Five Oaks Investment Corp. Announces Management Changes
January 18, 2018 at 09:27 am EST
Share
Five Oaks Investment Corp. announced that its independent directors unanimously approved the entry into a new management agreement with Hunt Investment Management, LLC and the concurrent mutual termination of its management agreement with Oak Circle Capital Partners LLC. Also in connection with the transaction, Mr. David Carroll resigned as a director, Chairman and CEO of the Company and the Five Oaks board appointed James C. (Chris) Hunt as a director and Chairman of the board and named James P. Flynn as CEO of Five Oaks and Michael P. Larsen President of Five Oaks.
Mr. Flynn currently serves as President and CIO of Hunt's commercial real estate lending unit and Mr. Larsen serves as COO and CFO of Hunt's commercial real estate lending unit. It is expected that current Five Oaks executives, David Carroll, David Oston, and Paul Chong, will sign employment agreements with Hunt and a majority of the current employees of OCCP will become employees of Hunt. Following the transaction, the Board will continue to be comprised of a majority of independent directors.
Lument Finance Trust, Inc. is a real estate investment trust (REIT). The Company is focused on investing in, originating, financing and managing a portfolio of commercial real estate (CRE) debt investments. It primarily invests or originates in transitional floating rate CRE mortgage loans with an emphasis on middle-market multifamily assets. The Company also invests in other CRE-related investments including mezzanine loans, preferred equity, commercial mortgage-backed securities, fixed rate loans, construction loans and other CRE debt instruments. It finances its investments in transitional multifamily and other CRE loans primarily through matched-term non-recourse secured borrowings, including collateralized loan obligations (CLO). Its mortgage loan investment portfolio consists of approximately 88 senior secured floating rate loans with an aggregate unpaid principal balance of $1.4 billion. The Company is externally managed by its manager, Lument Investment Management, LLC.