What was MFA's GAAP loss per share in Q3 2026?

MFA reported a GAAP loss of $1.19 per basic and diluted common share for the quarter ended September 30, 2026. The loss to common stockholders and participating securities was $122.4 million.

How much were MFA's distributable earnings per share?

MFA reported $0.26 in distributable earnings per basic common share and $0.44 per share in distributable earnings prior to realized credit losses for the quarter ended September 30, 2026.

MFA Financial posts $122M GAAP loss in Q3 2026

MFA's 60+ day residential loan delinquencies were 6.7% at September 30, 2026, compared with 7.0% at June 30, 2026.

Available on EDGAR 11/04/2026 - 08:46 AM EST Accepted by SEC EDGAR 11/04/2026 - 08:46 AM EST

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(High)

Filing Sentiment

(Neutral)How Sentiment works

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How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

MFA Financial, Inc. (MFA) reported a GAAP loss of $122.4 million to common stockholders and participating securities for the quarter ended September 30, 2026, or a $1.19 loss per basic and diluted share. Non-GAAP distributable earnings were $26.4 million ($0.26 per basic share); before realized credit losses, they were $45.3 million ($0.44 per share). Total economic return was (10.6)%.

GAAP results included losses of $204.0 million on residential whole loans at fair value and $223.3 million on securities and other portfolio investments, partly offset by $158.8 million of gains on derivatives. GAAP book value was $11.12 per common share and economic book value was $11.44 at quarter-end. The residential investment portfolio was $12.8 billion; MFA bought $480.5 million of Non-QM loans and $884.2 million of Agency MBS, and sold $750.3 million of Agency MBS. Unrestricted cash was $119.5 million and unpledged Agency MBS totaled $241.2 million. MFA paid a $0.36-per-share common dividend on October 30, 2026.

Craig Knutson will retire as CEO effective June 30, 2027; Bryan Wulfsohn will become CEO July 1, 2027, after joining the Board on January 1, 2027. Andrew Kail will join as Senior Vice President and Chief Investment Officer on January 1, 2027.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

1 major · 1 point

How the balance works

Positive

Moderate pointDistributable earnings were $26.4 million, versus $21.1 million in Q3 2025.

Negative

Major pointGAAP loss: $122.4 million, versus $37.3 million income in Q3 2025. 18% of market cap

Filing Explained

Distributable earnings is an adjusted, non-GAAP measure, not a replacement for the quarter’s GAAP loss or operating cash flows.

The quarter included a completed securitization backed by $446.5 million in loan principal after MFA called a prior issuance; the company says it unlocked $40 million of capital and additional financing capacity.

MFA also reports a $382 million securitization of newly originated Non-QM loans in early October, after the September 30, 2026 quarter-end.

At September 30, 2026, total debt/net equity was 7.1x and recourse leverage was 3.4x; MFA defines the former as borrowings under financing agreements relative to allocated net equity and the latter as financing liabilities excluding non-recourse debt relative to net equity.

8-K Event Classification

2 items: 2.02, 7.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

GAAP loss to common stockholders and participating securities: $122.4 million GAAP loss per basic and diluted common share: ($1.19) Distributable earnings: $26.4 million +5 more

8 metrics

GAAP loss to common stockholders and participating securities $122.4 million Quarter ended September 30, 2026

GAAP loss per basic and diluted common share ($1.19) Quarter ended September 30, 2026

Distributable earnings $26.4 million Quarter ended September 30, 2026; $21.1 million in Q3 2025

Distributable earnings per basic common share $0.26 Quarter ended September 30, 2026

Distributable earnings prior to realized credit losses $45.3 million Quarter ended September 30, 2026

GAAP book value per common share $11.12 At September 30, 2026

Economic book value per common share $11.44 At September 30, 2026

Total economic return (10.6)% Third quarter 2026

Key Terms

Distributable earnings, Economic book value, Non-QM loans, to-be-announced (TBA) market, +1 more

5 terms

Distributable earnings financial

"Distributable earnings is a non-GAAP financial measure"

Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.

Economic book value financial

"Economic book value is a non-GAAP financial measure"

Economic book value is a company's accounting book value adjusted to reflect the real economic worth of its assets and liabilities, including fair market values, hidden assets or liabilities, and long-term earning potential. Investors use it as a more realistic snapshot of what the business would be worth if its balance sheet were translated into current market terms; think of it as the difference between a house’s outdated tax-assessed value and what it would sell for today, which helps judge whether a stock is under- or over-priced.

Non-QM loans financial

"Non-QM loan acquisitions totaled $480.5 million"

Non-QM loans are mortgage loans that do not meet the government-backed “qualified mortgage” rules — for example because the borrower has irregular income, uses alternative income proof, or the loan has unusual features. Think of them as custom-fit mortgages versus off‑the‑rack loans; they open credit to more borrowers but carry higher underwriting uncertainty. Investors care because these loans typically offer higher yields to compensate for greater risk and can affect a lender’s loan portfolio quality and resale value.

to-be-announced (TBA) market financial

"to-be-announced (TBA) market with a notional amount"

recourse leverage financial

"recourse leverage was 3.4x at September 30, 2026"

Earnings Snapshot

GAAP loss to common stockholders and participating securities: ($122.4 million)

Third quarter ended September 30, 2026

GAAP loss to common stockholders and participating securities ($122.4 million) Compared with net income of $37.3 million in Q3 2025

GAAP loss per basic and diluted common share ($1.19) Compared with earnings of $0.36 per basic share and $0.35 per diluted share in Q3 2025

Distributable earnings per basic common share $0.26 Compared with $0.20 in Q3 2025

Distributable earnings prior to realized credit losses per basic common share $0.44 Compared with $0.30 in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was MFA's 60+ day residential loan delinquency rate?

MFA reported 60+ day delinquencies, measured as a percentage of unpaid principal balance, of 6.7% at September 30, 2026, compared with 7.0% at June 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 4, 2026

MFA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Maryland

1-13991

13-3974868

(State or other jurisdiction of incorporation or organization)

Commission File Number

(IRS Employer Identification No.)

12 East 49th Street
11th Floor - Suite 825

New York

10017

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 207-6400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class:	Trading Symbol(s):	Name of Each Exchange on Which Registered:
Common Stock, par value $0.01 per share	MFA	New York Stock Exchange
7.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share	MFA/PB	New York Stock Exchange
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share	MFA/PC	New York Stock Exchange
8.875% Senior Notes due 2029	MFAN	New York Stock Exchange
9.00% Senior Notes due 2029	MFAO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure

MFA Financial, Inc. (“MFA”) issued a press release, dated November 4, 2026, announcing its financial results for the quarter ended September 30, 2026, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In addition, in conjunction with the announcement of its financial results, MFA issued additional information relating to its 2026 third quarter financial results. Such additional information is attached to this report as Exhibit 99.2 and is incorporated herein by reference.

The information referenced in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is being “furnished” and, as such, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is and will not be incorporated by reference into any registration statement or other document filed by MFA pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as may be expressly set forth by specific reference in such filing.

As discussed therein, the press release contains forward-looking statements within the meaning of the Securities Act and the Exchange Act and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to MFA’s current expectations and are subject to the limitations and qualifications set forth in the press release as well as in MFA’s other documents filed with the SEC, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements.

Exhibits

Exhibit Index


Exhibit No.						Description
99.1						Press Release, dated November 4, 2026, announcing MFA’s financial results for the quarter September 30, 2026.

99.2						Additional information relating to the financial results of MFA for the quarter ended September 30, 2026.

104						Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MFA FINANCIAL, INC.
	(REGISTRANT)

	By:	/s/ Harold E. Schwartz
		Name:	Harold E. Schwartz
		Title:	Senior Vice President and General Counsel

Date: November 4, 2026

Exhibit 99.1

MFA

FINANCIAL, INC.

PRESS RELEASE

FOR IMMEDIATE RELEASE

November 4, 2026

NEW YORK METRO

INVESTOR CONTACT:

InvestorRelations@mfafinancial.com

NYSE: MFA

212-207-6488

www.mfafinancial.com

MEDIA CONTACT:

H/Advisors Abernathy

Sydney Isaacs

713-343-0427

MFA Financial, Inc. Announces Third Quarter 2026 Financial Results

NEW YORK--(BUSINESS WIRE)--MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the third quarter ended September 30, 2026:

Third Quarter 2026 Financial Results:

•MFA incurred a GAAP net loss to common stockholders and participating securities for the third quarter of $(122.4) million, or $(1.19) per basic and diluted common share.

•Distributable earnings, a non-GAAP financial measure, were $26.4 million, or $0.26 per basic common share. Distributable earnings prior to realized credit losses, a non-GAAP financial measure, were $45.3 million, or $0.44 per share.

•GAAP book value at September 30, 2026 was $11.12 per common share. Economic book value, a non-GAAP financial measure, was $11.44 per common share.

•Total economic return was (10.6)% for the third quarter.

•MFA closed the quarter with $119.5 million of unrestricted cash and $241.2 million of unpledged Agency MBS.

•MFA paid a regular cash dividend of $0.36 per common share on October 30, 2026.

“The third quarter was challenging for mortgage investors with Treasury yields spiking across the curve and heightened volatility sending spreads wider,” said Craig Knutson, MFA’s Chief Executive Officer. “While we were not immune to these market movements, we purchased Non-QM loans and Agency MBS at attractive levels while further reducing our legacy multifamily exposure. We look forward to deploying capital into a higher yielding environment moving forward.”

