Mfa Financial Stock Price, News & Analysis
Company Description
MFA Financial, Inc. (NYSE: MFA) is a specialty finance company and internally managed real estate investment trust (REIT) that focuses on residential mortgage assets and related real estate investments. According to company disclosures, MFA invests in residential mortgage loans, residential mortgage-backed securities (RMBS) and other real estate assets, and operates through a combination of mortgage-related investments and its wholly owned subsidiary, Lima One Capital.
Core business focus
MFA states that its principal business objective is to generate distributable income and returns that are linked to residential mortgage credit fundamentals. The company selectively invests in residential mortgage assets, with attention to credit analysis, projected prepayment rates, interest rate sensitivity and expected return. Public filings and press releases describe MFA as an internally managed, publicly traded REIT, which means its management team is employed directly by the company rather than by an external manager.
MFA’s investment activities include acquiring and managing residential mortgage loans and RMBS, as well as other real estate-related assets. Company materials highlight a focus on Non-QM (non-qualified) residential mortgage loans, business purpose loans, and other residential whole-loan strategies, alongside a portfolio of securities carried at fair value. These assets are financed through a mix of securitized debt, financing agreements and other secured borrowings, as detailed in MFA’s SEC reports.
Lima One Capital and business purpose lending
Through its wholly owned subsidiary Lima One Capital, MFA originates and services business purpose loans for real estate investors. Company disclosures describe these business purpose loans as including single-family rental loans, single-family transitional loans and multifamily transitional loans. Lima One’s activities contribute to MFA’s broader residential whole-loan portfolio and generate mortgage banking income, as reflected in the firm’s quarterly results.
MFA’s portfolio data in its earnings materials show allocations across several categories of residential whole loans, including:
- Non-QM loans
- Single-family rental loans
- Single-family transitional loans
- Multifamily transitional loans
- Legacy re-performing and non-performing (RPL/NPL) loans
- Other loans and real estate owned (REO)
In addition, MFA reports a significant portfolio of securities at fair value, primarily tied to residential mortgage credit.
Capital markets activity and securitization
MFA’s public communications emphasize its ongoing use of the securitization market. The company has completed multiple Non-QM loan securitizations and reports cumulative Non-QM issuance that has reached into the billions of dollars. For example, MFA announced the closing of its twentieth Non-QM securitization since 2020, bringing cumulative Non-QM securitization volume to $7.3 billion and noting that its outstanding Non-QM loan portfolio exceeded $5 billion after additional purchases.
The company describes its securitization transactions as collateralized by pools of Non-QM mortgage loans on one-to-four family residential properties. Rating agencies such as S&P have provided credit ratings on tranches of these securitizations, with sold tranches rated from AAA through BBB, according to MFA’s press releases.
Dividend history and REIT profile
MFA identifies itself as a dividend-paying REIT and highlights its history of distributions to stockholders. Company announcements state that MFA has distributed approximately $4.9–$5.0 billion in dividends to stockholders since its initial public offering in 1998. MFA’s Board of Directors regularly declares quarterly cash dividends on common stock, as well as dividends on its Series B Cumulative Redeemable Preferred Stock and Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
The company’s securities registered on the New York Stock Exchange include:
- Common Stock (symbol MFA)
- 7.50% Series B Cumulative Redeemable Preferred Stock (symbol MFA/PB)
- 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (symbol MFA/PC)
- 8.875% Senior Notes due 2029 (symbol MFAN)
- 9.000% Senior Notes due 2029 (symbol MFAO)
These listings are disclosed in MFA’s Form 8-K filings and reflect the company’s mix of common equity, preferred equity and unsecured debt in the public markets.
Financing structure and leverage
MFA’s quarterly financial disclosures provide detail on how its residential mortgage assets are financed. The company uses a combination of:
- Securitized debt backed by Non-QM and other residential loans
- Financing agreements with mark-to-market collateral provisions (such as repurchase agreements)
- Financing agreements with non-mark-to-market collateral provisions
- Senior notes and other secured financing
MFA reports a Debt/Net Equity ratio at the portfolio and total balance sheet level, illustrating how leverage varies across asset types such as Non-QM loans, business purpose loans, legacy RPL/NPL loans and securities. The company also discloses its use of interest rate swaps and other derivatives and presents net interest spread metrics that incorporate the impact of swap carry by asset class.
Earnings, performance metrics and risk profile
In its earnings releases, MFA reports GAAP net income, distributable earnings (a non-GAAP measure), book value per common share, economic book value and total economic return. The company also provides detailed tables on:
- Net yield on average interest-earning assets by asset type
- Average cost of funds and the impact of net swap carry
- Net interest spread for Non-QM loans, business purpose loans, legacy RPL/NPL loans and securities
- Portfolio composition and changes in asset balances over time
MFA discloses credit-related metrics for its residential whole-loan portfolio, including unpaid principal balance (UPB), weighted average coupon, weighted average term to maturity, loan-to-value (LTV) ratios, original FICO scores, and delinquency statistics such as 60+ day delinquency percentages. These metrics help illustrate the credit characteristics and performance of the company’s loan investments.
Capital raising and ATM programs
Through its SEC filings, MFA has disclosed the establishment of at-the-market (ATM) equity offering programs for both its common stock and its preferred stock. Under these distribution agreements with multiple sales agents, the company may offer and sell additional shares of common and preferred stock from time to time, in transactions deemed to be at-the-market offerings under SEC rules. The filings describe the aggregate offering sizes, commission rates payable to the sales agents, and the registration statements under which the shares are offered.
Regulatory filings and governance
MFA Financial, Inc. is incorporated in Maryland and files periodic and current reports with the U.S. Securities and Exchange Commission. Form 8-K filings detail material events such as quarterly earnings announcements, changes to capital programs, amendments to articles of incorporation and temporary trading restrictions under employee benefit plans. The company has also filed Articles Supplementary in Maryland to classify and designate additional shares of its Series B and Series C preferred stock, as described in its August 2025 Form 8-K.
Dividend and earnings communications
MFA regularly issues press releases announcing quarterly dividends on common and preferred stock and quarterly financial results. These communications often include information about:
- Declared dividend amounts per share for common and preferred stock
- Record and payment dates for dividends
- Key financial results for the quarter, including net income and distributable earnings
- Portfolio growth, acquisitions and securitizations
- Changes in delinquency rates and net interest spreads
The company also hosts live audio webcasts of its earnings conference calls, with presentation materials and audio replays made available through its website, as noted in its press releases and Form 8-K filings.
Status and trading
Based on recent SEC filings and press releases, MFA Financial, Inc. continues to trade on the New York Stock Exchange under the ticker MFA. There is no indication in the provided materials of delisting, deregistration, bankruptcy or a completed merger that would have transformed or terminated the company. The firm remains active in issuing dividends, reporting quarterly results, conducting securitizations and managing its residential mortgage-focused investment portfolio.