Revenue growth of 127.12% year-over-year appears disconnected from operational reality, as NOI margins swung from 100% in early 2024 to a negative 29.8% by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 75M | 79.18M | 34.86M | 32.08M | 20.02M | 21.07M | 19.14M | 16.27M | 4.99M | 18.05M | 7.6M | 18.24M | 14.85M | 8.13M | 8.65M |
| Revenue Growth % | 64.25% | 127.12% | 8.68% | 60.19% | -4.95% | 10.07% | 17.66% | 225.9% | -72.35% | 137.44% | -58.32% | 22.86% | 82.68% | -6.04% | - |
| Property Operating Expenses | 39.21M | 7.88M | 0 | 0 | 0 | 0 | 0 | 0 | 1B | 855.58M | 1.48B | 2.45B | 2.5B | 288.42M | 0 |
| Net Operating Income (NOI) | 35.78M | 71.3M | 34.86M | 32.08M | 20.02M | 21.07M | 19.14M | 16.27M | -998.74M | -837.53M | -1.47B | -2.43B | -2.49B | -280.29M | 8.65M |
| NOI Margin % | 47.71% | 90.05% | 100% | 100% | 100% | 100% | 100% | 100% | -20008.55% | -4639.18% | -19370.02% | -13321.11% | -16768.63% | -3448.34% | 100% |
| Operating Expenses | 6.41M | 19.13M | 34.86M | 10.1M | 20.02M | 21.07M | 19.14M | 16.27M | 32.61M | 5.45B | 5.87B | 6.66B | 2.9B | 1.81B | 1.42M |
| G&A Expenses | 5.98M | 3.95M | 4.84M | 10.1M | 3.71M | 6.12M | 6.25M | 6.77M | 6.6M | 7.88M | 8.54M | 9.69M | 5.78M | 2.51M | 1.38M |
| EBITDA | 30.32M | 52.95M | 0 | 94.52M | 0 | 0 | 0 | 0 | 94.2M | 7.26B | 83.15M | 83.56M | 31.16M | 7.96M | 0 |
| EBITDA Margin % | 40.42% | 66.87% | 0% | 294.66% | 0% | 0% | 0% | 0% | 1887.13% | 40235.65% | 1093.63% | 458.01% | 209.82% | 97.97% | 0% |
| Depreciation & Amortization | 945.37K | 779.26K | 0 | 72.54M | 0 | 0 | 0 | 0 | 56.59M | 73.34M | 91.14M | 83.11M | 27.84M | 4.74M | -7.23M |
| D&A / Revenue % | 1.26% | 0.98% | 0% | 226.13% | 0% | 0% | 0% | 0% | 1133.78% | 406.23% | 1198.71% | 455.54% | 187.5% | 58.28% | -83.57% |
| Operating Income | 29.37M | 52.17M | 0 | 21.98M | 0 | 0 | 0 | 0 | 37.6M | 7.19B | -7.99M | 450.48K | 3.31M | 3.23M | 7.23M |
| Operating Margin % | 39.16% | 65.89% | 0% | 68.53% | 0% | 0% | 0% | 0% | 753.36% | 39829.42% | -105.09% | 2.47% | 22.32% | 39.69% | 83.57% |
| Interest Expense | 4M | 53.89M | 80.77M | 74.8M | 32.81M | 15.51M | 15.19M | 23.64M | 41.55M | 69.15M | 71.39M | 83.11M | 27.84M | 4.74M | 0 |
| Interest Coverage | - | 0.95x | - | 1.26x | - | - | - | - | 0.90x | -90.02x | -0.00x | 0.04x | 0.12x | 0.68x | - |
| Non-Operating Income | 2.78M | 1.02M | 0 | -72.54M | 0 | 0 | 0 | 0 | 0 | -67.8M | -7.99M | 450.48K | 3.31M | 0 | 6.06M |
| Pretax Income | -2.02M | -2.74M | 22.67M | 19.72M | 9.87M | 10.61M | 7.97M | 6.21M | -3.95M | 4.71M | -7.99M | 450.48K | 3.31M | 3.23M | 7.23M |
| Pretax Margin % | -2.69% | -3.46% | 65.02% | 61.48% | 49.31% | 50.34% | 41.66% | 38.15% | -79.13% | 26.07% | -105.09% | 2.47% | 22.32% | 39.69% | 83.57% |
| Income Tax | -5K | 8.19K | 18.81K | 5.72K | 11.09K | 77.89K | -476.25K | -43.52K | 1.52M | 1.18B | 3.52B | 3.52B | 0 | 0 | 0 |
| Effective Tax Rate % | 0.25% | -0.3% | 0.08% | 0.03% | 0.11% | 0.73% | -5.97% | -0.7% | -38.53% | 25073.89% | -44080.8% | 781842.44% | 0% | 0% | 0% |
| Net Income | -2.02M | -2.75M | 22.65M | 19.71M | 9.86M | 10.53M | 8.45M | 6.25M | -5.47M | 4.71M | -7.99M | 450.48K | 3.31M | 3.23M | 7.23M |
| Net Margin % | -2.69% | -3.47% | 64.97% | 61.46% | 49.26% | 49.97% | 44.15% | 38.41% | -109.61% | 26.07% | -105.09% | 2.47% | 22.32% | 39.69% | 83.57% |
| Net Income Growth % | -113.31% | -112.12% | 14.89% | 99.87% | -6.3% | 24.59% | 35.22% | 214.21% | -216.24% | 158.91% | -1873.66% | -86.41% | 2.71% | -55.37% | - |
| Funds From Operations (FFO) | -6.35M | -1.97M | 22.65M | 92.25M | 9.92M | 10.95M | -31.55M | 6.25M | 51.12M | 78.05M | 83.15M | 83.56M | 31.16M | 7.96M | 0 |
| FFO Margin % | -8.47% | -2.48% | 64.97% | 287.59% | 49.56% | 51.99% | -164.84% | 38.41% | 1024.16% | 432.31% | 1093.63% | 458.01% | 209.82% | 97.97% | 0% |
| FFO Growth % | 342.97% | - | - | 829.52% | -9.39% | 134.72% | - | - | -34.5% | -6.14% | -0.49% | 168.19% | 291.23% | - | - |
| FFO per Share | -0.12 | -0.04 | 0.43 | 1.77 | 0.21 | 0.44 | -1.27 | 0.26 | 2.07 | 3.73 | 5.44 | 5.44 | 2.42 | 1.24 | 0.00 |
