Aug. 11 at 3:08 PM
$LFT That quarter looked awful. Nearly 14% of the portfolio is rated a 5, that means the loan is in or boarding default. The Management is taking fees amounting to More Than Half of the earnings, Management is getting paid well for underperforming, while Shareholders are being poleaxed. Something is terribly wrong with that picture.
Lument reported net income to common stockholders of approximately 2,500,000.0 or
$05 per share. We also reported distributable earnings of approximately 2,800,000.0 or
$05 per share.
Revenue:
$6.96 million, down from the forecast of
$10.12 million, 31.23% below expectations.
Earnings per share:
$0.05, compared to the forecast of
$0.08, missed the forecast by 37.5%.
Net interest income:
$7 million, down from
$7.7 million in Q1.
Unrestricted cash balance:
$59 million.
Total equity:
$231 million.
Book value per share:
$3.27, decreased from
$3.29 in Q1.
Our general loan loss reserve increased from
$5,900,000 to
$6,600,000 during the period.
