Exhibit 99.2

August 2024 Lument Finance Trust Q2 2024 Earnings Supplemental

Disclaimer 2 This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the current views of Lument Finance Trust, Inc. (NYSE: LFT) (“LFT,” the “Company,” “we,” “our,” or “us”) with respect to, among other things, the Company’s operations and financial performance. You can identify these forward - looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative version of these words or other comparable words or other statements that do not relate strictly to historical or factual matters. Such forward - looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10 - K for the year ended December 31, 2023, which is available on the SEC’s website at www.sec.gov . These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. The forward - looking statements contained in this presentation speak only as of August 12th , 2024. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances. This presentation includes non - GAAP financial measures, including Distributable Earnings. While we believe the non - GAAP information included in this presentation provides supplemental information to assist investors in analyzing our operating results and to assist investors in comparing our operating results with other peer issuers, these measures are not in accordance with GAAP, and they should not be considered a substitute for, or superior to, our financial information calculated in accordance with GAAP. Please refer to this presentation’s Appendix for a reconciliation of the non - GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.

Company Overview 3 Key Investment Highlights Strong Sponsorship/Ownership • Access to extensive loan origination platform through affiliation with Lument, a premier national mortgage originator and asset manager. • Experienced management team with an average of 20+ years of industry experience across multiple economic cycles. • Affiliation with ORIX Corporation USA, the US subsidiary of ORIX Corporation, the publicly traded Tokyo - based international financial services firm. • The Company is an externally - managed real estate investment trust focused on investing in, financing and managing a portfolio of commercial real estate debt investments. • The Company is externally managed by Lument Investment Management LLC, an affiliate of ORIX Corporation USA. Attractive Investment Profile • Emphasis on middle market multifamily debt investments which are well positioned for the current environment. • Strong credit and asset management capabilities. • Attractive financing source via match term, non - recourse, non mark - to - market, collateralized financing structures.

Q2 2024 Updates 4 Note: (1) We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (los s) and cash flows from operating activities determined in accordance with GAAP. Distributable Earnings mirrors how we calculated Core Earnings in the past. Please see Appendix for reconciliation to GAAP. (2) See Appendix for definition of Book Value Per Share of Common Stock. (3) Based on carrying value. (4) If all extensions are exercised by the borrowers, the CRE loan portfolio will have a weighted average remaining term of 3 1 months. Financial Results • Q2 2024 GAAP net income attributable to common stockholders of $0.07 per share of common stock. • Q2 2024 Distributable Earnings (1) of $0.09 per share of common stock. • On June 13, 2024, the Company declared a cash dividend for the quarter of $0.08 per share of common stock, which represents a 14% increase over the first quarter dividend of $0.07 per share of common stock. • The Company also declared a cash dividend for the quarter of $0.49219 per share of 7.875% Cumulative Redeemable Series A Preferred Stock. • Book Value Per Share of Common Stock was $3.48 (2) as of 6/30/2024. Notable Activity • During the quarter, the Company experienced $98.2 million of loan payoffs. Portfolio Performance • As of June 30, 2024, the Company’s investment portfolio consisted of floating - rate CRE loans of which approximately 93.2% (3) were collateralized by multifamily assets. • As of June 30, 2024, the Company’s $1.2 billion loan portfolio had a weighted average remaining initial term of 9 months (4) , a weighted average note rate of SOFR + 3.59%, and unamortized aggregate purchase discounts of $5.6 million. • Portfolio weighted average risk rating of 3.6, with 62.7% of the portfolio rated “3” (Moderate Risk) or better. Capitalization • The floating - rate CRE loan portfolio was financed primarily through the Company’s two outstanding non - mark - to - market secured financings: • $681.7 million of investment grade notes issued through 2021 - FL1 CLO. • $317.7 million of investment grade notes issued through LMF 2023 - 1. • As of June 30, 2024, the Company held cash and cash equivalents of $65.1 million and its leverage ratio declined quarter - over - quarter from 4.7x to 4.4x. • The Company’s corporate debt does not mature until 2026.

