Loan 39 5/12/2022 6/5/2025 Multifamily Ypsilanti MI 11,926,591 3.50% (58,275) 68.40% 40 Loan 40 10/10/2024 11/5/2026 Multifamily Cottonwood AZ 11,550,000 3.25% 0 38.50% 41 Loan 41 1/25/2022 6/9/2027 Multifamily Corpus Christi TX 11,261,792 3.55% (32,101) 78.76% 42 Loan 42 10/28/2021 11/6/2026 Multifamily Tampa FL 11,202,535 3.06% 0 75.70% 43 Loan 43 5/3/2022 7/6/2026 Multifamily Port Richey FL 10,818,945 3.55% (65,128) 79.05% 44 Loan 44 9/30/2021 10/6/2026 Multifamily Clearfield UT 9,815,615 3.26% 0 67.98% 45 Loan 45 7/14/2022 8/5/2026 Multifamily Bradenton FL 9,429,206 3.90% (26,777) 74.40% 46 Loan 46 4/15/2024 5/5/2026 Healthcare Multi ID 8,500,000 4.65% 0 54.00% 47 Loan 47 5/28/2026 6/5/2028 Multifamily Des Moines IA 8,100,000 1.75% 0 72.03% 48 Loan 48 12/19/2025 1/5/2028 Multifamily San Antonio TX 6,960,000 2.75% 0 76.50% 49 Loan 49 10/7/2022 11/5/2026 Multifamily Fairborn OH 6,816,701 4.10% 0 79.10% 50 Loan 50 12/19/2024 1/5/2027 Multifamily Bellflower CA 5,987,732 3.00% 0 30.40% 51 Loan 51 10/27/2025 11/5/2027 Multifamily Columbus OH 3,100,000 2.35% 0 75.00% Total / Average 1,014,665,959 3.30% (815,304) 69.33%

Consolidated Balance Sheets 16

Consolidated Statement of Income 17

Detailed Walk of Allowance for Loan Losses 18

Reconciliation of Net Income to Distributable Earnings 19 For the Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 GAAP to Distributable Earnings Reconciliation Reconciliation of GAAP to non - GAAP Information $(9,197,948) $(978,375) $(8,942,111) $658,597 Net income attributable to common stockholders Adjustments for non - Distributable earnings 17,268 30,245 11,367 24,700 Unrealized losses (gains) on mortgage servicing rights 8,625,695 (732,373) 8,628,158 (29,660) (Release of) credit losses (3,267,833) 0 (200,196) 0 Realized gain (loss) loss on sale of real estate owned (1,841,615) 0 0 0 Realized gain (loss) on mortgage loans 390,272 304,885 295,698 344,785 Depreciation of real estate owned 0 1,350,435 0 0 Real estate owned impairment expense 0 1,152,861 0 0 Loss on extinguishment of debt 3,923,787 2,106,053 8,735,027 339,825 Subtotal Other Adjustments (10,745) (4,648) 6,629 (2,902) Adjustment for income taxes (10,745) (4,648) 6,629 (2,902) Subtotal $(5,284,906) $1,123,030 $(200,455) $995,520 Distributable Earnings 52,459,976 52,400,158 52,372,810 52,352,594 Weighted average shares outstanding, b asic and diluted $(0.10) $0.02 $(0.00) $0.02 Distributable Earnings per share of common stock , b asic and diluted

Detailed Walk of Capitalization as of 6/30/2026 20 6/30/2026 LFT Capitalization Reconciliation (in 000's) $1,115,360 Total GAAP liabilities and stockholders' equity (1) Adjustments for Capitalization (1,425) ( - ) Accrued interest payable (3,097) ( - ) Dividends payable (3,065) ( - ) Fees and expenses payable to Manager (1,560) ( - ) Other accounts payable and accrued expenses 6,486 ( + ) Other capitalized financing & issuance costs $1,112,699 LFT Capitalization Note: (1) Net of non - controlling interest.

Book Value Per Share of Common Stock as of 6/30/2026 21 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. June 30, 2026 Book Value Per Common Share (in 000's) $204,818 Total stockholders’ equity (60,000) ( - ) Preferred equity (1) (100) ( - ) Non - controlling interest $144,719 Common equity 52,486 Shares outstanding $2.76 Book Value Per Share of Common Stock

Key Definitions 22 “ 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 2026