Lument Finance Trust, Inc. (LFT) Earnings Call Transcript & Summary

Good day. And welcome to the Hunt Companies Finance Trust, Inc. Annual Meeting of Stockholders. I would now like to turn the conference over to James Flynn. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen. And welcome to the 2020 Annual Meeting of Stockholders for Hunt Companies Finance Trust, which is being held as a virtual shareholders meeting this year. My name is James Flynn, Chairman and Chief Executive Officer of HCFT. Joining me virtually today are Mike Larsen, our President; Jim Briggs, our CFO; Bill Houlihan, Director; Chris Hunt, Director; Walter Keenan, Director; Neil Cummins, Director; Jim Henson, Corporate Secretary; and Sean Quinn, our Head of Accounting. Ray Russo will be representing our outside counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP; and Peter Lukas and Erin Balog, representing our independent auditor, KPMG, are present as well. And I call the meeting to order. I will act as Chairperson of the meeting. Jim Henson will act as Secretary of the meeting and the inspector of elections. Mr. Henson has previously taken his oath as an inspector of election. I have been advised by Mr. Henson that a quorum is present, and so I am now calling the meeting to order. Stockholders need their control number to participate actively via the web portal. Stockholders who have misplaced their control number may participate as a guest. The guest function is a listen-only function. Stockholders using the guest function may not vote by ballot at the meeting or ask questions. The Secretary has delivered an affidavit of mailing establishing that the notice of this meeting was duly given. A copy of the notice of meeting and the affidavit of mailing will be incorporated into the minutes. All holders of record of HCFT's common stock close of business on April 20, 2020, are entitled to vote at the annual meeting. The certified list of stockholders has been available for examination for 10 days prior to this meeting. We can now turn to the formal business of this meeting. We will conduct the business portion of our meeting first and answer general questions towards the end of the meeting. The matters to be voted on at this meeting are listed in the company's proxy statement. We will address each of the proposals during the first part of the formal business and address questions concerning any of those proposals. The company has not received notice from any of its stockholders of any matter to be considered at today's meeting, and therefore, no proposals other than those listed in the company's proxy statement may be properly introduced by stockholders. Today's agenda items. Stockholders need their control number to vote or to ask questions with regard to the proposals. Proposal 1 is the election of directors. The nominees for directors as set forth in the proxy statement are James C. Hunt, Neil A. Cummins, James P. Flynn, William A. Houlihan and Walter C. Keenan. Each director, if elected, will serve for a term of 1 year. The second item on the agenda is the advisory vote on the compensation of the company's named executive officers as described in the executive compensation section of the proxy statement. The third and final item on the agenda is the proposal to ratify the company's selection of KPMG as the company's independent registered public accounting firm for the year ending December 31, 2020. Questions from stockholders pertaining to the items to be voted upon may now be submitted. If your question is not pertaining to the items to be voted upon, please submit your questions after the voting is complete. Okay. Hearing no questions, I now declare the polls open for voting at 10:05 a.m. Any stockholder who has not voted or who wishes to change her or his vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have voted by proxy should not vote again unless they wish to change their vote. [Voting]

Now that everyone has had the opportunity to vote, I declare the polls are now closed at 10:06 a.m. Will the inspector of elections please provide a report on the preliminary results of the vote?

I have completed a preliminary count of the ballots and proxies voted at the annual meeting. There were sufficient votes to approve the election of all nominees for Director, approve the compensation of the company's named executive officers as disclosed in the executive compensation section of the proxy statement and to approve the ratification of the selection of KPMG as the company's independent registered public accounting firm for the year ending December 31, 2020. As inspector of elections, I will deliver a final report that will be included as part of the record of this meeting. The final voting results will be included in the company's current report to be filed with the Securities and Exchange Commission within 4 business days.

That completes the official business of the meeting. So before we turn to more general Q&A, I will close the official portion of the meeting by declaring this annual meeting to be officially adjourned. We will accept questions in connection with the business of the company. [ Operator Instructions ]. As there are no active questions in the web portal, we will now conclude today's event. Let me again thank you for your ongoing support of HCFT. We greatly appreciate your confidence, and thank you for joining us at the Hunt Companies Finance Trust 2020 Annual Meeting of Stockholders.

This conference has now concluded. Thank you today's presentation. You may now disconnect.