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MFA

MFA Financial, Inc.

MFA

MFA Financial, Inc. • NYSE
$9.62 ▼ -0.10% (-0.01)
Market Cap $983.17 M
52w High $11.19
52w Low $7.85
Dividend Yield 1.43%
P/E 11.19
Volume 487.42K
Outstanding Shares 102.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $84.973M ▼ $29.154M ▼ $48.104M ▲ 56.611% ▲ $0.36 ▲ $0 ▼
Q2-2025 $170.355M ▲ $30.129M ▼ $32.984M ▼ 19.362% ▼ $0.22 ▼ $164.201M ▲
Q1-2025 $74.797M ▲ $74.797M ▲ $41.176M ▲ 55.05% ▲ $0.32 ▲ $0
Q4-2024 $41.699M ▼ $28.216M ▼ $5.909M ▼ 14.171% ▼ $-0.02 ▼ $0
Q3-2024 $82.406M $82.406M $48.183M 58.47% $0.38 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $305.172M ▲ $12.097B ▲ $10.276B ▲ $1.822B ▼
Q2-2025 $275.731M ▲ $11.675B ▲ $9.853B ▲ $1.822B ▼
Q1-2025 $253.713M ▼ $11.52B ▲ $9.681B ▲ $1.838B ▼
Q4-2024 $338.931M ▲ $11.41B ▲ $9.568B ▲ $1.842B ▼
Q3-2024 $305.56M $11.16B $9.279B $1.88B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $48.104M ▲ $14.725M ▼ $-271.974M ▼ $249.263M ▲ $-7.986M ▼ $14.725M ▼
Q2-2025 $32.984M ▼ $38.458M ▲ $-30.506M ▲ $63.709M ▼ $71.661M ▲ $38.458M ▲
Q1-2025 $41.176M ▲ $-14.564M ▼ $-251.546M ▼ $138.092M ▼ $-128.018M ▼ $-14.564M ▼
Q4-2024 $5.909M ▼ $111.447M ▲ $-241.802M ▼ $228.759M ▲ $98.404M ▲ $111.447M ▲
Q3-2024 $48.183M $-11.274M $89.876M $-117.121M $-38.519M $-11.274M

Five-Year Company Overview

Income Statement

Income Statement MFA’s earnings picture has been volatile but is currently in a recovery phase. After a deep loss during the pandemic and another setback in 2022, profitability improved meaningfully in 2023 and remained positive in 2024, though operating results look closer to break-even. This pattern reflects how sensitive a mortgage REIT’s income is to interest rate shifts, funding costs, and credit performance. Overall, the trend over the last couple of years is toward stabilization and moderate improvement, but with a clear history of swings that underlines the business’s cyclicality and risk level.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully, with total assets moving steadily higher as the loan portfolio expanded. This growth has been funded largely with more borrowing, while shareholder equity has stayed roughly flat, which means leverage has crept up over time. Cash on hand is modest but fairly stable, typical for a mortgage REIT that keeps most capital deployed in interest-earning assets. The structure is consistent with a leveraged finance business: asset-rich, debt-heavy, and reliant on careful risk management and funding discipline.

Cash Flow

Cash Flow Operating cash flow has been positive in each of the last five years, although the amounts move around quite a bit from year to year. Because this is a financial company with very little spending on physical assets, free cash flow closely tracks operating cash flow and capital expenditures are negligible. In practical terms, cash generation has been generally supportive of the business, but the real story sits in how MFA funds and turns over its loan book rather than in traditional manufacturing-style cash flow metrics.

Competitive Edge

Competitive Edge MFA’s competitive position is built around its ownership of Lima One Capital, which gives it a direct, specialized channel into the business-purpose residential lending market. Unlike many mortgage REITs that mainly buy loans or securities from others, MFA can originate, underwrite, and service its own loans, providing more control over credit quality and pricing. Lima One’s focus on real estate investors, with tailored products like fix‑and‑flip, rental, construction, and bridge loans, creates a focused niche rather than a broad, undifferentiated offering. High repeat usage from borrowers and end‑to‑end servicing support this niche position, though the company still competes in a crowded, rate-sensitive market where funding costs and credit discipline remain critical.

Innovation and R&D

Innovation and R&D Innovation at MFA is concentrated in Lima One’s technology and process design rather than in traditional lab-style R&D. The proprietary online portal, instant pricing engine, and data‑driven analytics platform are all aimed at making the borrowing experience faster, more transparent, and easier to manage. This technology supports automated quoting, document management, construction draw requests, and servicing, which can reduce friction and costs while deepening customer relationships. Looking ahead, plans to enhance analytics, streamline underwriting, and expand programs like multifamily lending and systematic loan sales suggest a continued emphasis on incremental, technology-enabled improvement rather than radical reinvention.

Summary

MFA today is a specialized, tech‑enabled mortgage REIT that has emerged from a turbulent stretch of losses into a period of more stable, but still sensitive, profitability. The company runs a leveraged balance sheet typical of its sector, with growing assets and higher debt levels supported by a modest but steady equity base. Its key differentiator is the vertically integrated Lima One platform, which combines direct loan origination, in‑house servicing, and targeted products for real estate investors, supported by proprietary technology. This setup offers clear strategic advantages but also exposes the firm to real estate cycles, credit risk, and interest rate conditions, all of which have shown up in its historically volatile earnings profile.

NEWS

November 20, 2025 · 4:15 PM UTC

MFA Financial, Inc. Announces Fourth Quarter Dividends on Series B Preferred Stock and Series C Preferred Stock

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November 6, 2025 · 8:30 AM UTC

MFA Financial, Inc. Announces Third Quarter 2025 Financial Results

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October 8, 2025 · 9:00 AM UTC

MFA Financial, Inc. Plans Live Audio Webcast of Third Quarter 2025 Earnings Conference Call

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October 1, 2025 · 12:47 PM UTC

MFA Financial Completes 20th Non-QM Loan Securitization

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September 11, 2025 · 4:30 PM UTC

MFA Financial, Inc. Announces Dividend of $0.36 per Share

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