Exhibit 8.1

Mayer Brown LLP

1221 Avenue of the Americas
New York, New York 10020-1001

Main Tel (212) 506-2500
Main Fax (212) 262-1910

www.mayerbrown.com

January 7, 2022

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

JMP Securities LLC

600 Montgomery Street, Suite 1100

San Francisco, California 94111

Ladies and Gentlemen:

We have represented Lument Finance Trust, Inc., a Maryland corporation (the “Company”), in connection with the distribution by the Company to the holders of record (the “Record Date Holders”) at 5:00 p.m. (New York City time) on January 18, 2022 (the “Record Date”) of shares of common stock, par value $0.01 per share (the “Common Stock”), of the Company, of transferable rights entitling such Record Date Holders and any transferee of rights thereof to subscribe collectively for up to an aggregate of 37,421,825 whole shares (each, a “Share” and collectively, the “Shares”) of Common Stock (the “Rights Offering”). Pursuant to the terms of the Rights Offering, the Company is issuing each Record Date Holder 1.5 transferable rights (each, a “Right” and collectively, the “Rights”) for each share of Common Stock held by such Record Date Holder on the Record Date. The Rights and the Shares together are referred to herein as the “Securities.” The Securities are being offered pursuant to a prospectus supplement dated January 7, 2022 (the “Prospectus Supplement” and the accompanying base prospectus, dated August 6, 2021, which forms a part of LFT’s Registration Statement on Form S-3 (the “Registration Statement”) filed by LFT with the Securities and Exchange Commission (the “Commission”) on July 23, 2021 under the Securities Act of 1933, as amended. We are furnishing this letter to you pursuant to Section 6(b) of the Dealer Manager Agreement, dated January 7, 2022 (the “Dealer Manager Agreement”), among the Company and OREC Investment Management, LLC, a Delaware limited liability company doing business as Lument Investment Management (the “Manager”), on the one hand, and Wells Fargo Securities, LLC and JMP Securities LLC, on the other hand. Capitalized terms used herein and not otherwise defined have the meanings set forth in the Registration Statement.

Wells Fargo Securities, LLC

JMP Securities LLC

January 7, 2022

Page 2

1. Copy of the Articles of Incorporation of the Company, as amended, in the form filed with the Commission.

2. Copy of the Amended and Restated Bylaws of the Company in the form filed with the Commission.

3. A certificate containing certain factual representations and covenants of the Company, the Manager, and Lument Commercial Mortgage Trust, Inc., a Maryland corporation (“LCMT,” such certificate, the “Officer’s Certificate”) relating to, among other things, the past, current, and proposed operations of the Company and the entities in which it holds a direct or indirect interest.

4. A copy of the Registration Statement and the Prospectus Supplement.

5. Such other documentation or information provided to us by the Company, as we have deemed necessary or appropriate as a basis for our opinion set forth herein.

Although we have made such inquiries and performed such investigations as we have deemed necessary for purposes of our opinion, we have not independently verified all of the facts, representations and covenants set forth in the Officer’s Certificate, the Registration Statement, the Prospectus Supplement or in any other document.

We have assumed and relied on representations of the Company, the Manager, and LCMT, that the facts, representations and covenants contained in the Officer’s Certificate, the Registration Statement, Prospectus Supplement and other documents are accurate. We have assumed that such factual statements, representations and covenants are true without regard to any qualification as to knowledge or belief.

Our opinion is conditioned on, among other things, the initial and continuing accuracy of the factual information, covenants and representations set forth in the Registration Statement, the Prospectus Supplement, and the Officer’s Certificate and the representations made by representatives of the Company, without regard to any qualifications therein. Any change or inaccuracy in the facts referred to, set forth or assumed herein or in the Officer’s Certificate may affect our conclusions set forth herein.

Our opinion is also based on the correctness of the following assumptions: (i) the Company and each of the entities in which the Company holds a direct or indirect interest have been and will continue to be operated in accordance with the laws of the jurisdictions in which they were formed and in the manner described in the relevant organizational documents, (ii) there will be no changes in the applicable laws of the State of Maryland or of any other jurisdiction under the laws of which any such entity has been formed, and (iii) each of the written agreements to which the Company or any such entity is a party will be implemented, construed and enforced in accordance with its terms.

Wells Fargo Securities, LLC

JMP Securities LLC

January 7, 2022

Page 3

In rendering our opinion, we have also considered the applicable provisions of the Internal Revenue Code of 1986 (the “Code”), the Treasury Regulations promulgated thereunder, judicial decisions, administrative rulings and other applicable authorities, in each case as in effect on the date hereof. The statutory provisions, regulations, decisions, rulings and other authorities on which this opinion is based are subject to change, and such changes could apply retroactively. A material change that is made after the date hereof in any of the foregoing bases for our opinion could affect our conclusions set forth herein.

In our examination, we have assumed (i) the legal capacity of all natural persons, (ii) the genuineness of all signatures, (iii) the authenticity of all documents submitted to us as originals, (iv) the conformity to original documents of all documents submitted to us as certified, conformed, or photostatic copies, and (v) the authenticity of the originals of such copies.

This opinion shall not be construed as or deemed to be a guaranty or insuring agreement. Opinions of special tax counsel represent only special tax counsel’s best legal judgment and are not binding on the Internal Revenue Service (“IRS”) or on any court. Accordingly, no assurance can be given that the IRS will not challenge the conclusions of the opinion set forth herein or that such a challenge would not be successful.

Based on and subject to the foregoing, we are of the opinion that:

1.

Commencing with the Company’s taxable year ending on December 31, 2019, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) under the Code, and its current organization and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code for the Company’s current taxable year.

2.

Although the discussions in the Prospectus under the heading “Material U.S. Federal Income Tax Considerations” and in the Prospectus Supplement under the heading “Material U.S. Federal Income Tax Considerations” do not purport to summarize all possible U.S. federal income tax consequences of the purchase, ownership and disposition of the Securities, such discussion, though general in nature, constitutes in all material respects a fair and accurate summary of the material U.S. federal income tax consequences of the purchase, ownership, and disposition of the Securities, subject to the qualifications set forth therein. The U.S. federal income tax consequences of the purchase, ownership and disposition of the Securities by an investor will depend upon that investor’s particular situation, and we express no opinion as to the completeness of the discussion in the Prospectus under the heading “Material U.S. Federal Income Tax Considerations” or the Prospectus Supplement under the heading “Material U.S. Federal Income Tax Considerations” as applied to any particular investor.

Wells Fargo Securities, LLC

JMP Securities LLC

January 7, 2022

Page 4

Other than as expressly stated above, we express no opinion on any issue relating to the Company or to any investment therein or under any other law. Furthermore, the Company’s qualification as a REIT will depend upon the Company’s meeting, in its actual operations, the applicable asset composition, source of income, stockholder diversification, distribution and other requirements of the Code and Treasury Regulations necessary for a corporation to qualify as a REIT. We will not review these operations and no assurance can be given that the actual operations of the Company and any applicable affiliates will meet these requirements or the representations made to us with respect thereto.

This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters arising subsequent to the date hereof, or the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.

Very truly yours,

/s/ Mayer Brown LLP           

Mayer Brown LLP