Q2 2024 Balance Sheet Summary 5 Balance Sheet (thousands) June 30, 2024 (1) Commercial mortgage loans held - for - investment (net of allowance for credit losses) $1,186,653 Cash and cash equivalents 65,135 Restricted cash (2) 1,457 Accrued interest receivable 7,761 Investment related receivable 33,360 Other assets (3) 2,593 Total assets $1,296,959 Secured financings (4) $995,895 Credit facility (4) 47,344 Other liabilities 11,525 Total liabilities $1,054,764 Total equity $242,195 Total liabilities / total equity 4.4x Book Value Per Share of Common Stock (5) $3.48 Note: (1) See Appendix for detailed consolidated balance sheet, including the Company’s consolidated variable interest entities (“VIE’s”). (2) Restricted cash held by LMF 2023 - 1 is available for investment in eligible mortgage assets. (3) Includes mortgage servicing rights, carried at fair value of $0.7 million. (4) Outstanding principal amount of investment grade notes issued by 2021 - FL1 CLO and LMF 2023 - 1 is $681.7 million and $317.7 m illion, respectively. The unpaid principal balance of the credit facility is $47.8 million. For GAAP purposes, these liabilities are carried at their outstanding unpaid principal balance, net of any unamortiz ed discounts and debt issuance costs. (5) See Appendix for definition of Book Value Per Share of Common Stock.

Q2 2024 Income Statement Summary 6 Summary Income Statement (thousands) Three Months Ended June 30, 2024 Net interest income $9,523 Total other income (loss) (1,392) Operating expenses (3,534) Benefit (provision) from income taxes 1 Preferred dividends (1,185) Net income attributable to common stockholders $3,413 Weighted average shares outstanding during the period, basic and diluted 52,266,174 Net income attributable to common stockholders per share $0.07 GAAP Net Income to Distributable Earnings Reconciliation (thousands) Three Months Ended June 30, 2024 Net Income attributable to common stockholders $3,413 Adjustments: Unrealized (gains) losses on mortgage servicing rights 10 Unrealized provision for credit losses 1,400 Provision for (benefit from) income taxes (1) Distributable Earnings (1) $4,822 Weighted average shares outstanding during the period, basic and diluted 52,266,174 Distributable Earnings per share of common stock $0.09 Dividend per share of common stock $0.08 Note: (1) See Appendix for definition of Distributable Earnings and reconciliation to GAAP.

Earnings and Book Value Per Share of Common Stock 7 $0.11 $0.10 $0.15 $0.09 $0.07 $0.07 $0.07 $0.08 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Distributable Earnings Dividends $3.46 $3.46 $3.50 $3.48 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Distributable Earnings (1) & Dividends Per Share of Common Share Book Value Per Share of Common Stock (2) Note: (1) See Appendix for definition of Distributable Earnings. (2) See Appendix for definition of Book Value Per Share of Common Stock.

Investment Portfolio 8 Geographic Concentration (2) Multifamily , $1,105.8 , 93.2% Seniors Housing & Healthcare , $74.9 , 6.3% Self Storage , $6.0 , 0.5% Property Type (2) $1,186.7 Note: (1) Based on carrying value. (2) $ In millions, based on carrying value. • On June 30, 2024, the Company owned a portfolio of floating - rate CRE loans with a carrying value of $1.2 billion. 93.2% (1) of the portfolio was invested in loans collateralized by multifamily assets. • The Company anticipates that it will continue to focus on investment opportunities within multifamily credit. The Company does not currently own any hospitality, retail, or office loan assets and has limited exposure to seniors housing and self - storage. TX , $389.8 , 32.8% FL , $210.0 , 17.7% GA , $110.4 , 9.3% NJ , $96.3 , 8.1% NC , $59.3 , 5.0% Other States , $320.9 , 27.0% $1,186.7

Q2 2024 Loan Activity 9 Multifamily , $96.9 , 98.7% Self Storage , $1.3 , 1.3% Q2 Payoffs by Property Type (1) $98.2 • The Company experienced $98.2 million of loan payoffs during the quarter. Note: (1) $ In millions, based on carrying value. (2) Portfolio balances shown based on carrying value net of allowances. “Other Activity” consists of accelerated realization of deferred origination fees and purchase discount accretion in connection with loan payoffs. Portfolio Activity (2) $1,285.5 $(98.2) $(1.4) $0.8 $1,186.7 Q1 2024 Portfolio Payoffs / Sales Provision for Loan Losses Other Activity Q2 2024 Portfolio

