Lument Finance Trust’s $58.1 Million Public Offering

Morrison & Foerster LLP advised the underwriters on the deal.

Lument Finance Trust, Inc. (NYSE: LFT) (the “Company”) announced that it has closed its underwritten public offering of 2,400,000 shares of its newly designated 7.875% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”) at a public offering price of $25.00 per share.

The Company received approximately $58.1 million of net proceeds from the offering after deducting the underwriting discount but before estimated offering expenses payable by the Company.  The Company intends to use the net proceeds of the offering to make additional investments in target assets consistent with its investment strategy and for general corporate purposes.

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 MoFo deal team advising on the transaction was led by Washington, D.C. corporate partner Justin Salon (Picture) and of counsel Emily Beers, and included Washington, D.C. corporate associates Meredith Carr and Caroline Diemer, and New York tax partner Jay Blaivas and associate Harris Cornell. 

Involved fees earner: Emily Beers – Morrison & Foerster; Jay Blaivas – Morrison & Foerster; Meredith Carr – Morrison & Foerster; Harris Cornell – Morrison & Foerster; Caroline Diemer – Morrison & Foerster; Justin Salon – Morrison & Foerster;

Law Firms: Morrison & Foerster;

Clients: B. Riley Securities; JonesTrading Institutional Services; Piper Sandler; Raymond James & Associates, Inc.;

Author: Martina Bellini