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The Vanguard Group filed an Amendment No. 13 to Schedule 13G/A for MFA Financial Inc common stock describing an internal realignment and reporting 0 shares beneficially owned. The filing cites SEC Release No. 34-39538 and states certain subsidiaries will report ownership separately after an internal realignment on January 12, 2026. The form is signed by Ashley Grim, Head of Global Fund Administration on 03/27/2026.
MFA Financial, Inc. is an internally managed REIT focused on residential mortgage assets, mainly residential whole loans and mortgage-backed securities. It aims to generate distributable income and credit-driven returns while maintaining REIT and Investment Company Act compliance.
In 2025, MFA acquired approximately $2.7 billion of residential whole loans, including $0.9 billion originated by its Lima One subsidiary. As of December 31, 2025, total investment-related assets included $8.8 billion of residential whole loans, $3.4 billion of residential mortgage securities, and $301.2 million of other investment-related assets.
Key risks center on credit performance of whole loans and MBS, leverage and margin calls, interest rate and prepayment volatility, regulatory changes, geographic concentration (notably California, Florida, Texas, Georgia and New York), and operational risks tied to third-party servicers and Lima One. On June 30, 2025, non-affiliate market value of common stock was $966 million, with 102,093,862 shares outstanding on February 17, 2026.
MFA Financial reported much stronger results for the quarter and year ended December 31, 2025 and announced a new stock repurchase plan. Q4 net income was $54.3 million, up sharply from $5.9 million a year earlier, with full-year net income of $176.8 million versus $119.3 million in 2024. Q4 distributable earnings were $27.8 million, or $0.27 per basic share. Economic book value per share was $13.75, slightly above the prior year’s $13.93 despite a higher-rate environment that compressed net interest spreads to 1.69% on the total balance sheet. Total assets grew to $13.0 billion, led by $8.8 billion of residential whole loans and $3.36 billion of securities.
The board authorized a new $200 million common stock repurchase program effective through the end of 2028, replacing the prior plan that expired in 2025. Management highlighted 2025 investments of about $4.8 billion in target assets, continued cost reductions, and total economic returns of 3.1% for Q4 and 9.0% for the year.
MFA Financial President and Chief Investment Officer Bryan Wulfsohn reported multiple equity award transactions dated January 8, 2026. He acquired 67,914 shares of common stock from the settlement of time-based restricted stock units and 232,090 shares tied to performance-based restricted stock units, all at an exercise price of $0 per share as they are phantom share awards.
The filing shows share surrenders of 35,432 and 13,339 common shares at $9.57 per share to satisfy tax obligations arising from these settlements. The performance-based units were granted in January 2023, vesting based on total stockholder return over the three years ended December 31, 2025, with vested PRSUs and related dividend-equivalent units scheduled to settle in common stock in January 2027. The number of shares beneficially owned was also reduced to reflect liquidation of 819 shares previously held in the company’s 401(k) plan after MFA stock was removed as an investment option.
MFA Financial, Inc. senior vice president and co-controller Natasha Seemungal reported multiple equity award transactions on common stock and phantom share units. On January 8, 2026, time-based restricted stock units converted into 4,922 shares of common stock, and performance-based restricted stock units tied to three-year total shareholder return contributed an additional 16,823 shares, increasing her directly held common stock to 33,826 shares before tax withholding.
To cover tax obligations from these settlements, she surrendered 2,266 shares and 1,470 shares of common stock at a price of $9.57 per share, leaving 30,090 shares of common stock held directly. Corresponding phantom share awards in the form of TRSUs and PRSUs were reduced by 4,922 and 9,434 phantom shares, with vested PRSUs, including dividend-equivalent units, scheduled to settle in common stock in January 2027.
MFA Financial, Inc. insider Harold E. Schwartz, a Senior Vice President, reported equity compensation activity on January 8, 2026. He acquired 26,575 shares of common stock from the settlement of time-based restricted stock units (TRSUs) and an additional 90,821 shares of common stock tied to performance-based restricted stock units (PRSUs), both economically equivalent to common shares.
To cover tax obligations from these settlements, Schwartz surrendered 15,465 shares and 5,582 shares of common stock at a price of $9.57 per share. Following these transactions, he beneficially owned 159,518 shares of MFA common stock. The PRSUs, including 28,420 units from dividend equivalents, are scheduled to settle in January 2027 as one share of common stock for each vested phantom share, based on MFA’s total stockholder return over the three years ended December 31, 2025.
MFA Financial, Inc. executive Lori R. Samuels, SVP & Chief Loan Operations Officer, reported equity award activity involving company stock and phantom shares. On January 8, 2026, 15,749 time-based restricted stock units (TRSUs) settled into the same number of common shares, and performance-based RSUs (PRSUs) granted in January 2023 vested, representing 53,827 common shares, including 16,848 units tied to dividend equivalents. The vested PRSUs are scheduled to settle in January 2027, with each phantom share converting into one common share. To cover tax obligations from these settlements, 9,479 and 3,461 common shares were surrendered at a price of $9.57 per share. Following these transactions, Samuels continues to hold common stock and phantom share balances as reflected in the tables.
MFA Financial senior vice president and chief financial officer Michael C. Roper reported multiple equity award settlements and related tax share surrenders on January 8, 2026. Time-based restricted stock units (TRSUs), structured as phantom shares granted in January 2023, settled into 15,749 shares of common stock at $0 per share. Performance-based restricted stock units (PRSUs) granted at the same time vested into 53,827 shares, including additional PRSUs credited for dividend equivalents over the three-year performance period ended December 31, 2025.
To cover tax obligations from these settlements, Roper surrendered 8,810 shares and 3,217 shares of common stock at $9.57 per share. Following the reported transactions, he held 88,138 shares of MFA common stock directly, along with substantial remaining phantom share balances. A prior change to MFA’s 401(k) plan eliminated MFA stock as an investment option, reducing his beneficial ownership by 1,000 shares previously held in that plan.
MFA Financial, Inc. senior vice president and co-controller Mei Lin reported the vesting and settlement of stock-based awards granted in January 2023. On January 8, 2026, 4,922 time-based restricted stock units and 16,823 performance-based restricted stock units, structured as phantom shares, were converted into common stock at an exercise price of $0 per share. Phantom shares are described as economically equivalent to one share of MFA common stock and settle share-for-share.
To cover tax obligations from these settlements, Lin surrendered 2,057 and 1,335 common shares at a price of $9.57 per share. Following these transactions, Lin directly held 32,131 common shares. In the derivative holdings, 4,922 and 9,434 phantom shares were settled, leaving 51,968 and 42,534 phantom shares outstanding in two award lines. The performance-based awards vested based on MFA’s total stockholder return for the three years ended December 31, 2025, and vested PRSUs, including 5,268 units from dividend equivalents, are scheduled to settle in common stock in January 2027.
MFA Financial CEO Craig L. Knutson, who also serves as a director, reported several equity award-related transactions dated January 8, 2026. He acquired 157,481 shares of common stock upon settlement of time-based restricted stock units granted in January 2023 and 538,186 shares of common stock tied to performance-based restricted stock units from the same grant.
Phantom shares used in these awards are each the economic equivalent of one share of MFA common stock and settle one-for-one in stock. The filing shows share dispositions of 81,087 shares and 42,127 shares at $9.57 per share, representing shares surrendered to cover tax obligations on the equity settlements. The company also previously eliminated MFA common stock as an investment option in its 401(k) plan, reducing Knutson’s reported beneficial ownership by 14,710 shares. Certain vested performance-based units, including dividend-equivalent units, are scheduled to settle in stock in January 2027.