“We acquired $1.6 billion of assets during the quarter, including a $750 million rotation within our Agency MBS portfolio into higher coupon bonds,” added Bryan Wulfsohn, President and Chief Investment Officer. “We also re-securitized $447 million of seasoned NPL collateral after calling a prior issuance, unlocking $40 million of capital and additional financing capacity.”

Q3 2026 Portfolio Activity

•MFA’s residential investment portfolio was $12.8 billion at September 30, 2026 compared to $13.0 billion at June 30, 2026.

•MFA purchased $884.2 million and sold $750.3 million of Agency MBS during the quarter. After portfolio runoff and market value changes, MFA’s Agency MBS position declined to $3.9 billion. MFA also maintained its forward contracts in the “to-be-announced” (TBA) market with a notional amount of $478.0 million at September 30, 2026.

•Non-QM loan acquisitions totaled $480.5 million, bringing MFA’s Non-QM portfolio to $5.8 billion at September 30, 2026.

•Lima One funded $166.1 million of new business purpose loans with a maximum loan amount of $287.8 million. In addition, $88.4 million of draws were funded on previously originated Transitional loans. Lima One generated $7.4 million of mortgage banking income.

•Portfolio runoff was $614.0 million. Asset dispositions included $94.8 million of proceeds from recently-originated single-family rental (SFR) loans, generating a $2.4 million gain on sale. MFA also sold 62 REO properties in the third quarter for aggregate net proceeds of $20.5 million.

•60+ day delinquencies (measured as a percentage of UPB) for MFA’s residential loan portfolio decreased to 6.7% at September 30, 2026 from 7.0% at June 30, 2026.

•MFA completed one securitization during the quarter collateralized by $446.5 million UPB of loans, bringing its total securitized debt to approximately $5.9 billion.

•MFA added a net $357.2 million of new interest rate hedges and estimates the net effective duration of its investment portfolio was 1.09 years.

•MFA’s Debt/Net Equity Ratio was 7.1x while recourse leverage was 3.4x at September 30, 2026.

Succession Plan

As previously announced, Craig Knutson will retire as Chief Executive Officer, effective June 30, 2027. Mr. Knutson is expected to remain on the Board of Directors following his retirement and will stand for reelection to the Board at MFA’s 2027 annual meeting of stockholders. Bryan Wulfsohn will join the Board on January 1, 2027 and become Chief Executive Officer on July 1, 2027. In addition, Andrew Kail will join MFA as Senior Vice President and Chief Investment Officer, effective January 1, 2027.

Webcast

MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Wednesday, November 4, 2026, at 11:00 a.m. (Eastern Time) to discuss its third quarter 2026 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com. Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.

About MFA Financial, Inc.

MFA Financial, Inc. (NYSE: MFA) is a leading specialty finance company that invests in residential mortgage loans, residential mortgage-backed securities and other real estate assets. Through its wholly-owned subsidiary, Lima One Capital, MFA also originates and services business purpose loans for real estate investors. MFA has distributed over $5 billion in dividends to stockholders since its initial public offering in 1998. MFA is an internally-managed, publicly-traded real estate investment trust.

The following tables present MFA’s asset allocation as of September 30, 2026, and the yield on average interest-earning assets, average cost of funds, impact of net Swap carry and net interest rate spread for the various asset types.

Table 1 - Asset Allocation


At September 30, 2026	Non-QM loans		Single-family rental loans		Single-family transitional loans		Multifamily transitional loans		Seasoned RPL/NPL loans		Agency MBS		Other, net (1)		Total
(Dollars in Millions)
Asset Amount	$	5,760	$	1,057	$	678	$	263	$	880	$	3,923	$	585	$	13,146
Net Receivable/(Payable) for Unsettled Transactions	—		—		—		—		—		(10)		—		(10)
Financing Agreements with Non-mark-to-market Collateral Provisions	—		(9)		(47)		(3)		—		—		—		(59)
Financing Agreements with Mark-to-market Collateral Provisions	(1,029)		(75)		(323)		(194)		(46)		(3,523)		(112)		(5,302)
Securitized Debt	(4,109)		(862)		(198)		—		(740)		—		(31)		(5,940)
Senior Notes and Other secured financing	—		—		—		—		—		—		(219)		(219)
Net Equity Allocated	$	622	$	111	$	110	$	66	$	94	$	390	$	223	$	1,616
Debt/Net Equity Ratio (2)	8.3x		8.5x		5.2x		3.0x		8.4x		9.1x				7.1x

(1)Includes $119.5 million of cash and cash equivalents, $207.3 million of restricted cash, $54.4 million of other securities, $44.7 million of Other loans and $21.1 million of capital contributions made to loan origination partners, as well as other assets and other liabilities.

(2)Total Debt/Net Equity ratio represents the sum of borrowings under our financing agreements as a multiple of net equity allocated.

Table 2 - Net Interest Spread


	For the Three-Month Period Ended
	September 30, 2026		June 30, 2026		September 30, 2025

Non-QM Loans
Net Yield (1)	5.86	%	5.79	%	5.95	%
Cost of Funding (2)	(5.14)	%	(5.09)	%	(5.21)	%
Impact of net Swap carry (3)	0.29	%	0.28	%	0.62	%
Net Interest Spread	1.01	%	0.98	%	1.36	%
Business Purpose Loans
Net Yield (1)	7.50	%	7.24	%	7.91	%
Cost of Funding (2)	(5.40)	%	(5.42)	%	(6.03)	%
Impact of net Swap carry (3)	0.24	%	0.29	%	0.49	%
Net Interest Spread	2.34	%	2.11	%	2.37	%


Seasoned RPL/NPL Loans
Net Yield (1)	7.52	%	7.74	%	8.55	%
Cost of Funding (2)	(4.06)	%	(4.26)	%	(4.32)	%
Impact of net Swap carry (3)	0.29	%	0.36	%	0.52	%
Net Interest Spread	3.75	%	3.84	%	4.75	%

Total Residential Whole Loans
Net Yield (1)	6.39	%	6.33	%	6.82	%
Cost of Funding (2)	(5.08)	%	(5.08)	%	(5.36)	%
Impact of net Swap carry (3)	0.28	%	0.29	%	0.58	%
Net Interest Spread	1.59	%	1.54	%	2.04	%
Securities, at fair value
Net Yield (1)	5.41	%	5.41	%	5.79	%
Cost of Funding (2)	(3.81)	%	(3.78)	%	(4.50)	%
Impact of net Swap carry (3)	0.62	%	0.57	%	1.05	%
Net Interest Spread	2.22	%	2.20	%	2.34	%
Total Balance Sheet
Net Yield (1)	6.01	%	5.98	%	6.50	%
Cost of Funding (2)	(4.76)	%	(4.77)	%	(5.29)	%
Impact of net Swap carry (3)	0.38	%	0.37	%	0.65	%
Net Interest Spread	1.63	%	1.58	%	1.86	%

(1)Reflects annualized interest income divided by average amortized cost. Excludes servicing costs.

(2)Reflects annualized interest expense divided by average balance of agreements with mark-to-market collateral provisions (repurchase agreements), agreements with non-mark-to-market collateral provisions, and securitized debt.

(3)Reflects the difference between Swap interest income received and Swap interest expense paid on our Swaps. While we have not elected hedge accounting treatment for Swaps, and, accordingly, net Swap carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net Swap carry by asset class to reflect the economic impact of our Swaps on the net interest spread shown in the table above.

The following table presents the activity for our residential mortgage asset portfolio for the three months ended September 30, 2026:

Table 3 - Investment Portfolio Activity Q3 2026


(In Millions)	June 30, 2026		Runoff (1)		Acquisitions & Originations (2)		Other (3)		September 30, 2026		Change
Residential whole loans and REO	$	8,896	$	(534)	$	735	$	(283)	$	8,814	$	(82)
Securities, at fair value	4,147		(80)		884		(973)		3,978		(169)
Total	$	13,043	$	(614)	$	1,619	$	(1,256)	$	12,792	$	(251)

(1) Primarily includes principal repayments and sales of REO.

(2) Includes draws on previously originated Transitional loans.

(3) Primarily includes sales of residential whole loans and securities, changes in fair value and changes in the allowance for credit losses.

The following tables present information on our investments in residential whole loans:

Table 4 - Portfolio Composition/Residential Whole Loans


	Held at Carrying Value				Held at Fair Value				Total
(Dollars in Thousands)	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
Non-QM loans	$	502,529	$	593,213	$	5,259,245	$	4,753,480	$	5,761,774	$	5,346,693
Business purpose loans:
Single-family rental loans	$	72,058	$	88,112	$	986,036	$	1,147,234	$	1,058,094	$	1,235,346
Single-family transitional loans (1)	6,013		7,051		672,444		711,294		678,457		718,345
Multifamily transitional loans	—		—		263,448		489,637		263,448		489,637
Total Business purpose loans	$	78,071	$	95,163	$	1,921,928	$	2,348,165	$	1,999,999	$	2,443,328
Seasoned RPL/NPL loans	384,963		414,676		500,355		564,340		885,318		979,016
Other loans	—		—		44,738		51,022		44,738		51,022
Allowance for Credit Losses	(7,953)		(9,705)		—		—		(7,953)		(9,705)
Total Residential whole loans	$	957,610	$	1,093,347	$	7,726,266	$	7,717,007	$	8,683,876	$	8,810,354
Number of loans	4,506		4,941		18,778		18,824		23,284		23,765

(1)Includes $348.4 million and $300.2 million of loans collateralized by new construction projects at origination as of September 30, 2026 and December 31, 2025, respectively.

