MFA FINANCIAL, INC.

Listed Company

MFA-PBCIK 0001055160NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$176.78M

Total Assets

$13.05B

Equity

$1.83B

Shares Out

102.09M

Op. Cash Flow

$76.25M

Business

MFA FINANCIAL, INC. is a specialty finance company that invests in and finances residential mortgage assets as an internally-managed REIT. It offers investments in and holdings of residential whole loans (including Non‑QM, business‑purpose and legacy RPL/NPL loans), residential mortgage securities (Agency and Non‑Agency MBS, CRTs and MSR‑related assets), and real estate owned acquired through loan resolution. Key business segments include its consolidated loan trusts and its wholly-owned Lima One subsidiary, a nationwide originator and servicer of business‑purpose loans. The company distributes and finances its assets through loan securitizations, term warehouse facilities and repurchase agreements, and participates in national residential mortgage markets.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Residential whole loans	606	634	538	441	303
Securities, at fair value	121	61	42	29	57
Other interest-earning assets	2	7	9	7	2
Cash and cash equivalent investments	16	22	16	5	344,000
Interest Income	745	724	606	482	362
Asset-backed and other collateralized financing arrangements	496	500	414	243	105
Other interest expense	18	21	16	16	—
Interest Expense	514	521	429	259	—
Net Interest Income	231	203	176	224	242
Reversal/(Provision) for Credit Losses on Residential Whole Loans	−936,000	3	9	3	45
Reversal/(Provision) for Credit Losses on Other Assets	0	−1	0	−29	0
Net Interest Income after Reversal/(Provision) for Credit Losses	230	205	185	198	287
Net gain/(loss) on residential whole loans measured at fair value through earnings	134	46	90	−867	—
Impairment and other net gain/(loss) on securities and other portfolio investments	62	−11	6	−25	—
Net gain/(loss) on real estate owned	−7	3	9	25	23
Net gain/(loss) on derivatives used for risk management purposes	−36	79	4	255	1
Net gain/(loss) on securitized debt measured at fair value through earnings	−55	−65	−100	291	15
Lima One mortgage banking income	23	33	43	47	—
Net realized gain/(loss) on residential whole loans held at carrying value	−882,000	418,000	−1	0	0
Other, net	−19	115,000	11	9	10
Other Income/(Loss), net	101	85	63	−265	162
Compensation and benefits	78	88	86	77	54
Other general and administrative expense	42	44	44	36	29
Loan servicing, financing and other related costs	33	35	34	43	31
Amortization of intangible assets	2	3	4	9	7
Operating and Other Expense	155	170	168	165	120
Income/(loss) before income taxes	176	120	80	−232	—
Provision for/(benefit from) income taxes	−735,000	443,000	278,000	−851,000	—
Net Income/(Loss)	177	119	80	−232	329
Less Preferred Stock Dividend Requirement	40	33	33	33	33
Net Income/(Loss) Available to Common Stock and Participating Securities	136	86	47	−264	296
Basic Earnings/(Loss) per Common Share (in dollars per share)	1.31	0.83	0.46	−2.57	2.66
Diluted Earnings/(Loss) per Common Share (in dollars per share)	1.3	0.82	0.46	−2.57	2.63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Residential whole loans, net ($7,717,007 and $7,511,210 held at fair value, respectively)	8,800	8,800	9,000	7,519	7,913
Securities, at fair value	3,360	1,538	746	333	257
Cash and cash equivalents	213	339	318	334	305
Restricted cash	174	262	170	160	100
Other assets	489	460	497	766	566
Total Assets	13,046	11,410	10,773	9,112	9,140
Financing agreements ($5,956,057 and $5,516,005 held at fair value, respectively)	10,940	9,155	8,537	6,812	6,379
Other liabilities	279	412	336	—	—
Total Liabilities	11,219	9,568	8,873	7,124	6,597
Commitments and contingencies (See Note 9)	—	—	—	—	—
Common stock, $0.01 par value; 866,300 and 874,300 shares authorized, respectively; 101,663 and 102,083 shares issued and outstanding, respectively	1	1	1	1	1
Additional paid-in capital, in excess of par	3,718	3,711	3,699	3,684	3,775
Accumulated deficit	−1,896	−1,880	−1,818	−1,718	−1,279
Accumulated other comprehensive income	4	9	18	21	46
Total Stockholders Equity	1,828	1,842	1,900	1,989	2,543
Total Liabilities and Stockholders Equity	13,046	11,410	10,773	9,112	9,140

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (gain)/loss on residential whole loans	−139	−54	−87	867	−13
Impairment and other net (gain)/loss on securities and other portfolio investments, net	−62	9	−7	25	−75
Net (gain)/loss on real estate owned	7	−3	−10	−24	−19
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	1	−5	−19	−27	−59
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	936,000	−2	−7	26	−48
Net (gain)/loss on derivatives used for risk management purposes	66	−2	94	−248	−2
Net (gain)/loss on securitized debt measured at fair value through earnings	42	52	86	−291	−14
Net margin received/(paid) for derivatives used for risk management purposes	−96	723,000	−36	215	574,000
Net other non-cash (gains)/losses included in net income	67	69	32	31	31
(Increase)/decrease in other assets	4	25	−81	25	−6
Increase/(decrease) in other liabilities	7	−9	63	−12	14
Net cash provided by/(used in) operating activities	76	200	109	355	138
Purchases and origination of residential whole loans, loan related investments and capitalized advances	−2,689	−2,749	−2,915	−3,207	−4,517
Proceeds from sales of residential whole loans	275	654	346	0	0
Principal payments on residential whole loans and loan related investments	2,437	2,202	1,446	1,879	2,013
Purchases of securities	−2,163	−869	−589	0	0
Proceeds from sales of securities and other assets	47	46	23	16	0
Principal payments on securities	290	84	36	53	157
Proceeds from sales of real estate owned	96	86	115	134	187
Other investing activities	−79	122	−11	9	−31
Net cash provided by/(used in) investing activities	−1,786	−425	−1,550	−1,116	−2,185
Principal payments on financing agreements with mark-to-market collateral provisions	−2,695	−2,666	−2,911	−2,971	−1,822
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	4,343	2,905	3,049	2,632	3,022
Principal payments on other collateralized financing agreements	−1,901	−2,646	−1,998	−2,152	−1,883
Proceeds from borrowings under other collateralized financing agreements	1,981	2,985	3,503	3,677	2,693
Payments made for other collateralized financing agreement related costs	−11	−7	−13	−16	−7
Redemption and repurchase of convertible senior notes	0	−210	−20	0	−100
Proceeds from issuance of senior notes	0	183	0	0	—
Payments made for settlements and unwinds of Swaps	−27	−28	0	0	0
Proceeds from issuance of preferred stock, net of expenses	9	0	0	—	—
Proceeds from issuances of common stock, net of expenses	−68,000	−81,000	−7,000	1	2
Payments made for the repurchase of common stock	−15	−1	0	−102	−86
Dividends paid on preferred stock	−40	−33	−33	−33	−33
Dividends paid on common stock and dividend equivalents	−148	−144	−143	−184	−156
Net cash provided by/(used in) financing activities	1,495	338	1,435	850	1,630
Net increase/(decrease) in cash, cash equivalents and restricted cash	−215	113	−6	90	−417
Cash paid for interest	508	516	418	239	117
Transfer from residential whole loans to real estate owned	107	104	85	83	72
Transfer from commercial loans to real estate owned	0	15	23	0	—
Receivable for sale of unsettled residential whole loans	0	0	14	276	0
Payable for unsettled investment purchases	0	63	104	132	0

Filings

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