MFA Financial, Inc. reported a $111.7 million net loss for the third quarter ended September 30, 2026, compared with $48.1 million of net income in the year-earlier quarter; diluted loss was $1.19 per common share versus diluted earnings of $0.35. Net interest income was $61.4 million, compared with $57.0 million.
Quarterly results included losses of $204.0 million on residential whole loans measured at fair value and $223.3 million on securities and other portfolio investments. Gains of $158.8 million on derivatives and $115.5 million on securitized debt were also reported. For the first nine months, MFA recorded a $65.9 million net loss, compared with $122.5 million net income; operating cash flow was $431.0 million versus $38.6 million in the comparable period.
At September 30, 2026, residential whole loans totaled $8.68 billion, financing agreements were $11.52 billion, total assets were $13.54 billion, and stockholders’ equity was $1.62 billion. The loan portfolio’s share 60 or more days past due was 6.7% by unpaid principal balance, versus 7.1% at December 31, 2025. Cash and cash equivalents were $119.5 million; restricted cash was $207.3 million and was unavailable for general corporate purposes.
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.
MFA Financial, Inc. announced a leadership transition for 2027. CEO Craig L. Knutson will retire on June 30, 2027, after serving as CEO or Co-CEO since July 2017, and is expected to remain on the board subject to stockholder election. President and Chief Investment Officer Bryan Wulfsohn will become CEO on July 1, 2027, and join the board on January 1, 2027. Andrew P. Kail will join as Senior Vice President and Chief Investment Officer on January 1, 2027.
Knutson’s 2027 grant-date values are $843,000 for time-based restricted stock units and $1,264,500 for performance-based restricted stock units, each reflecting a 50% decrease from the corresponding 2026 award. Wulfsohn’s annualized salary is $700,000 for 2026 and $762,500 effective January 1, 2027; his 2027 target bonus is $1,700,000. CFO Michael C. Roper’s annualized salary is $550,000 for 2026 and $575,000 effective January 1, 2027; his 2027 target bonus is $850,000. The agreements allocate 75% of target bonuses to company-performance goals and 25% to individual performance and other committee factors; annual cash bonuses may range from zero to 200% of target.
MFA Financial, a REIT focused on residential mortgage assets, reported for the quarter ended June 30, 2026 net income of $46.8 million, up from $33.2 million a year earlier. Net income available to common stockholders rose to $36.2 million, with diluted EPS of $0.34 versus $0.21.
Net interest income was $58.6 million, slightly below $61.3 million in 2025, as higher interest income of $196.8 million was offset by higher funding costs. Results were strongly affected by fair value movements: residential whole loans produced a $45.5 million loss, while derivatives and securitized debt generated gains of $44.6 million and $25.3 million, respectively.
For the first six months of 2026, net income declined to $45.8 million from $74.4 million, and net income to common fell to $24.8 million. The company held $13.7 billion of assets, including $8.8 billion of residential whole loans and $4.1 billion of Agency MBS, funded largely through $11.7 billion of financing agreements. Credit metrics included $571.2 million of loans on nonaccrual status and an allowance for credit losses of $9.4 million. Common dividends were $0.36 per share in each of the first two quarters.
MFA Financial, Inc. reported second quarter 2026 GAAP net income to common stockholders and participating securities of $36.2 million, or $0.35 per basic share and $0.34 per diluted share, compared with $22.6 million, or $0.22 per basic share, a year earlier. Non‑GAAP distributable earnings were $12.2 million, or $0.12 per basic share, while distributable earnings prior to realized credit losses were $36.7 million, or $0.35 per share. A regular cash dividend of $0.36 per common share was paid on July 31, 2026.
GAAP book value at June 30, 2026 was $12.71 per common share and economic book value was $13.20 per share, producing a 2.6% total economic return for the quarter. The residential investment portfolio increased to $13.0 billion from $12.5 billion at March 31, led by $5.7 billion of Non‑QM loans and $4.1 billion of Agency MBS. Liquidity totaled $435 million, including unrestricted cash and unpledged Agency MBS. The overall Debt/Net Equity Ratio was 6.6x, with recourse leverage of 3.0x.
Credit metrics improved as 60+ day delinquencies in the residential loan portfolio fell to 7.0% of unpaid principal balance from 7.8% at March 31 after resolving nearly $200 million of previously delinquent loans. The company completed two loan securitizations backed by $817.4 million UPB and repurchased 529,378 common shares in the quarter, bringing cumulative repurchases since last year to 2 million shares.
Wald Richard C. reported acquisition or exercise transactions in this Form 4 filing.
MFA Financial director Richard C. Wald received a grant of 16,448 restricted stock units. Each unit represents one share of MFA common stock and was fully vested on the grant date. The units will be settled in an equal number of shares upon his board service ending or on or about January 15, 2032. Following this award, Wald directly holds 94,703 shares-linked units.
Goodman Laurie reported acquisition or exercise transactions in this Form 4 filing.
MFA Financial, Inc. director Laurie Goodman received a grant of 29,057 Restricted Stock Units (RSUs), each representing one share of MFA common stock. The RSUs were fully vested at grant and will be settled in the same number of common shares.
Settlement will occur on the earlier of her termination of service as a director or on or about January 15, 2032, except in certain circumstances. Following this award, she holds 169,448 RSUs directly, highlighting a continued equity-based compensation position rather than an open-market share purchase or sale.
JOSEPHS ROBIN reported acquisition or exercise transactions in this Form 4 filing.
MFA Financial director Robin Josephs received a grant of 16,448 restricted stock units (RSUs) tied to MFA common stock. Each RSU represents the right to receive one share of common stock. The award was fully vested on the grant date and will be settled in shares.
The RSUs will be settled in an equivalent number of MFA common shares upon the earlier of Josephs’ termination of service as a director or on or about January 15, 2032. Following this grant, Josephs holds 109,238 derivative securities linked to MFA common stock directly.
POLSKY LISA reported acquisition or exercise transactions in this Form 4 filing.
MFA Financial director Lisa Polsky received a grant of 16,448 restricted stock units (RSUs). Each RSU represents one share of MFA Financial, Inc. common stock and was granted at no cash cost to her. The RSUs were fully vested on the grant date.
The award will be settled in an equivalent number of MFA common shares on the earlier of her termination of service as a director or on or about January 15, 2032, except in certain circumstances. Following this grant, her directly held position reported in this filing is 94,703 shares.
Small Christopher R. reported acquisition or exercise transactions in this Form 4 filing.
MFA Financial, Inc. director Christopher R. Small received a grant of 16,448 restricted stock units on common stock as compensation. The award was granted at $0.00 per unit and increased his directly held restricted stock units to 32,288 following the transaction.
Each restricted stock unit represents the right to receive one share of MFA common stock. The units were fully vested on the grant date and will be settled in an equivalent number of common shares upon the earlier of his termination of service as a director or on or about January 15, 2032.