Portfolio Credit 10 • As of June 30, 2024, 93.0 % of the Company’s portfolio was performing (1) , with 62.7% of the portfolio rated “3” (Moderate Risk) or better. • Weighted average risk rating (2) of 3.6. • During the quarter, management applied a “5” risk - rating to four loans with an aggregate principal value of $84.2 million. 95.0% 96.7% 97.1% 93.0% 5.3% 5.3% 5.3% 5.3% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/23 12/31/23 3/31/24 6/30/24 % Performing Average 1M SOFR Asset Performance (1) Weighted Average Risk Rating (2) Note: (1) “Performing” defined as loans that are neither in default nor on non - accrual status. (2)Weighted average risk rating is weighted based on carrying value of portfolio assets. 3.4 3.5 3.5 3.6 2.90 3.00 3.10 3.20 3.30 3.40 3.50 3.60 3.70 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/2023 12/31/2023 3/31/2024 6/30/2024 1 2 3 4 5 Weighted Avg Risk Rating

Q2 2024 Capital Structure Overview 11 77.5% 14.1% 4.7% 3.7% Secured Financing Common Equity Preferred Equity Term Loan $1,289.2 Capital Structure Composition (1) Capital Structure Detail Note: (1) In millions. LFT total capitalization is a non - GAAP measure which excludes certain Balance Sheet items; Please see App endix for reconciliation to GAAP. (2) Secured financing shown at par value. 2021 - FL1 CLO GAAP carrying value of $681.0 million includes $0.7 million of unamortiz ed debt issuance costs. LMF 2023 - 1 carrying value of $314.9 million includes $2.8 million of unamortized debt issuance costs. (3) Term loan shown at par value. GAAP carrying value of $47.3 million includes $0.4 million of unamortized debt issuance cos ts . (4) Preferred equity shown at $60 million liquidation preference. (5) Noncontrolling interest was $99,500 as of 6/30/2024 and is excluded from common equity above. Match Term Non - Recourse Financing • The Company does not currently utilize repurchase or warehouse facility financing and therefore is not subject to margin calls on any of its loan assets from repo or warehouse lenders. • Primary sources of financing include two secured financings ( 2021 - FL1 CLO and LMF 2023 - 1), preferred stock, and a corporate term loan. ($ in millions) Secured Financings (2) Maturity Date Rate Advance Rate Amount 2021-FL1 CLO July 2032 S + 1.61% 79.5% $681.7 LMF 2023-1 Financing June 2039 S + 3.14% 82.2% $317.7 Credit Facilities Term Loan (3) February 2026 7.25% $47.8 Total Debt $1,047.1 Equity Preferred Equity (4) N/A 7.875% $60.0 Book Value of Common Equity (5) N/A $182.1 Total Capitalization (1) $1,289.2

$0.01 - $0.01 - $0.02 - $0.03 - $0.04 +25 bps 0 bps -25 bps -50 bps -75 bps -100 bps Net Interest Income Sensitivity to Shifts in Term SOFR 12 Floating Rate Assets (2) $1,202 Floating Rate Liabilities (3) - $999 Net Exposure $202 Floating - Rate Exposure (1) Net Interest Income Per Share Sensitivity to Change in SOFR (4) Note: (1) In millions. Net Exposure represents UPB of floating rate portfolio assets net of par value of secured floating rate debt outstanding. (2) Figure reflects unpaid principal balance of floating - rate loan portfolio. (3) Comprised of outstanding securitization notes related to 2021 - FL1 and LMF 2023 - 1, both of which are indexed to one - month SO FR. Figure reflects par value of notes. (4) Annualized impact per common share. Assumes starting 30 - day term SOFR of 5.34%. • 100% floating - rate loan portfolio. • 100% of portfolio is indexed to 30 - day term SOFR.