| FFO Payout Ratio % | -78.07% | -931.49% | 69.23% | 14.15% | 117.35% | 91.1% | -24.21% | 106.14% | 10.09% | 15.25% | 35.96% | 23.79% | 58.51% | 129.39% | - |
| EPS (Diluted) | -0.04 | -0.14 | 0.34 | 0.29 | 0.11 | 0.30 | 0.34 | 0.11 | -0.22 | 0.06 | -0.52 | -0.20 | 0.03 | 0.50 | 1.18 |
| EPS Growth % | -164.39% | -141.18% | 17.24% | 163.64% | -63.33% | -11.76% | 209.09% | 150% | -482.61% | 111.06% | -160% | -796.86% | -94.26% | -57.63% | - |
| EPS (Basic) | - | -0.14 | 0.34 | 0.29 | 0.11 | 0.30 | 0.34 | 0.11 | -0.23 | 0.06 | -0.55 | -0.20 | 0.03 | 0.50 | 1.18 |
| Diluted Shares Outstanding | 52.4M | 52.34M | 52.3M | 52.23M | 48.34M | 24.95M | 24.93M | 23.69M | 24.65M | 20.93M | 15.28M | 15.37M | 12.9M | 6.4M | 6.13M |
Transitional loan credit impairment
As reported in recent financial filings, LFT experienced significant top-line revenue growth of 127.12% year-over-year, yet this expansion appears disconnected from operational profitability, as evidenced by the erratic quarterly NOI fluctuations that swung from $19.0 million in 2026Q1 to a negative $4.8 million in 2025Q4.
The sharp divergence between revenue growth and property-level income suggests that LFT is struggling to maintain consistent spreads amidst a volatile interest rate environment. Investors should monitor whether this revenue expansion is driven by sustainable loan originations or merely the accounting recognition of interest on non-performing assets.
Based on the company's reported figures, the NOI margin has demonstrated extreme instability, collapsing from a historical baseline of 100% in early 2024 to a negative 29.8% by 2025Q4, indicating that property-level operating expenses and credit provisions are currently overwhelming the core interest income stream.
The erosion of margins suggests that the cost of financing the loan portfolio, combined with potential credit loss provisions, is creating a structural drag on profitability. This trend warrants further investigation into whether the current cost structure is a temporary byproduct of the interest rate cycle or a permanent impairment of the business model.
According to recent SEC filings, LFT's FFO per share has remained inconsistent, with the company reporting a negative $0.14 per share in 2025Q4 before recovering to $0.01 in 2026Q1, a trajectory that suggests significant difficulty in generating reliable cash flow to cover shareholder distributions.
The lack of consistent FFO generation raises concerns regarding the long-term safety of the dividend, as the company appears to be operating with a thin margin of error. Analysts should scrutinize whether the recent return to positive FFO is sustainable or if it relies on non-recurring adjustments that mask underlying cash flow weakness.
Based on the provided income statement data, the frequent swings between positive net income and significant losses suggest that CECL accounting provisions are creating substantial noise, as the company reported a net loss of $7.8 million in 2025Q4 despite the high-growth revenue environment observed in other periods.
The reliance on non-cash credit loss reserves makes it difficult to ascertain the true economic health of the loan portfolio. Investors should be wary that these accounting charges may be a leading indicator of future realized losses, rather than just conservative bookkeeping, given the current high-leverage environment.
Quick answers to the most common questions about buying LFT stock.
For fiscal year 2025, Lument Finance Trust, Inc. (LFT) reported total revenue of $79.2M. This represents a 815.3% increase compared to $8.7M in 2012.
Lument Finance Trust, Inc. (LFT) reported a net loss of $2.7M for the fiscal year ending 2025.
Lument Finance Trust, Inc. (LFT) reported an operating income of $52.2M, resulting in an operating profit margin of 65.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Lument Finance Trust, Inc. (LFT) generated $71.3M in gross profit for the year, representing a gross profit margin of 90.1%. This demonstrates the company's core pricing power and production efficiency.