Table 5 - Yields and Average Balances/Residential Whole Loans


	For the Three-Month Period Ended
	September 30, 2026						June 30, 2026						September 30, 2025
(Dollars in Thousands)	Interest		Average Balance		Average Yield		Interest		Average Balance		Average Yield		Interest		Average Balance		Average Yield
Non-QM loans	$	87,245	$	5,959,103	5.86	%	$	83,019	$	5,735,430	5.79	%	$	76,742	$	5,162,278	5.95	%
Business purpose loans:
Single-family rental loans	$	17,892	$	1,143,035	6.26	%	$	18,190	$	1,199,977	6.06	%	$	21,637	$	1,302,703	6.64	%
Single-family transitional loans	15,771		683,932		9.22	%	16,168		683,649		9.46	%	19,155		835,895		9.17	%
Multifamily transitional loans	6,877		334,267		8.23	%	7,056		405,227		6.97	%	15,402		704,298		8.75	%
Total business purpose loans	$	40,540	$	2,161,234	7.50	%	$	41,414	$	2,288,853	7.24	%	$	56,194	$	2,842,896	7.91	%
Seasoned RPL/NPL loans	15,850		843,368		7.52	%	16,748		865,419		7.74	%	20,086		939,653		8.55	%
Other loans	430		59,166		2.90	%	443		59,903		2.96	%	479		62,786		3.05	%
Total Residential whole loans	$	144,065	$	9,022,871	6.39	%	$	141,624	$	8,949,605	6.33	%	$	153,501	$	9,007,613	6.82	%

Table 6 - Credit-related Metrics/Residential Whole Loans

September 30, 2026


	Asset Amount		Fair Value		Unpaid Principal Balance (“UPB”)		Weighted Average Coupon (1) (2)		Weighted Average Term to Maturity (Months)	Weighted Average LTV Ratio (3)		Weighted Average Original FICO (4)	Aging by UPB								60+ DQ %		60+ LTV (5)
															Past Due Days
(Dollars In Thousands)													Current		30-59		60-89		90+
Non-QM loans	$	5,760,356	$	5,736,465	$	5,905,880	6.71	%	336	64	%	741	$	5,513,287	$	130,656	$	54,963	$	206,974	4.4	%	67	%
Business purpose loans:
Single-family rental	$	1,057,222	$	1,057,305	$	1,105,465	6.34	%	302	65	%	740	$	1,049,963	$	24,563	$	2,686	$	28,253	2.8	%	64	%
Single-family transitional (5)	678,052		678,325		692,847		9.93	%	7	68	%	756	597,146		21,141		3,966		70,594		10.8	%	84	%
Multifamily transitional (5)	263,448		263,448		298,916		10.04	%	1	95	%	751	211,256		16,887		8,755		62,018		23.7	%	156	%
Total business purpose loans	$	1,998,722	$	1,999,078	$	2,097,228	8.07	%		70	%		$	1,858,365	$	62,591	$	15,407	$	160,865	8.4	%
Seasoned RPL/NPL loans	880,060		880,365		1,016,119		5.08	%	239	52	%	646	747,447		97,192		39,152		132,328		16.9	%	58	%
Other loans	44,738		44,738		56,643		3.44	%	299	62	%	758	56,275		—		368		—		0.6	%	61	%
Residential whole loans, total or weighted average	$	8,683,876	$	8,660,646	$	9,075,870	6.84	%		64	%		$	8,175,374	$	290,439	$	109,890	$	500,167	6.7	%

(1)Weighted average is calculated based on the interest-bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. Certain Transitional Loans contain contractual features which increase the loan’s interest rate following an event of default. The weighted average coupon presented is calculated based on each loan’s coupon rate without regard to post-default rate adjustments.

(2)For the quarter ended September 30, 2026, the gross coupon was 6.83% for Non-QM loans, 6.37% for Single-family rental loans, 9.94% for Single-family transitional loans, 10.06% for Multifamily transitional loans, and 5.09% for Seasoned RPL/NPL loans.

(3)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. Excluded from the calculation of weighted average are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.

(4)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.

(5)For Single-family and Multifamily transitional loans that are less than 90 days delinquent, the LTV presented is generally the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, as of the most recent date available, which may be the origination date. For Single-family and Multifamily transitional loans that are 90 or more days delinquent, as well as certain performing loans for which an after repaired valuation was not available, the LTV presented is the ratio of the current unpaid principal balance of the loan to the estimated as-is value of the collateral securing the related loan as of the most recent date available, which may be the origination date.

Table 7 - Shock Table

The information presented in the following “Shock Table” projects the potential impact of sudden parallel changes in interest rates on our portfolio, including the impact of Swaps and securitized debt and other fixed rate debt, based on the assets in our investment portfolio as of September 30, 2026. All changes in value are measured as the percentage change from the projected portfolio value under the base interest rate scenario as of September 30, 2026.


Change in Interest Rates	Percentage Change in Net Portfolio Value		Percentage Change in Total Stockholders' Equity
+100 Basis Point Increase	(1.25)	%	(10.87)	%
+ 50 Basis Point Increase	(0.58)	%	(5.09)	%
Actual as of September 30, 2026	—	%	—	%
- 50 Basis Point Decrease	0.50	%	4.41	%
-100 Basis Point Decrease	0.93	%	8.12	%

MFA FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS


(In Thousands, Except Per Share Amounts)	September 30, 2026		December 31, 2025
	(Unaudited)
Assets:
Residential whole loans, net ($7,726,266 and $7,717,007 held at fair value, respectively) (1)	$	8,683,876	$	8,810,354
Securities, at fair value	3,977,565		3,360,280
Cash and cash equivalents	119,548		213,211
Restricted cash	207,318		173,457
Other assets	552,981		489,147
Total Assets	$	13,541,288	$	13,046,449

Liabilities:
Financing agreements ($5,545,908 and $5,956,057 held at fair value, respectively)	$	11,520,131	$	10,940,014
Other liabilities	405,448		278,740
Total Liabilities	$	11,925,579	$	11,218,754

Stockholders’ Equity:
Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 12,050 and 12,050 shares authorized, respectively; 8,296 and 8,125 shares issued and outstanding, respectively ($207,402 and $203,132 aggregate liquidation preference, respectively)	$	83	$	81
Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 16,650 and 16,650 shares authorized, respectively; 11,386 and 11,286 shares issued and outstanding, respectively ($284,648 and $282,148 aggregate liquidation preference, respectively)	114		113
Common stock, $0.01 par value; 866,300 and 866,300 shares authorized, respectively; 101,041 and 101,663 shares issued and outstanding, respectively	1,010		1,017
Additional paid-in capital, in excess of par	3,720,085		3,718,350
Accumulated deficit	(2,106,827)		(1,895,541)
Accumulated other comprehensive income	1,244		3,675
Total Stockholders’ Equity	$	1,615,709	$	1,827,695
Total Liabilities and Stockholders’ Equity	$	13,541,288	$	13,046,449

(1)Includes approximately $6.9 billion and $7.6 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2026 and December 31, 2025, respectively. Such assets can be used only to settle the obligations of each respective VIE.

MFA FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts)	2026		2025		2026		2025
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Interest Income:
Residential whole loans	$	144,065	$	153,501	$	429,130	$	460,490
Securities, at fair value	57,050		27,708		155,573		81,156
Other interest-earning assets	469		515		1,441		1,441
Cash and cash equivalent investments	2,323		4,278		7,486		12,875
Interest Income	$	203,907	$	186,002	$	593,630	$	555,962

Interest Expense:
Asset-backed and other collateralized financing arrangements	$	137,441	$	124,403	$	398,486	$	365,357
Other interest expense	5,062		4,598		14,956		13,680
Interest Expense	$	142,503	$	129,001	$	413,442	$	379,037

Net Interest Income	$	61,404	$	57,001	$	180,188	$	176,925

Reversal/(Provision) for Credit Losses on Residential Whole Loans	$	(45)	$	(276)	$	259	$	(1,212)
Reversal/(Provision) for Credit Losses on Other Assets	—		—		—		—
Net Interest Income after Reversal/(Provision) for Credit Losses	$	61,359	$	56,725	$	180,447	$	175,713

Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	$	(203,991)	$	31,241	$	(288,605)	$	105,690
Impairment and other net gain/(loss) on securities and other portfolio investments	(223,303)		18,004		(265,423)		45,828
Net gain/(loss) on real estate owned	(2,788)		300		(7,260)		(4,119)
Net gain/(loss) on derivatives	158,845		200		235,532		(49,106)
Net gain/(loss) on securitized debt measured at fair value through earnings	115,540		(24,646)		160,653		(53,682)
Lima One mortgage banking income	7,418		5,383		22,422		15,796
Net realized gain/(loss) on residential whole loans held at carrying value	—		—		—		(882)
Other, net	2,409		266		9,588		6,874
Other Income/(Loss), net	$	(145,870)	$	30,748	$	(133,093)	$	66,399

Operating and Other Expense:
Compensation and benefits	$	15,892	$	18,185	$	56,043	$	60,750
Other general and administrative expense	7,742		10,769		33,058		31,681
Loan servicing, financing and other related costs	3,445		10,216		23,429		26,052
Amortization of intangible assets	100		300		700		1,900
Operating and Other Expense	$	27,179	$	39,470	$	113,230	$	120,383

Income/(loss) before income taxes	$	(111,690)	$	48,003	$	(65,876)	$	121,729
Provision for/(benefit from) income taxes	$	—	$	(101)	$	—	$	(735)
Net Income/(Loss)	$	(111,690)	$	48,104	$	(65,876)	$	122,464
Less Preferred Stock Dividend Requirement	$	10,682	$	10,834	$	31,665	$	29,613
Net Income/(Loss) Available to Common Stock and Participating Securities	$	(122,372)	$	37,270	$	(97,541)	$	92,851

Basic Earnings/(Loss) per Common Share	$	(1.19)	$	0.36	$	(0.95)	$	0.89
Diluted Earnings/(Loss) per Common Share	$	(1.19)	$	0.35	$	(0.95)	$	0.87

Segment Reporting

At September 30, 2026, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured senior notes, securitization issuance costs, and preferred stock dividends.