Appendix

6/30/2024 CRE Loan Portfolio Details 14 Continued on the following page Note: (1) LTV as of the date the loan was originated by an affiliate. LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Unamortized Discount/Premium Initial Term (months) As-Is LTV at Origination (1) 1 Loan 1 12/16/2021 1/3/2025 Multi-Family Daytona FL 51,375,000 3.16% 0 37 71.70% 2 Loan 2 3/22/2022 4/5/2025 Multi-Family Seneca SC 31,876,244 3.35% (507,557) 37 74.54% 3 Loan 3 6/28/2022 7/3/2025 Multi-Family Dallas TX 31,602,808 3.90% (420,206) 36 71.59% 4 Loan 4 12/29/2021 1/6/2025 Multi-Family Multi NC 30,709,146 3.96% 0 36 59.90% 5 Loan 5 6/8/2021 7/5/2024 Multi-Family Miami FL 30,576,666 3.31% 0 37 74.26% 6 Loan 6 8/25/2022 9/5/2025 Multi-Family Wilmington NC 28,653,440 4.00% 0 36 71.45% 7 Loan 7 6/7/2021 7/5/2024 Multi-Family San Antonio TX 27,569,521 3.51% (93) 37 80.00% 8 Loan 8 11/2/2021 11/5/2024 Multi-Family Melbourne FL 26,049,291 3.81% (90,632) 36 72.09% 9 Loan 9 8/26/2021 8/5/2024 Multi-Family Clarkston GA 25,440,413 3.61% (205) 35 79.00% 10 Loan 10 11/15/2021 12/6/2024 Multi-Family El Paso TX 24,330,000 3.21% 0 37 75.96% 11 Loan 11 10/18/2021 11/6/2024 Multi-Family Cherry Hill NJ 23,348,000 3.11% 0 37 72.40% 12 Loan 12 8/26/2021 9/5/2024 Multi-Family Union City GA 22,872,354 3.46% (1,064) 36 70.40% 13 Loan 13 4/27/2022 5/5/2025 Multi-Family North Brunswick NJ 22,071,641 3.40% (93,686) 36 79.90% 14 Loan 14 3/22/2022 4/5/2025 Multi-Family York PA 21,934,375 3.30% (453,881) 37 79.17% 15 Loan 15 11/16/2021 12/5/2024 Multi-Family Dallas TX 21,916,753 3.31% (4,379) 37 73.54% 16 Loan 16 7/8/2022 8/5/2025 Multi-Family Arlington TX 21,818,465 3.75% (269,701) 37 67.10% 17 Loan 17 8/31/2021 9/6/2024 Multi-Family Houston TX 21,644,684 3.41% (624) 36 74.20% 18 Loan 18 11/29/2022 12/5/2025 Healthcare Glendale WI 20,360,000 4.00% 0 36 45.00% 19 Loan 19 6/10/2022 7/5/2025 Multi-Family Various GA 20,250,372 3.75% (274,073) 37 75.79% 20 Loan 20 11/5/2021 11/5/2024 Multi-Family Orlando FL 19,625,274 3.11% (2,325) 36 78.05% 21 Loan 21 4/13/2022 5/5/2025 Multi-Family Decatur GA 18,989,494 3.55% (239,028) 37 75.70%

# Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Unamortized Discount/Premium Initial Term (months) As-Is LTV at Origination (1) 22 Loan 22 11/21/2022 12/5/2025 Healthcare Houston TX 18,920,000 4.00% 0 37 67.00% 23 Loan 23 11/23/2021 12/5/2024 Multi-Family Orange NJ 18,834,024 3.31% (2,603) 36 78.00% 24 Loan 24 2/2/2022 2/6/2025 Multi-Family Houston TX 18,660,822 3.50% (82,398) 36 77.50% 25 Loan 25 2/11/2022 3/5/2025 Multi-Family Tampa FL 18,599,480 3.60% 0 37 77.99% 26 Loan 26 5/26/2022 6/6/2024 Multi-Family Brooklyn NY 17,263,000 3.75% 0 24 64.30% 27 Loan 27 3/31/2022 4/5/2025 Multi-Family Tallahassee FL 16,956,276 3.30% (316,790) 36 74.80% 28 Loan 28 11/10/2022 12/5/2025 Healthcare Austin TX 16,690,000 4.00% 0 37 65.00% 29 Loan 29 12/1/2021 12/5/2024 Multi-Family Horn Lake MS 15,449,323 3.41% (7,480) 36 75.70% 30 Loan 30 2/1/2022 2/5/2025 Multi-Family San Antonio TX 15,400,000 3.45% 0 36 79.79% 31 Loan 31 4/6/2022 4/4/2025 Multi-Family Vineland NJ 15,347,180 3.75% (215,113) 36 77.00% 32 Loan 32 4/6/2022 4/5/2025 Multi-Family Haltom City TX 15,156,425 3.45% (218,796) 36 74.10% 33 Loan 33 12/2/2021 12/6/2024 Multi-Family Colorado Springs CO 15,010,343 3.11% 0 36 72.48% 34 Loan 34 2/22/2022 3/5/2025 Multi-Family Philadelphia PA 15,000,000 3.80% 0 36 80.00% 35 Loan 35 6/15/2022 7/5/2025 Multi-Family Denton TX 14,511,455 3.90% (6,841) 37 73.00% 36 Loan 36 7/26/2022 8/5/2025 Multi-Family Atlanta GA 14,351,599 3.65% (236,881) 36 65.15% 37 Loan 37 4/27/2022 5/5/2025 Multi-Family Houston TX 14,171,704 3.70% (164,096) 36 79.60% 38 Loan 38 1/13/2022 2/5/2025 Multi-Family Indianapolis IN 14,119,842 3.75% (106,566) 37 80.00% 39 Loan 39 11/21/2022 12/5/2025 Healthcare Southlake TX 14,030,000 4.00% 0 37 48.00% 40 Loan 40 12/28/2021 1/3/2025 Multi-Family Houston TX 14,000,000 3.25% (183,078) 36 71.22% 41 Loan 41 5/13/2022 6/5/2025 Multi-Family Decatur AL 13,885,769 3.50% (104,304) 37 59.21% 42 Loan 42 4/12/2021 5/5/2025 Multi-Family Cedar Park TX 13,666,721 3.86% 0 49 66.70% 43 Loan 43 6/10/2022 7/5/2025 Multi-Family Blakely PA 13,625,505 3.90% (87,008) 37 75.00% 44 Loan 44 10/6/2023 10/4/2024 Multi-Family Garfield NJ 13,191,852 4.00% 0 12 65.50% 6/30/2024 CRE Loan Portfolio Details 15 Continued on the following page Note: (1) LTV as of the date the loan was originated by an affiliate. LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date.

6/30/2024 CRE Loan Portfolio Details 16 Continued on the following page Note: (1) LTV as of the date the loan was originated by an affiliate. LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Unamortized Discount/Premium Initial Term (months) As-Is LTV at Origination (1) 45 Loan 45 12/13/2021 1/5/2025 Multi-Family Evansville IN 12,600,000 3.41% 0 37 74.30% 46 Loan 46 12/28/2021 1/3/2025 Multi-Family Houston TX 12,322,717 3.25% (61,818) 36 71.20% 47 Loan 47 1/25/2022 2/6/2025 Multi-Family Corpus Christi TX 12,249,079 3.55% (127,066) 36 78.76% 48 Loan 48 5/12/2022 6/5/2025 Multi-Family Ypsilanti MI 11,926,591 3.50% (167,741) 37 68.40% 49 Loan 49 12/10/2021 1/5/2025 Multi-Family Los Angeles CA 11,662,582 3.61% (240,982) 37 67.93% 50 Loan 50 3/4/2022 3/5/2025 Multi-Family Houston TX 11,467,505 3.45% (230,134) 36 78.30% 51 Loan 51 4/14/2022 5/5/2025 Multi-Family Irving TX 11,287,602 3.50% (169,515) 37 74.90% 52 Loan 52 10/28/2021 11/6/2024 Multi-Family Tampa FL 11,202,535 3.06% 0 36 75.70% 53 Loan 53 4/23/2021 5/6/2025 Multi-Family Tualatin OR 10,986,357 3.31% 0 49 73.90% 54 Loan 54 5/3/2022 5/5/2025 Multi-Family Port Richey FL 10,818,945 3.55% (200,008) 36 79.05% 55 Loan 55 9/30/2021 10/4/2024 Multi-Family Clearfield UT 10,795,000 3.26% 0 36 67.98% 56 Loan 56 12/29/2021 1/3/2025 Multi-Family Phoenix AZ 10,615,094 3.76% (4,970) 36 75.90% 57 Loan 57 6/28/2022 7/4/2025 Multi-Family Colorado Springs CO 10,531,845 3.90% 0 36 73.06% 58 Loan 58 12/2/2021 12/6/2024 Multi-Family Tomball TX 9,975,000 3.51% 0 36 68.50% 59 Loan 59 11/23/2021 12/5/2024 Multi-Family Atlanta GA 9,856,000 3.46% 0 36 79.50% 60 Loan 60 1/14/2022 2/5/2025 Multi-Family Houston TX 9,609,250 3.60% 0 37 78.76% 61 Loan 61 7/14/2022 8/5/2025 Multi-Family Bradenton FL 9,429,206 3.90% (69,033) 37 74.40% 62 Loan 62 8/5/2022 8/5/2025 Multi-Family San Antonio TX 9,127,649 4.35% (38,426) 36 75.00% 63 Loan 63 10/29/2021 11/5/2024 Multi-Family Riverside MO 8,717,380 3.51% (2,953) 36 76.60% 64 Loan 64 6/22/2022 7/3/2025 Multi-Family Des Moines IA 8,175,500 4.00% 0 36 72.03% 65 Loan 65 5/26/2022 6/5/2025 Multi-Family Haltom City TX 8,116,833 4.00% (67,133) 36 74.38% 66 Loan 66 6/24/2022 7/6/2025 Multi-Family Moncks Corner SC 7,934,160 4.15% 0 36 67.80%

