Lument Finance Trust, Inc.
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(Name of Issuer)
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7.875% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
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(Title of Class of Securities)
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55025L 207
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(CUSIP Number)
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December 31, 2021
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(Date of Event Which Requires Filing of this Statement)
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1
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NAMES OF REPORTING PERSONS
Kuvare Insurance Services LP
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||||
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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|||||
47-3990448
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|||||
2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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||||
(a)☐
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|||||
(b)☐
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|||||
3
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SEC USE ONLY
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||||
4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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||||
Delaware
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|||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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|||
0
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|||||
6
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SHARED VOTING POWER
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||||
200,000
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|||||
7
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SOLE DISPOSITIVE POWER
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||||
0
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|||||
8
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SHARED DISPOSITIVE POWER
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||||
200,000
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|||||
9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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||||
200,000
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|||||
10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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||||
☐
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|||||
11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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||||
8.33%1
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|||||
12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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||||
PN
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|||||
1
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NAMES OF REPORTING PERSONS
Kuvare Insurance Services LLC
|
||||
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|||||
81-2244718
|
|||||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
||||
(a)☐
|
|||||
(b)☐
|
|||||
3
|
SEC USE ONLY
|
||||
4
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||||
Delaware
|
|||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
5
|
SOLE VOTING POWER
|
|||
0
|
|||||
6
|
SHARED VOTING POWER
|
||||
200,000
|
|||||
7
|
SOLE DISPOSITIVE POWER
|
||||
0
|
|||||
8
|
SHARED DISPOSITIVE POWER
|
||||
200,000
|
|||||
9
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||||
200,000
|
|||||
10
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
||||
☐
|
|||||
11
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
|
||||
8.33%1
|
|||||
12
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||||
OO, HC
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|||||
Item 1(a).
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Name of Issuer:
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Lument Finance Trust, Inc. (the “Issuer”)
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Item 1(b).
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Address of Issuer's Principal Executive Offices:
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230 Park Avenue, 23rd Floor
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New York, NY 10017
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Item 2(a).
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Name of Person Filing:
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This Schedule 13G is filed by:
Kuvare Insurance Services LP (“KIS”)
Kuvare Insurance Services LLC (“KIS GP”)
(each individually a “Reporting Person” and collectively the “Reporting Persons”).
KIS is a limited partnership, and KIS GP is KIS’s sole general partner.
The Reporting Persons have entered into a Joint Filing Agreement, a copy of which was filed as Exhibit A to the Schedule 13G filed by
the Reporting Persons on May 24, 2021, and is incorporated herein by reference. Pursuant to the Joint Filing Agreement, the Reporting Persons have agreed to file the Schedule 13G and any amendment thereto jointly in accordance with the
provisions of Rule 13d-1(k)(1) under the Act.
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Item 2(b).
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Address of Principal Business Office or, if none, Residence:
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KIS: 115
Broadway, Suite 1302
New York, NY 10006
KIS GP: 115
Broadway, Suite 1302
New York, NY 10006
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Item 2(c).
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Citizenship:
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KIS: Delaware
KIS GP: Delaware
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Item 2(d).
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Title of Class of Securities:
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7.875% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Preferred Stock”)
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Item 2(e).
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CUSIP Number: 55025L 207
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Item 3.
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If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person
Filing Is a(n):
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(a)
|
☐
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Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);
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(b)
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☐
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Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
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(c)
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☐
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Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);
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(d)
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☐
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Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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(e)
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☐
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Investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E);
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(f)
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☐
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Employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F);
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(g)
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☐
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Parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G);
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(h)
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☐
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Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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(i)
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☐
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Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
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(j)
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☐
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A non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J);
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(k)
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☐
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Group, in accordance with Section 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with
Section 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____________________________ .
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Item 4.
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Ownership.
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(a)
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Amount beneficially owned:
KIS: 200,000
KIS GP: 200,000
KIS has been delegated exclusive voting and dispositive power of the shares of Preferred Stock reported on this Schedule 13G, which
are directly held by an entity that is affiliated with KIS. Pursuant to this delegation, KIS has the sole power to vote or to direct the vote of, and the sole power to dispose or to direct the disposition of, these shares. As the sole
general partner of KIS, KIS GP may be deemed to have the power to vote or to direct the vote of, and the sole power to dispose or to direct the disposition of, these shares.
Each reporting person disclaims beneficial ownership of the Preferred Stock reported on this Schedule 13G in excess of its
pecuniary interests, if any, and this report shall not be deemed an admission that the reporting person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Act or for any other
purpose.
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(b)
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Percent of class:
KIS: 8.33%
KIS GP: 8.33%
Such percentages are based on a total of 2,400,000 shares of 7.875% Series A Cumulative Redeemable Preferred Stock, par value $0.01
per share, outstanding as of September 30, 2021, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the Securities and Exchange Commission on November 9, 2021.
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(c)
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Number of shares as to which the person has:
|
(i)
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Sole power to vote or to direct the vote:
KIS: 0
KIS GP: 0
|
(ii)
|
Shared power to vote or to direct the vote:
KIS: 200,000
KIS GP: 200,000
|
(iii)
|
Sole power to dispose or to direct the disposition of:
KIS: 0
KIS GP: 0
|
(iv)
|
Shared power to dispose or to direct the disposition of:
KIS: 200,000
KIS GP: 200,000
|
Item 5.
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Ownership of Five Percent or Less of a Class.
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If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check the following ☐.
|
|
Not applicable.
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Item 6.
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Ownership of More Than Five Percent on Behalf of Another Person.
|
All securities reported on this Schedule 13G are directly held by clients of KIS. The following client holds more than 5% of the class
of securities:
Kuvare US Holdings, Inc. - 8.33%
|
|
Item 7.
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Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent
Holding Company.
|
Not applicable.
|
|
Item 8.
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Identification and Classification of Members of the Group.
|
Not applicable.
|
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Item 9.
|
Notice of Dissolution of Group.
|
Not applicable.
|
|
Item 10.
|
Certification.
|
KUVARE INSURANCE SERVICES LP
|
||
By:
|
/s/ Thomas J. Pasuit
|
|
Name: Thomas J. Pasuit
|
||
Title: Chief Legal Officer
|
KUVARE INSURANCE SERVICES LLC
|
||
By:
|
/s/ Dhiren Jhaveri
|
|
Name: Dhiren Jhaveri
|
||
Title: Chief Executive Officer
|