The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:


(In Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Three months ended September 30, 2026
Interest Income	$	163,073	$	39,457	$	1,377	$	203,907
Interest Expense	113,973		23,945		4,585		142,503
Net Interest Income/(Expense)	$	49,100	$	15,512	$	(3,208)	$	61,404
Reversal/(Provision) for Credit Losses on Residential Whole Loans	(45)		—		—		(45)
Reversal/(Provision) for Credit Losses on Other Assets	—		—		—		—
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses	$	49,055	$	15,512	$	(3,208)	$	61,359

Net gain/(loss) on residential whole loans measured at fair value through earnings	$	(157,729)	$	(46,262)	$	—	$	(203,991)
Impairment and other net gain/(loss) on securities and other portfolio investments	(223,345)		42		—		(223,303)
Net gain on real estate owned	478		(3,266)		—		(2,788)
Net gain/(loss) on derivatives	144,175		14,670		—		158,845
Net gain/(loss) on securitized debt measured at fair value through earnings	92,940		22,600		—		115,540
Lima One mortgage banking income	—		7,418		—		7,418
Net realized gain/(loss) on residential whole loans held at carrying value	—		—		—		—
Other, net	329		1,044		1,036		2,409
Other Income/(Loss), net	$	(143,152)	$	(3,754)	$	1,036	$	(145,870)

Compensation and benefits	$	—	$	8,486	$	7,406	$	15,892
Other general and administrative expense	—		4,071		3,671		7,742
Loan servicing, financing and other related costs	92		1,568		1,785		3,445
Amortization of intangible assets	—		100		—		100
Income/(loss) before income taxes	$	(94,189)	$	(2,467)	$	(15,034)	$	(111,690)
Provision for/(benefit from) income taxes	—		—		—		—
Net Income/(Loss)	$	(94,189)	$	(2,467)	$	(15,034)	$	(111,690)

Less Preferred Stock Dividend Requirement	$	—	$	—	$	10,682	$	10,682
Net Income/(Loss) Available to Common Stock and Participating Securities	$	(94,189)	$	(2,467)	$	(25,716)	$	(122,372)


(Dollars in Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
September 30, 2026
Total Assets	$	11,178,381	$	2,213,296	$	149,611	$	13,541,288

December 31, 2025
Total Assets	$	10,128,088	$	2,632,740	$	285,621	$	13,046,449

Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings and non-GAAP Distributable Earnings Prior to Realized Credit Losses

“Distributable earnings” is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removing certain unrealized gains and losses, primarily on residential mortgage investments, associated debt, and hedges that are, in each case, accounted for at fair value through earnings, certain realized gains and losses, as well as certain non-cash expenses and securitization-related transaction costs. Realized gains and losses arising from loans sold to third-parties by Lima One shortly after the origination of such loans are included in Distributable earnings. The transaction costs are primarily comprised of costs only incurred at the time of execution of our securitizations and include costs such as underwriting fees, legal fees, diligence fees, bank fees and other similar transaction related expenses. These costs are all incurred prior to or at the execution of our securitizations and do not recur. Beginning in the first quarter of 2026, losses/(gains) recognized in GAAP Net income/(loss) related to the extinguishment of debt were also included in the adjustments for Securitized debt held at fair value and Securitization-related transaction costs. Prior periods have been revised to reflect the current presentation. TBA dollar roll income, which represents the economic equivalent of interest income earned on Agency MBS, less an implied financing cost, is also included in Distributable Earnings. Recurring expenses, such as servicing fees, custodial fees, trustee fees and other similar ongoing fees are not excluded from Distributable earnings. Management believes that the adjustments made to GAAP earnings result in the removal of (i) income or expenses that are not reflective of the longer term performance of our investment portfolio, (ii) certain non-cash expenses, and (iii) expense items required to be recognized solely due to the election of the fair value option on certain related residential mortgage assets and associated liabilities. Distributable earnings is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. Accordingly, we believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results.

Beginning in the first quarter of 2026, we have also reported a non-GAAP “Distributable earnings prior to realized credit losses” metric, whereby an adjustment is made to reported Distributable earnings to exclude realized credit losses, net of recoveries for all residential whole loans held at fair value. Prior periods have been revised to reflect the current presentation. Management believes Distributable earnings prior to realized credit losses provides users of our financial statements with meaningful information to consider in addition to Net income/(loss) and cash flows from operating activities in accordance with GAAP. Distributable earnings prior to realized credit losses is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. As the timing of a realized credit loss on a loan can differ significantly from when the initial fair value adjustment with respect to a loan is reflected in GAAP net income/(loss), management believes that adjusting Distributable earnings for the realized credit losses described above can help readers better understand the operating results of our business prior to the impact of realized credit losses, as well as evaluate and compare the performance of our Company and our peers.

Distributable earnings and Distributable earnings prior to realized credit losses should be used in conjunction with results presented in accordance with GAAP. Distributable earnings and Distributable earnings prior to realized credit losses do not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of these measures may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP net income/(loss) used in the calculation of basic EPS to our non-GAAP Distributable earnings and non-GAAP Distributable Earnings Prior to Realized Credit Losses for the quarterly periods below:


	Quarter Ended
(In Thousands, Except Per Share Amounts)	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
GAAP Net income/(loss) used in the calculation of basic EPS	$	(122,681)	$	35,930	$	(11,726)	$	43,402	$	37,082
Adjustments:
Unrealized and realized gains and losses on:
Residential whole loans held at fair value	185,053		21,016		34,761		(4,405)		(41,293)
Securities held at fair value	223,345		4,362		38,872		(16,297)		(18,466)
Residential whole loans and securities at carrying value	—		—		—		—		—
Derivative instruments	(148,801)		(34,508)		(21,344)		657		14,826
Securitized debt held at fair value	(117,198)		(27,296)		(22,901)		(1,586)		21,303
Other portfolio investments	(42)		(512)		(601)		582		462
Other adjustments:
TBA dollar roll income	2,022		985		—		—		—
Amortization of intangible assets	100		300		300		300		300
Equity based compensation	2,105		2,214		6,329		1,880		1,861
Securitization-related transaction costs	1,697		4,100		3,926		2,584		3,712
Depreciation	777		5,647		3,466		1,045		1,328
Total adjustments	149,058		(23,692)		42,808		(15,240)		(15,967)
Distributable earnings	$	26,377	$	12,238	$	31,082	$	28,162	$	21,115
Adjustment – realized credit losses on Residential whole loans at fair value, net of recoveries	18,939		24,463		4,373		3,003		10,052
Distributable earnings prior to realized credit losses	$	45,316	$	36,701	$	35,455	$	31,165	$	31,167

GAAP earnings/(loss) per basic common share	$	(1.19)	$	0.35	$	(0.11)	$	0.42	$	0.36
Distributable earnings per basic common share	$	0.26	$	0.12	$	0.30	$	0.27	$	0.20
Distributable earnings prior to realized credit losses per basic common share	$	0.44	$	0.35	$	0.34	$	0.30	$	0.30
Weighted average common shares for basic earnings per share	103,368		103,674		104,253		103,061		103,683

Reconciliation of GAAP Book Value per Common Share to non-GAAP Economic Book Value per Common Share

“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments. These adjustments are also reflected in the table below in our end of period stockholders’ equity. Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP book value per common share to our non-GAAP Economic book value per common share as of the quarterly periods below:


	Quarter Ended:
(In Millions, Except Per Share Amounts)	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
GAAP Total Stockholders’ Equity	$	1,615.7	$	1,776.1	$	1,779.4	$	1,827.7	$	1,821.5
Preferred Stock, liquidation preference	(492.0)		(491.6)		(489.3)		(485.3)		(479.9)
GAAP Stockholders’ Equity for book value per common share	1,123.7		1,284.5		1,290.1		1,342.4		1,341.6
Adjustments:
Fair value adjustment to Residential whole loans, at carrying value	(23.2)		2.4		7.6		10.1		8.7
Fair value adjustment to Securitized debt, at carrying value	55.9		47.5		45.2		45.7		48.5
Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)	$	1,156.4	$	1,334.4	$	1,342.9	$	1,398.2	$	1,398.8
GAAP book value per common share	$	11.12	$	12.71	$	12.70	$	13.20	$	13.13
Economic book value per common share	$	11.44	$	13.20	$	13.22	$	13.75	$	13.69
Number of shares of common stock outstanding	101.0		101.1		101.6		101.7		102.2