6/30/2024 CRE Loan Portfolio Details 17 Note: (1) LTV as of the date the loan was originated by an affiliate. LTV has not been updated for any subsequent draws or loan modifications and is not reflective of any changes in value which may have occurred subsequent to the origination date. # Loan Name Closing Date Maturity Date Property Type City State Unpaid Principal Balance Note Spread Unamortized Discount/Premium Initial Term (months) As-Is LTV at Origination (1) 67 Loan 67 9/28/2021 10/4/2024 Multi-Family Chicago IL 7,286,000 3.76% 0 36 75.90% 68 Loan 68 7/1/2021 7/5/2024 Multi-Family Harker Heights TX 7,169,838 3.71% 0 36 72.30% 69 Loan 69 10/7/2022 11/5/2024 Multi-Family Fairborn OH 7,000,000 4.10% 0 25 79.10% 70 Loan 70 10/24/2022 11/6/2024 Healthcare Various FL 6,100,000 4.50% 0 24 71.00% 71 Loan 71 4/8/2022 5/5/2025 Multi-Family St. Petersburg FL 6,096,412 4.00% (61,407) 37 75.50% 72 Loan 72 6/3/2022 6/5/2025 Self Storage Deer Park NY 6,067,500 3.60% (45,517) 36 72.50% 73 Loan 73 5/21/2021 6/6/2025 Multi-Family Youngtown AZ 5,994,000 3.76% 0 49 71.40% 74 Loan 74 7/14/2021 8/6/2024 Multi-Family Birmingham AL 5,913,912 3.81% (106) 37 71.69% 75 Loan 75 11/19/2021 12/5/2024 Multi-Family Huntsville AL 5,519,604 3.86% (826) 37 78.75% 76 Loan 76 4/30/2021 5/5/2025 Multi-Family Daytona Beach FL 5,285,500 3.76% 0 48 77.40% 77 Loan 77 12/13/2021 1/5/2025 Multi-Family Evansville IN 5,250,000 3.41% 0 37 73.90% 78 Loan 78 10/6/2023 10/4/2024 Multi-Family Garfield NJ 4,808,148 4.00% 0 12 65.50% Total / Average 1,201,753,002 3.59% (5,577,041) 36 72.62%

