Lument Finance Trust, Inc.

. . Good morning, and thank you for joining the Lument Finance Trust fourth quarter 2025 earnings call. Today's call is being recorded and will be made available via webcast on the company's website. I would now like to turn the call over to Andrew Tsang with Investor Relations at Lument Investment Management. Please go ahead.

Good morning, everyone. Thank you for joining our call to discuss Lument Finance Trust's fourth quarter and full year 2025 financial results. With me on the call today are Jim Flynn, our CEO, Jim Briggs, our CFO, Greg Calvert, our president, and Zach Halpern, our portfolio manager. Last evening, we filed our 10-K with the SEC and issued a press release to provide details on our recent financial results. We also provided a supplemental earnings presentation, which can be found on our website. Before handing the call over to Jim Flynn, I'd like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements within the meaning of Section 27A, the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statement. These risks and uncertainties are discussed in the company's reports filed with the SEC, in particular the risk factors section of our Form 10-K and Form 10-Qs. It is not possible to predict or identify all such risks, and listeners are cautioned not to place undue reliance on our forward-looking statements. The company undertakes no obligation to update any of these forward-looking statements. Further, certain non-GAAP financial measures will be discussed on the conference call. Presentation of this information is not intended to be considered in isolation nor the substitute for financial information presented in accordance with that. Reconciliations of the non get financial measures. The more comparable measures prepared in accordance with that can be accessed through our filings of the SEC. For the 4th quarter financially fiscal year of 2025 we reported cabinet loss of 17 cents and 14 cents per share of common stock respectively. For the fourth quarter of fiscal year 2025, we reported distributable earnings of approximately zero and 14 cents per share of common stock, respectively. In December, we declared a quarterly dividend of four cents per common share with respect to the fourth quarter, bringing our cumulative declared dividends for 2025 to 22 cents per common share. And then last Thursday, we declared a quarterly dividend of four cents per common share with respect to the first quarter of 2026, unchanged from Q4's quarterly dividend.

I will now turn the call over to Jim Flynn. Please go ahead. Thank you, Andrew. Good morning, everyone. Welcome to the Lumet Finance Trust earnings call for the fourth quarter of 2025.