Cautionary Note Regarding Forward-Looking Statements

When used in this press release or other written or oral communications, statements that are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” the negative of these words or similar expressions, are intended to identify “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, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements include information about possible or assumed future results with respect to MFA’s business, financial condition, liquidity, results of operations, plans and objectives. Among the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements that we make are: general economic developments and trends, including the current tensions in international trade and the performance of the labor, housing, real estate, mortgage finance and broader financial markets; inflation, increases in interest rates and changes in the market (i.e., fair) value of MFA’s residential whole loans, MBS, securitized debt and other assets, as well as changes in the value of MFA’s liabilities accounted for at fair value through earnings; the effectiveness of hedging transactions; changes in the prepayment rates on residential mortgage assets, an increase of which could result in a reduction of the yield on certain investments in its portfolio and could require MFA to reinvest the proceeds received by it as a result of such prepayments in investments with lower coupons, while a decrease in which could result in an increase in the interest rate duration of certain investments in MFA’s portfolio making their valuation more sensitive to changes in interest rates and could result in lower forecasted cash flows; credit risks underlying MFA’s assets, including changes in the default rates and management’s assumptions regarding default rates and loss severities on the mortgage loans in MFA’s residential whole loan portfolio; MFA’s ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowings; implementation of or changes in government regulations or programs affecting MFA’s business (including as a result of the current U.S. administration); MFA’s estimates regarding taxable income, the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by MFA to accrete the market discount on residential whole loans and the extent of prepayments, realized losses and changes in the composition of MFA’s residential whole loan portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals or whole loan modifications, foreclosures and liquidations; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA’s Board of Directors and will depend on, among other things, MFA’s taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as MFA’s Board of Directors deems relevant; MFA’s ability to maintain its qualification as a REIT for federal income tax purposes; MFA’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the Investment Company Act), including statements regarding the concept release issued by the Securities and Exchange Commission (“SEC”) relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are engaged in the business of acquiring mortgages and mortgage-related interests; MFA’s ability to continue growing its residential whole loan portfolio, which is dependent on, among other things, the supply of loans offered for sale in the market; targeted or expected returns on our investments in recently-originated mortgage loans, the performance of which is, similar to our other mortgage loan investments, subject to, among other things, differences in prepayment risk, credit risk and financing costs associated with such investments; risks associated with the ongoing operation of Lima One Holdings, LLC (including, without limitation, industry competition, unanticipated expenditures relating to or liabilities arising from its operation (including, among other things, a failure to realize management’s assumptions regarding expected growth in business purpose loan (BPL) origination volumes and credit risks underlying BPLs, including changes in the default rates and management’s assumptions regarding default rates and loss severities on the BPLs originated by Lima One)); expected returns on MFA’s investments in nonperforming residential whole loans (“NPLs”), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; risks associated with our investments in loan originators; risks associated with investing in real estate assets generally, including changes in business conditions and the general economy; and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that we file with the SEC. These forward-looking statements are based on beliefs, assumptions and expectations of MFA’s future performance, taking into account information currently available. Readers and listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings Presentation THIRD QUARTER 2026

2 Q3 2022 Financial Snapshot Forward-looking statements When used in this presentation or other written or oral communications, statements that are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” the negative of these words or similar expressions, are intended to identify “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, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements include information about possible or assumed future results with respect to MFA’s business, financial condition, liquidity, results of operations, plans and objectives. Among the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements that we make are: general economic developments and trends, including the current tensions in international trade and the performance of the labor, housing, real estate, mortgage finance and broader financial markets; inflation, increases in interest rates and changes in the market (i.e., fair) value of MFA’s residential whole loans, MBS, securitized debt and other assets, as well as changes in the value of MFA’s liabilities accounted for at fair value through earnings; the effectiveness of hedging transactions; changes in the prepayment rates on residential mortgage assets, an increase of which could result in a reduction of the yield on certain investments in its portfolio and could require MFA to reinvest the proceeds received by it as a result of such prepayments in investments with lower coupons, while a decrease in which could result in an increase in the interest rate duration of certain investments in MFA’s portfolio making their valuation more sensitive to changes in interest rates and could result in lower forecasted cash flows; credit risks underlying MFA’s assets, including changes in the default rates and management’s assumptions regarding default rates and loss severities on the mortgage loans in MFA’s residential whole loan portfolio; MFA’s ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowings; implementation of or changes in government regulations or programs affecting MFA’s business (including as a result of the current U.S. administration); MFA’s estimates regarding taxable income, the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by MFA to accrete the market discount on residential whole loans and the extent of prepayments, realized losses and changes in the composition of MFA’s residential whole loan portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals or whole loan modifications, foreclosures and liquidations; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA’s Board of Directors and will depend on, among other things, MFA’s taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as MFA’s Board of Directors deems relevant; MFA’s ability to maintain its qualification as a REIT for federal income tax purposes; MFA’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the “Investment Company Act”), including statements regarding the concept release issued by the Securities and Exchange Commission (“SEC”) relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are engaged in the business of acquiring mortgages and mortgage-related interests; MFA’s ability to continue growing its residential whole loan portfolio, which is dependent on, among other things, the supply of loans offered for sale in the market; targeted or expected returns on our investments in recently-originated mortgage loans, the performance of which is, similar to our other mortgage loan investments, subject to, among other things, differences in prepayment risk, credit risk and financing costs associated with such investments; risks associated with the ongoing operation of Lima One Holdings, LLC (including, without limitation, industry competition, unanticipated expenditures relating to or liabilities arising from its operation (including, among other things, a failure to realize management’s assumptions regarding expected growth in business purpose loan (BPL) origination volumes and credit risks underlying BPLs, including changes in the default rates and management’s assumptions regarding default rates and loss severities on the BPLs originated by Lima One); expected returns on MFA’s investments in nonperforming residential whole loans (“NPLs”), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; risks associated with our investments in loan originators; risks associated with investing in real estate assets generally, including changes in business conditions and the general economy; and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that we file with the SEC. These forward-looking statements are based on beliefs, assumptions and expectations of MFA’s future performance, taking into account information currently available. Readers and listeners are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3 Q3 Financial Highlights Hybrid mortgage REIT with extensive experience in managing residential mortgage assets through economic cycles See page 22 for endnotes GAAP Book Value $11.12 per common share Economic Book Value1 $11.44 per common share Total Economic Return2 (10.6)% Q3 2026 Recourse Leverage3 3.4x as of Sept. 30, 2026 Ke y M et ric s GAAP Net Income4 $(1.19) per common share Distributable Earnings5 $0.26 per common share Distributable earnings prior to realized credit losses6 $0.44 per common share Dividend Yield 21.7% as of Nov. 3, 2026 Fi na nc ia l M et ric s Non-QM Loans $481M acquisitions in Q3 Business Purpose Loans $288M originated in Q37 Agency MBS $134M net acquisitions in Q3 Liquidity8 $361M as of Sept. 30, 2026 Po rt fo lio H ig hl ig ht s

4 Q3 Company Highlights MACRO CONDITIONS EARNINGS POWER  The rates sell off and spread widening have increased forward ROEs to mid-to-high teens, supporting growth in earnings power  Distributable earnings of $0.26 per share were again impacted by credit losses on legacy Multifamily transitional loans  Distributable earnings prior to realized credit losses rose to $0.44 per share, in excess of $0.36 common dividend CREDIT PROGRESS  Overall loan portfolio delinquency declined to 6.7% from 7.0% at June 30  Realized credit losses were $19M, down from $24M during Q2  Legacy multifamily portfolio declined to $299M UPB from $360M UPB at June 30  Rates moved sharply higher during the quarter, with Treasuries selling off by 70-85 basis points across the curve  Mortgage basis widened by 20 basis points in response to heightened volatility, while credit spreads widened modestly  GAAP book value and Economic book value declined by 12.5% and 13.3%, respectively, and MFA delivered a total economic return of (10.6%) SUCCESSION PLAN  As previously announced, Craig Knutson will retire as CEO on June 30, 2027 and is expected to remain on Board of Directors  Bryan Wulfsohn will join Board of Directors on January 1, 2027 and become CEO effective July 1, 2027  Andrew Kail will join MFA as Chief Investment Officer on January 1, 2027

5  Acquired over $1.6B of residential mortgage loans and securities  Purchased $481M of Non-QM loans  Lima One originated $288M7 of new business purpose loans  Net addition of $134M of Agency MBS  Portfolio runoff and asset sales of $1.5B  Rotated $750M of Agency MBS into higher coupon spec pools  Sold $95M of recently-originated SFR loans, generating $2.4M gain on sale  Liquidated $21M of REO properties  Current rate environment provides opportunities to add new assets at attractive yields  Average coupon on all loans acquired in Q3 was 7.8%  Incremental ROE for new investments expected to be mid-to-high teens  Loan portfolio 60+ day delinquency rate declined to 6.7% Q Q3 Portfolio Highlights $12.8B Investment Portfolio at Sept. 309Q3 Portfolio Activity Non-QM Loans $5.8B Agency MBS $3.9B Multifamily Transitional Loans $0.3B Other $0.2B Seasoned RPL/NPL $0.9B Single-family Rental Loans $1.0B Single-family Transitional Loans $0.7B