Consolidated Balance Sheets 18

Consolidated Statement of Income 19

Detailed Walk of Allowance for Loan Losses 20

Reconciliation of Net Income to Distributable Earnings 21 For the Three Months Ended GAAP to Distributable Earnings Reconciliation June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Reconciliation of GAAP to non - GAAP Information Net income attributable to common stockholders $3,413,445 $5,795,183 $3,828,893 $5,174,685 Adjustments for non - Distributable earnings Unrealized losses (gains) on mortgage servicing rights 10,274 (4,627) 56,334 (1,573) Unrealized provision for credit losses 1,399,703 1,776,873 1,357,254 791,563 Subtotal 1,409,977 1,772,246 1,413,588 789,990 Other Adjustments Recognized compensation expense related to restricted common stock - - - - Adjustment for income taxes (1,030) 10,892 (4,057) 19,803 Subtotal (1,030) 10,892 (4,057) 19,803 Distributable Earnings $4,822,392 $7,578,321 $5,238,424 $5,984,478 Weighted average shares outstanding, b asic and diluted 52,266,174 52,249,299 52,231,722 52,231,152 Distributable Earnings per share of common stock , b asic and diluted $0.09 $0.15 $0.10 $0.11

Detailed Walk of Capitalization as of 6/30/2024 22 (in 000's) 6/30/2024 Total GAAP liabilities and stockholders' equity (1) $1,296,860 Adjustments for Capitalization ( - ) Accrued interest payable (3,365) ( - ) Dividends payable (5,180) ( - ) Fees and expenses payable to Manager (2,280) ( - ) Other accounts payable and accrued expenses (700) ( + ) Other capitalized financing & issuance costs 3,877 LFT Capitalization $1,289,213 Note: (1) Net of non - controlling interest.

Book Value Per Share of Common Stock as of 6/30/2024 23 (in 000's) Book Value per Share of Common Stock Total stockholders’ equity $242,195 ( - ) Preferred equity (1) (60,000) ( - ) Non - controlling interest (100) Common equity $182,096 Shares outstanding 52,257,230 Book Value Per Share of Common Stock $3.48 Note: (1) Reflects 2.4 million shares of the Company’s 7.875% Series A Cumulative Redeemable Preferred Stock outstanding at a $ 25 liquidation preference per share.

Key Definitions 24 “ Book Value Per Share of Common Stock ” is calculated as: a) total stockholders’ equity computed in accordance with GAAP less the value of the issued and outstanding preferred stock at its stated liquidation preference of $25.00 per share, divided by b) the weight ed average number of shares of common stock issued and outstanding during the period, basic and diluted. “ Distributable Earnings ” is a non - GAAP measure, which we define as GAAP net income (loss) attributable to holders' of common stock, or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not ot her wise included in GAAP net income (loss) and excluding (i) non - cash equity compensation, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non - cash items that are included in net income for that applicable reporting period, regardless of whether such items are included in other comprehensive income (loss) or net income (loss), and (iv) one - time events pursuant to changes in GAAP and certain material non - cash income or expense items after discussions with the Company's board of directors and approved by a majority of the Company's independent directors. We also add back one - time charges such as acquisition costs and one - time gains/losses on the early extinguishment of debt and redemption of preferred stock. Distributable Earnings mirrors how we calculate Core Earnings pursu ant to the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating the incentive fee payable to our Manager. While Distributable Earnings excludes the impact of any unrealized provisions for credi t l osses, any loan losses are charged off and realized through Distributable Earnings when deemed non - recoverable. Non - recoverability is determine d (i) upon the resolution of a loan (i.e. when the loan is repaid, fully or partially, or in the case of foreclosures, when the underlyi ng asset is sold), or (ii) with respect to any amount due under any loan, when such amount is determined to be non - collectible. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and c ash flows from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for e xis ting and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator o f o ur dividends per share. As a REIT, we generally must distribute annually at least 90% of our taxable income, subject to certain adjustment s, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Refer to Note 16 to ou r c onsolidated financial statements for further discussion of our distribution requirements as a REIT. Furthermore, Distributable Earnings h elp us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indica tiv e of our current loan portfolio and operations and is a performance metric we consider when declaring our dividends. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be con sid ered as an alternative to GAAP net income (loss), or an indication of GAAP cash flows from operations, a measure of our liquidity, or an in dication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the m eth odologies employed by other companies to calculate the same or similar performance measures, and accordingly, our reported Distributabl e E arnings may not be comparable to the Distributable Earnings reported by other companies.

August 2024