6 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 Agency Repo MTM Financing Non-MTM Financing Securitized Debt Other 83% 94% 36% 99% 1% 9% 3% 17% 5% 55% 97% 1% Non-QM loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Seasoned RPL/NPL Loans Securitized Debt Non-MTM Financing MTM Financing  Continued emphasis on securitized debt and other forms of non-mark- to-market (non-MTM)10 borrowing against our loan portfolio  Re-securitized $447M of primarily Seasoned RPL/NPL collateral after calling a prior issuance  Unlocked $40M of capital and additional financing capacity  Reduced MTM borrowing by $28M  Securitized $382M of newly originated Non-QM loans in early October  Recourse leverage3 was 3.4x at Sept. 30, compared to 3.0x at June 30  $6.1B interest rate derivatives position at Sept. 30  Net addition of $357M of new hedges expiring in 5-10 years  Generated net positive carry of $12M  $1.3B of swaps mature in Q4 2026 or Q1 2027  Net portfolio duration estimated to be 1.09 years at Sept. 30 Q3 Liability Highlights Loan Portfolio Financing SourcesLiability Activity $6.6B Non- MTM All Liabilities ($B) $5.3B MTM

7 Gain-on-sale Income $2.4M Single-family Transitional New Bridge Loans $18M Q3 Lima One Highlights New Rehab Loans $63M New Construction Loans $133M Total Origination Volume7 $288M Rental Loans Sold $95M Rental Loans Originated $74M Average Coupon 9.4% for Q3 originations Average Coupon 6.9% for Q3 originations Single-family Rental Other Highlights  Mortgage banking income was $7.4M  Origination pipeline remains stable

8 $2.4B $1.8B $2.2B $2.0B $0.5B $0.1B $0.1B <50% 50-60% 60-70% 70-80% 80-90% 90-100% >100 % CA 33% FL 15%TX 5% NY 4% GA 4% Other 39% Q3 Loan Portfolio Credit Metrics LTV by Loan Product Type11 LTV Distribution11 State Concentration12 60+ Day Delinquency Rate Coupon Distribution Origination Year 7.3% 6.8% 7.1% 7.8% 7.0% 6.7% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 61% 59% 68% 95% 48% 61% Non-QM Loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Seasoned RPL/NPL Total Prior to 2021 18% 2021 17% 2022 11%2023 9% 2024 9% 2025 20% 2026 16%$1.7B $1.0B $1.9B $2.1B $1.1B $0.6B $0.7B <5% 5%-6% 6%-7% 7%-8% 8%-9% 9%-10% >10%

9 Q3 Loan Portfolio Statistics Non-QM Loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Seasoned RPL/NPL Total Loans13 Portfolio Statistics as of Sept. 30, 2026 UPB $5.9B $1.1B $693M $299M $1.0B $9.1B Average loan balance $529K $225K $465K $3.8M $185K $390K Gross coupon 6.83% 6.37% 9.94% 10.06% 5.09% 6.92% Quarterly yield 5.86% 6.26% 9.22% 8.23% 7.52% 6.39% LTV11 61% 59% 68% 95% 48% 61% Original FICO score 741 740 756 751 646 732 Loan age (months) 31 50 13 42 243 56 3-month prepayment rate14 14 CPR 12 CPR 62 CPR 38 CPR 8 CPR 18 CPR 60+ days delinquent 4.4% 2.8% 10.8% 23.7% 16.9% 6.7% REO properties15 $15M $11M $34M $34M $36M $130M Additional Statistics as of Sept. 30, 2026 Unfunded Commitments16 - - $340M $13M - $353M First lien position 99% 100% 100% 100% 100% 99% Fixed rate 89% 77% 100% 100% 85% 88% Hybrid ARMs 11% 23% - - 15% 12% Purchase 52% 17% 47% 68% 34% 46% Cash-out refinance 36% 71% 15% 17% 34% 38% Extended UPB17 - - 22% 90% - -  Non-QM Loans:  Acquired $481M of new loans with average LTV of 70% and average coupon of 7.0%  Issued our 25th Non-QM securitization in October collateralized by $382M of loans  Single-family Rental Loans:  Lima One originated $74M of loans with average LTV of 70% and average coupon of 6.9%  Sold $95M of recently originated loans  Single-family Transitional Loans:  Lima One originated $214M of new loans7  $146M of principal repayments  60+ day delinquencies declined to $75M from $92M at June 30  Multifamily Transitional Loans:  60+ day delinquencies declined to $71M from $88M at June 30  Seasoned RPL/NPL:  97% of loans purchased between 2014-2019 are performing, paid in full, REO or liquidated  Delinquency rate for remaining loans fell to another all-time low Q3 2026 Highlights

10 Q3 2022 Financial Snapshot Q3 Agency MBS Highlights  Net addition of $134M and rotated $750M into higher coupon bonds  Rolled $478M TBA position  Agency MBS comprises over 30% of our investment portfolio  Complementary to our less liquid, more credit-sensitive assets  Expected levered returns in the mid-to-high teens HighlightsPortfolio Statistics as of Sept. 30, 2026 Current face $4.1B Fair value $3.9B TBA position (notional) $478M Average coupon 5.35% Quarterly yield 5.31% Average loan age (months) 15 3-month CPR 6.3% Purchase price 99.7% Agency MBS Spread18 Portfolio Size Coupon Distribution Specified Pool Type 0 50 100 150 200 250 300 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Spread as of 11/3/2026 High LTV 46% Social Mission 27% Other 19% Bank-Originated 8% 5.0% Coupon 5.5% Coupon 6.0% Coupon Other $3.3B $3.5B $4.1B $3.9B Q4 2025 Q1 2026 Q2 2026 Q3 2026

11 Appendix James Casebere, Landscape with Houses (Dutchess County, NY) #2, 2010 (detail)

12 MFA Overview  MFA Financial, Inc. (NYSE: MFA) is an internally managed real estate investment trust (REIT) that invests in U.S. residential mortgage assets  MFA focuses primarily on credit-sensitive subsectors in which it tries to avoid direct competition with banks and GSE’s  MFA has deep expertise in residential credit and a long track record of investing in new asset classes when compelling opportunities arise  Since its IPO in 1998, MFA has distributed over $5B of dividends to its stockholders  MFA is a leading investor in Non-QM loans, residential mortgage loans that do not meet the CFPB “qualified mortgage” definition  MFA acquires Non-QM loans through flow and mini-bulk arrangements with a select group of originators with which it holds strong relationships  MFA has completed 25 securitizations collateralized by $9.2B UPB of Non-QM loans since 2020  In 2021, MFA acquired Lima One, a leading nationwide originator of business purpose loans (BPLs) with over $12B7 of originations since its formation in 2010  Products include short-term bridge, construction and rehab loans on single-family and multifamily properties (collectively “Residential Transitional Loans”)  Lima also originates 30-year rental loans (SFR loans) on 1-4 family residential properties  Residential mortgage-backed securities issued and guaranteed by Fannie Mae and Freddie Mac Non-QM Loans Lima One Capital Agency MBS  Between 2014-2019, MFA acquired credit- impaired loans originated prior to 2010  Loans were purchased from banks, GSEs and other lenders at significantly discounted prices to UPB Seasoned RPL/NPL

13  No state concentration above 15% and no borrower concentration above 2%  Lima One is an industry-leading business purpose lender wholly-owned by MFA and headquartered in Greenville, S.C.  Lima operates an efficient and scalable platform with over 200 employees, including in-house sales, underwriting, servicing and construction management teams  Lima provides MFA with access to organically-created, high-yielding loans, substantially below the cost to purchase from third-party lenders  Lima has originated over $8B since MFA’s acquisition in 2021 and over $12B since its formation in 20107 Lima One: Leading Nationwide BPL Originator and Servicer Fully Integrated BPL Platform  Lima One offers a diverse selection of both short-term and long-term financing solutions to experienced real estate investors and developers across the U.S.  Products include rehab loans, construction loans, bridge loans, single-family rental loans and multifamily loans Product Offerings Origination Volume Since MFA’s Acquisition Geographic and Borrower Diversity Concentration 10% to 15% 5% to 10% Below 5% No loans FL - $1B $2B $3B $4B $5B $6B $7B $8B $9B Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

14 Select Financial Metrics Asset Yield and Effective Cost of Funds Net Interest Income GAAP and Economic Book Value1 (per share) Portfolio Composition Net Interest Spread Distributable Earnings5,6 (per share) 6.20% 6.08% 5.98% 6.01% 4.51% 4.44% 4.40% 4.38% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Asset Yield Effective Cost of Funds $56M $60M $59M $61M Q4 2025 Q1 2026 Q2 2026 Q3 2026 $13.20 $12.70 $12.71 $11.12 $13.75 $13.22 $13.20 $11.44 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GAAP Book Value Economic Book Value 27% 28% 31% 31% 73% 72% 69% 69% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Agency MBS Residential Whole Loans 1.69% 1.64% 1.58% 1.63% Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0.27 $0.30 $0.12 $0.26 $0.30 $0.34 $0.35 $0.44 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Distributable Earnings Distributable Earnings prior to realized credit losses

15 Asset Composition Investment Portfolio Equity Allocation  Increased portfolio allocation  Net equity allocated grew from $244M to $390M since Q3 2025, reflecting an increase of 60% year over year  Our second largest asset class after Non-QM Loans  Asset base decreased from $604M in Q3 2025 to $263M in Q3 2026  Net equity allocated dropped from $124M to $66M since Q3 2025  Portfolio remains in wind-down Non-QM Loans Agency MBS Single-family Rental Loans Seasoned RPL/NPL Single-family Transitional Loans Multifamily Transitional Loans Agency MBS Multifamily Transitional Loans 6.8% 4.1% Q3 2025 Q3 2026 Multifamily Equity Allocation 13.4% 24.1% Q3 2025 Q3 2026 Agency MBS Equity Allocation $0.3B $0.7B $0.9B $1.1B $3.9B $5.8B $0.6B $0.8B $1.0B $1.2B $2.2B $5.1B Multifamily Transitional Loans Single- family Transitional Loans Seasoned RP L/NPL Loans Single- family Rental Loans Agency MBS Non-QM Loans Q3 2025 Q3 2026

16 MFA Securitizations Outstanding Securitization Name Loan Product Type Settlement Date Original Collateral UPB ($M)19 Current Collateral UPB ($M)19 Bonds Sold ($M) Original UPB Sold (%)20 Outstanding Balance of Bonds Sold ($M) Weighted Average Coupon (WAC) of Outstanding Bonds Sold WAC of Underlying Loans Callable Date MFRA 2020-NQM1 Non-QM Sep-20 391 68 373 95% 50 3.30% 6.51% Currently Callable MFRA 2020-NQM2 Non-QM Oct-20 570 102 535 94% 67 2.88% 6.64% Currently Callable MFRA 2020-NQM3 Non-QM Dec-20 381 80 359 94% 58 2.30% 6.15% Currently Callable MFRA 2021-INV1 SFR Feb-21 217 39 198 91% 19 2.38% 7.23% Currently Callable MFRA 2021-NQM1 Non-QM Apr-21 394 94 371 94% 71 2.04% 6.20% Currently Callable MFRA 2021-RPL1 RPL Jun-21 473 231 435 92% 176 1.56% 5.06% 20% Clean-up Call MFRA 2021-NQM2 Non-QM Aug-21 289 110 277 96% 98 1.47% 5.21% Currently Callable MFRA 2021-AEINV1 Agency Eligible Oct-21 312 235 297 95% N/A 1.43% 3.27% N/A MFRA 2021-INV2 SFR Nov-21 284 166 260 92% 142 2.29% 5.28% Currently Callable MFRA 2021-AEINV2 Agency Eligible Dec-21 340 262 323 95% N/A 1.52% 3.46% N/A MFRA 2022-CHM1 Non-QM Mar-22 237 129 204 86% 96 4.84% 5.56% Currently Callable MFRA 2022-NQM1 Non-QM Mar-22 333 195 310 93% 172 4.74% 4.57% Currently Callable MFRA 2022-INV1 SFR Apr-22 258 161 224 87% 129 4.56% 4.80% Currently Callable MFRA 2022-NQM2 Non-QM Jun-22 541 375 398 74% 255 5.00% 4.27% Currently Callable MFRA 2022-RPL1 RPL Jul-22 336 193 307 91% 174 3.44% 4.94% Currently Callable MFRA 2023-NQM2 Non-QM May-23 372 238 309 83% 175 4.66% 5.10% Currently Callable MFRA 2023-INV2 SFR Sep-23 215 156 191 89% 133 7.10% 8.03% Currently Callable MFRA 2023-NQM3 Non-QM Sep-23 387 214 343 89% 171 6.77% 7.71% Currently Callable MFRA 2023-NQM4 Non-QM Dec-23 295 163 268 91% 136 6.40% 7.91% Dec-26 MFRA 2024-NQM1 Non-QM Apr-24 365 185 331 91% 151 6.77% 7.93% Apr-27 MFRA 2024-RPL1 RPL Jul-24 303 230 259 85% 205 4.26% 5.07% 30% Clean-up Call MFRA 2024-NQM2 Non-QM Sep-24 340 155 321 94% 135 5.47% 8.36% Aug-27 MFRA 2024-RTL3 Transitional Nov-24 250 250 202 81% 202 5.97% 10.09% Currently Callable MFRA 2024-NQM3 Non-QM Dec-24 380 266 354 93% 240 5.92% 7.79% Dec-27 MFRA 2025-NQM1 Non-QM Mar-25 305 226 283 93% 204 5.62% 7.41% Feb-28 MFRA 2025-NQM2 Non-QM May-25 318 238 291 92% 211 5.78% 7.49% May-28 MFRA 2025-NQM3 Non-QM Aug-25 350 303 322 92% 275 5.44% 7.54% Jul-28 MFRA 2025-NQM4 Non-QM Sep-25 371 296 351 95% 276 5.33% 7.48% Sep-28 MFRA 2025-NQM5 Non-QM Dec-25 446 381 424 95% 359 5.26% 7.29% Nov-28 MFRA 2026-NQM1 Non-QM Mar-26 345 329 326 94% 310 5.12% 7.06% Feb-29 MFRA 2026-NQMR1 Non-QM Mar-26 413 371 385 93% 343 5.51% 5.78% Mar-29 MFRA 2026-INVR1 SFR May-26 508 477 483 95% 452 5.52% 6.53% Apr-29 MFRA 2026-NQM2 Non-QM Jun-26 309 297 289 94% 277 5.57% 6.75% May-29 MFRA 2026-NPL1 NPL Sep-26 447 438 384 86% 379 6.01% 5.66% Sept-27 MFRA 2026-NQM3 Non-QM Oct-26 382 382 360 94% 360 6.57% 7.06% Sep-29 Total 12,457 8,035 11,347 91% 6,501 5.17% 6.36%

17 Prior to 2022 36% 2022 40% 2023 16% 2024-2025 3% 2026 5% Q3 2022 Financial Snapshot Supplemental Loan Portfolio Data Product Type Origination Year Product Type Origination Year 60+ Day Delinquency by Asset Class (% and UPB) Resolution Status21 Non-QM Loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Seasoned RPL/NPL $222M $224M $241M $262M $31M $32M $29M $31M $84M $106M $92M $75M $88M $137M $88M $71M $214M $203M $180M $171M 4.2% 4.1% 4.2% 4.4% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Bank Statement 42% DSCR 26% Full Doc 13% Asset Depletion 4% Other 15% 19.5% 19.0% 17.3% 16.9% Q4 2025 Q1 2026 Q2 2026 Q3 2026 PIF 37% Liquidated/REO 35% Performing 25% Non-Performing 3% Ground-up Construction Loans 51% Rehab loans 28% Bridge Loans 21% 11.5% 15.8% 13.7% 10.8% Q4 2025 Q1 2026 Q2 2026 Q3 2026 2.5% 2.6% 2.5% 2.8% Q4 2025 Q1 2026 Q2 2026 Q3 2026 16.5% 30.0% 24.4% 23.7% Q4 2025 Q1 2026 Q2 2026 Q3 2026 2021 15% 2022 30% 2023 43% 2024 12%

18 “Distributable earnings” is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removing certain unrealized gains and losses, primarily on residential mortgage investments, associated debt, and hedges that are, in each case, accounted for at fair value through earnings, certain realized gains and losses, as well as certain non-cash expenses and securitization-related transaction costs. Realized gains and losses arising from loans sold to third-parties by Lima One shortly after the origination of such loans are included in Distributable earnings. The transaction costs are primarily comprised of costs only incurred at the time of execution of our securitizations and include costs such as underwriting fees, legal fees, diligence fees, bank fees and other similar transaction related expenses. These costs are all incurred prior to or at the execution of our securitizations and do not recur. Beginning in the first quarter of 2026, losses/(gains) recognized in GAAP Net income/(loss) related to the extinguishment of debt were also included in the adjustments for Securitized debt held at fair value and Securitization-related transaction costs. Prior periods have been revised to reflect the current presentation. TBA dollar roll income, which represents the economic equivalent of interest income earned on Agency MBS forward transactions, is also included in Distributable Earnings. Recurring expenses, such as servicing fees, custodial fees, trustee fees and other similar ongoing fees are not excluded from Distributable earnings. Management believes that the adjustments made to GAAP earnings result in the removal of (i) income or expenses that are not reflective of the longer term performance of our investment portfolio, (ii) certain non-cash expenses, and (iii) expense items required to be recognized solely due to the election of the fair value option on certain related residential mortgage assets and associated liabilities. Distributable earnings is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. Accordingly, we believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results. Beginning in the first quarter of 2026, we have also reported a Distributable earnings prior to realized credit losses metric, whereby an adjustment is made to reported Distributable Earnings to exclude realized credit losses, net of recoveries for all residential whole loans held at fair value. Prior periods have been revised to reflect the current presentation. Management believes Distributable earnings prior to realized credit losses provides users of our financial statements with meaningful information to consider in addition to Net income/(loss) and cash flows from operating activities in accordance with GAAP. Distributable earnings prior to realized credit losses is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. As the timing of a realized credit loss on a loan can differ significantly from when the initial fair value adjustment with respect to a loan is reflected in GAAP net income/(loss), management believes that adjusting Distributable earnings for the realized credit losses described above can help readers better understand the operating results of our business prior to the impact of realized credit losses, as well as evaluate and compare the performance of our Company and our peers. Distributable earnings and Distributable earnings prior to realized credit losses should be used in conjunction with results presented in accordance with GAAP. Distributable earnings and Distributable earnings prior to realized credit losses do not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of these measures may not be comparable to similarly titled measures reported by other companies. The following table provides a reconciliation of GAAP net (loss)/income used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods presented. Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings and Distributable Earnings Prior to Realized Credit Losses ($ in millions, except per share amounts) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 GAAP Net income/(loss) used in the calculation of basic EPS (122.7) 35.9 ($11.7) $43.4 $37.0 Adjustments: Unrealized and realized gains and losses on: Residential whole loans held at fair value 185.1 21.0 34.8 (4.4) (41.3) Securities held at fair value 223.3 4.4 38.8 (16.3) (18.5) Residential whole loans and securities at carrying value - - - - - Derivative instruments (148.8) (34.5) (21.3) 0.7 14.8 Securitized debt held at fair value (117.2) (27.3) (22.9) (1.6) 21.3 Other portfolio investments - (0.5) (0.6) 0.6 0.5 Other adjustments: TBA dollar roll income 2.0 1.0 - - - Amortization of intangible assets 0.1 0.3 0.3 0.3 0.3 Equity based compensation 2.1 2.2 6.3 1.9 1.9 Securitization-related transaction costs 1.7 4.1 3.9 2.6 3.7 Depreciation 0.8 5.6 3.5 1.0 1.3 Total adjustments $149.1 ($23.7) $42.8 ($15.2) ($16.0) Distributable earnings $26.4 $12.2 $31.1 $28.2 $21.0 Adjustment - realized credit losses on Residential whole loans at fair value, net of recoveries 18.9 24.5 4.4 3.0 10.1 Distributable earnings prior to credit losses $45.3 $36.7 $35.5 $31.2 $31.1 GAAP earnings/(loss) per basic common share ($1.19) $0.35 ($0.11) $0.42 $0.36 Distributable earnings per basic common share $0.26 $0.12 $0.30 $0.27 $0.20 Distributable earnings prior to credit losses per basic common share $0.44 $0.35 $0.34 $0.30 $0.30 Weighted average common shares for basic earnings per share 103.4 103.7 104.3 103.1 103.7

19 Reconciliation of GAAP Book Value to Economic Book Value “Economic book value” is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments. These adjustments are also reflected in the table below in our end of period stockholders’ equity. Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies. The following table provides a reconciliation of GAAP book value per common share to our non-GAAP Economic book value per common share as of the end of each quarter since Q3 2025. ($ in millions, except per share amounts) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 GAAP Total Stockholders’ Equity $1,615.7 $1,776.1 $1,779.4 $1,827.7 $1,821.5 Preferred Stock, liquidation preference (492.0) (491.6) (489.3) (485.3) (479.9) GAAP Stockholders’ Equity for book value per common share $1,123.7 $1,284.5 $1,290.1 $1,342.4 $1,341.6 Adjustments: Fair value adjustment to Residential whole loans, at carrying value (23.2) 2.4 7.6 10.1 8.7 Fair value adjustment to Securitized debt, at carrying value 55.9 47.5 45.2 45.7 48.5 Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value) $1,156.4 $1,334.4 $1,342.9 $1,398.2 $1,398.8 GAAP book value per common share $11.12 $12.71 $12.70 $13.20 $13.13 Economic book value per common share $11.44 $13.20 $13.22 $13.75 $13.69 Number of shares of common stock outstanding 101.0 101.1 101.6 101.7 102.2

20 Book Value and Economic Book Value Rollforward GAAP Economic Book value per common share as of 6/30/26 $12.71 $13.20 Net income available to common shareholders (1.21) (1.21) Common stock dividends declared (0.36) (0.36) Fair value changes attributable to residential mortgage securities and other (0.02) (0.02) Change in fair value of residential whole loans reported at carrying value under GAAP — (0.25) Change in fair value of securitized debt at carrying value under GAAP — 0.08 Book value per common share as of 9/30/26 $11.12 $11.44

21 GAAP Segment Reporting (Dollars in millions) Mortgage- Related Assets Lima One Corporate Total Three months ended 9/30/26 Interest Income $163.1 $39.5 $1.4 $204.0 Interest Expense 114.0 23.9 4.6 142.5 Net Interest Income/(Expense) $49.1 $15.6 $(3.2) $61.5 (Provision)/Reversal of Provision for Credit Losses on Residential Whole Loans - - - - Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses $49.1 $15.6 $(3.2) $61.5 Net gain/(loss) on residential whole loans measured at fair value through earnings (157.7) (46.2) - (203.9) Impairment and other net gain on securities and other portfolio investments (223.4) - - (223.4) Net gain/(loss) on real estate owned 0.5 (3.3) - (2.8) Net gain/(loss) on derivatives 144.2 14.7 - 158.9 Net gain/(loss) on securitized debt measured at fair value through earnings 92.9 22.6 - 115.5 Lima One mortgage banking income - 7.4 - 7.4 Net realized gain/(loss) on residential whole loans held at carrying value - - - - Other, net 0.3 1.0 1.0 2.3 Total Other Income/(Loss), net ($143.2) $(3.8) $1.0 ($146.0) Compensation and benefits - 8.5 7.4 15.9 General and administrative expenses - 4.1 3.6 7.7 Loan servicing, financing, and other related costs 0.1 1.6 1.8 3.5 Amortization of intangible assets - 0.1 - 0.1 Income/(loss) before income taxes ($94.2) $(2.5) $(15.0) ($111.7) Provision for/(benefit from) income taxes - - - - Net Income/(Loss) ($94.2) $(2.5) $(15.0) ($111.7) Less Preferred Stock Dividend Requirement - - 10.7 10.7 Net Income/(Loss) Available to Common Stock and Participating Securities ($94.2) $(2.5) $(25.7) ($122.4)

22 Endnotes 1) Economic book value (EBV) is a non-GAAP financial measure. Refer to slide 19 for further information regarding the calculation of this measure and a reconciliation to GAAP book value. 2) Total economic return is calculated as the quarterly change in EBV plus common dividends declared during the quarter divided by EBV at the start of the quarter. 3) Recourse leverage is the ratio of MFA’s financing liabilities (excluding non-recourse debt) to net equity. Including securitized debt, MFA’s overall leverage ratio at Sept. 30, 2026 was 7.1x. 4) GAAP net income is presented per basic and diluted common share. 5) Distributable earnings is a non-GAAP financial measure. Refer to slide 18 for further information regarding the calculation of this measure and a reconciliation to GAAP net income. Distributable earnings is presented per basic common share. 6) Distributable earnings prior to realized credit losses is a non-GAAP financial measure. Refer to slide 18 for further information regarding the calculation of this measure and a reconciliation to GAAP net income. 7) Origination amount is based on the maximum loan amount, which includes amounts initially funded plus any committed but undrawn amounts. $166M of funded originations occurred during Q3 2026 and $88M of draws were funded during Q3 2026 on previously originated Transitional loans. 8) Liquidity includes $120M of unrestricted cash and $241M of unpledged Agency MBS at Sept. 30, 2026. 9) Amounts presented reflect the aggregation of fair value and carrying value amounts as presented in MFA’s consolidated balance sheet at Sept. 30, 2026. 10) Non-MTM refers to financing arrangements not subject to margin calls based on changes in the fair value of the financed residential whole loans. Such agreements may experience changes in advance rates or collateral eligibility due to factors such as changes in the delinquency status of the financed residential whole loans. 11) Loan-to-value (LTV) ratio reflects principal amortization and estimated home price appreciation (or depreciation). Zillow Home Value Index (ZHVI) is utilized to estimate updated LTVs for Non-QM, SFR and Seasoned RPL/NPL assets. For Transitional loans, LTV reflects either the current unpaid principal balance (UPB) divided by the most recent as-is property valuation available, which may be at the time of origination, or the maximum UPB divided by the most recent after repaired value (ARV) available, which may be at the time of origination. 12) State concentration measured by loan balance. All states in “Other” category have concentrations below 4%. 13) Total also includes Agency-eligible investor loans, which had a fair value of $45M as of Sept. 30, 2026. 14) CPR includes all principal repayments. 15) Balance sheet carrying value of real estate owned (REO) properties at Sept. 30, 2026. 16) Undrawn construction funds for performing Transitional loans at Sept. 30, 2026. Borrowers must be current in order to receive unfunded commitments. 17) Percentage of Transitional loan portfolios extended beyond original maturity date at Sept. 30, 2026. 18) Current coupon Agency MBS spread over blended 5Y and 10Y Treasury yields. Data sourced from Bloomberg and presented in basis points. 19) Collateral UPB includes cash for Transitional loan securitizations. 20) Bonds sold relative to certificates issued. 21) Status at Sept. 30, 2026 of all Seasoned RPL/NPL loans ever acquired. Non-performing status includes all active loans greater than 60 days delinquent. Liquidated/REO status includes both sold and active REO properties as well as short payoff liquidations and loans sold to third-parties.

Source: View Original Filing on SEC EDGAR

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