MFA Financial (MFA) Financials

$9.17 +0.20 (+2.23%)

Closing price 10/8/2025 03:59 PM Eastern

Extended Trading

$9.13 -0.04 (-0.39%)

As of 10/8/2025 07:56 PM Eastern

Annual Income Statements for MFA Financial

This table shows MFA Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	299	298	298	307	287	363	-709	296	-264	47	86
Consolidated Net Income / (Loss)	314	313	313	322	302	378	-679	329	-232	80	119
Net Income / (Loss) Continuing Operations	314	365	313	322	302	378	-679	329	-232	80	119
Total Pre-Tax Income	314	365	313	322	302	378	-679	329	-232	80	120
Total Revenue	359	418	373	394	383	481	-538	381	-67	230	285
Net Interest Income / (Expense)	304	315	264	236	223	364	164	242	224	176	203
Total Interest Income	464	492	457	433	456	696	433	362	482	606	724
Loans and Leases Interest Income	4.08	16	24	36	101	358	332	303	441	538	634
Investment Securities Interest Income	460	476	433	368	323	334	100	58	36	51	68
Deposits and Money Market Investments Interest Income	0.09	0.13	0.77	4.25	2.94	3.39	0.68	0.34	4.84	16	22
Total Interest Expense	160	177	193	197	232	332	269	120	259	429	521
Other Interest Expense	-	-	-	-	224	315	242	105	259	429	521
Total Non-Interest Income	55	102	109	158	159	118	-702	139	-291	54	82
Other Service Charges	0.08	-3.31	-2.85	0.66	-2.88	12	-4.57	32	8.62	11	0.12
Net Realized & Unrealized Capital Gains on Investments	55	54	111	157	162	106	-697	107	-346	-0.99	49
Other Non-Interest Income	-	51	-	-	-	-	-	-	47	43	33
Provision for Credit Losses	-	-	-	-	0.77	2.57	0.00	-45	26	-8.85	-1.95
Total Non-Interest Expense	45	52	60	72	80	95	142	120	165	168	170
Salaries and Employee Benefits	26	26	29	32	28	32	31	54	77	86	88
Other Operating Expenses	20	26	31	40	50	62	110	60	79	78	80
Amortization Expense	-	-	-	-	-	0.00	0.00	6.60	9.20	4.20	3.20
Nonoperating Income / (Expense), net	-	-	-	-	-	-5.88	-	23	25	9.39	3.14
Income Tax Expense	-	-	-	-	-	-	-	-	-0.85	0.28	0.44
Preferred Stock Dividends Declared	15	15	15	15	15	15	30	33	33	33	33
Basic Earnings per Share	$0.81	$0.80	$0.80	$0.79	$0.68	$0.80	($6.28)	$2.66	($2.57)	$0.46	$0.83
Weighted Average Basic Shares Outstanding	370.36M	372.11M	371.12M	398.42M	450.48M	453.11M	452.06M	425.05M	101.91M	102.08M	102.52M
Diluted Earnings per Share	$0.81	$0.80	$0.80	$0.79	$0.68	$0.79	($6.28)	$2.63	($2.57)	$0.46	$0.82
Weighted Average Diluted Shares Outstanding	370.36M	372.11M	371.12M	398.42M	450.48M	453.11M	452.06M	425.05M	101.91M	102.08M	102.52M
Weighted Average Basic & Diluted Shares Outstanding	370.36M	372.11M	371.12M	398.42M	450.48M	453.11M	452.06M	425.05M	101.91M	102.08M	102.52M
Cash Dividends to Common per Share	-	-	-	-	$0.80	$0.80	$0.13	$0.39	$1.67	$1.40	$1.40

This table shows MFA Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-63	-1.51	65	-34	-65	82	15	34	40	-2.31	33
Consolidated Net Income / (Loss)	-55	6.71	73	-26	-56	90	23	42	48	5.91	41
Net Income / (Loss) Continuing Operations	-55	6.71	73	-26	-56	90	23	42	48	5.91	41
Total Pre-Tax Income	-55	5.86	73	-26	-56	90	24	42	50	4.49	40
Total Revenue	-16	33	111	16	-12	116	69	84	93	39	84
Net Interest Income / (Expense)	52	56	39	45	46	46	48	53	51	51	58
Total Interest Income	124	143	132	144	159	170	177	187	182	178	181
Loans and Leases Interest Income	114	125	120	128	141	150	158	166	157	153	151
Investment Securities Interest Income	7.83	15	9.66	13	15	15	14	15	19	20	25
Deposits and Money Market Investments Interest Income	1.63	2.78	3.04	3.73	4.10	5.45	5.01	6.31	5.83	5.10	4.13
Total Interest Expense	72	87	93	100	113	123	129	133	131	128	123
Other Interest Expense	68	99	89	100	113	127	129	133	131	133	123
Total Non-Interest Income	-68	-23	71	-29	-59	70	21	31	42	-12	26
Other Service Charges	14	-36	12	17	1.42	-19	1.88	8.94	-3.13	-15	-1.45
Net Realized & Unrealized Capital Gains on Investments	-82	-33	59	-46	-72	58	12	22	36	-21	22
Other Non-Interest Income	-	-	-	-	12	-	7.93	-	8.92	-	5.44
Provision for Credit Losses	0.59	-1.54	-0.01	0.00	0.00	-8.84	0.65	0.03	0.00	-2.62	0.15
Total Non-Interest Expense	43	34	42	42	44	40	45	42	43	39	42
Salaries and Employee Benefits	21	17	21	22	24	19	25	22	22	18	23
Other Operating Expenses	20	16	20	19	19	20	19	20	20	20	18
Amortization Expense	1.30	1.30	1.30	1.30	0.80	0.80	0.80	0.80	0.80	0.80	0.80
Nonoperating Income / (Expense), net	3.86	5.60	3.94	-	-	-	0.99	-	-	-	-1.51
Income Tax Expense	-	-	-	-0.36	0.09	-	1.05	0.35	1.52	-	-0.87
Preferred Stock Dividends Declared	8.22	8.22	8.22	8.22	8.22	8.22	8.22	8.22	8.22	8.22	8.22
Basic Earnings per Share	($0.62)	($0.01)	$0.63	($0.34)	($0.64)	$0.80	$0.14	$0.32	$0.38	($0.01)	$0.32
Weighted Average Basic Shares Outstanding	101.80M	101.91M	101.91M	101.92M	101.92M	102.08M	102.08M	102.08M	102.08M	102.52M	102.65M
Diluted Earnings per Share	($0.62)	($0.01)	$0.62	($0.34)	($0.64)	$0.80	$0.14	$0.32	$0.37	($0.01)	$0.31
Weighted Average Diluted Shares Outstanding	101.80M	101.91M	101.91M	101.92M	101.92M	102.08M	102.08M	102.08M	102.08M	102.52M	102.65M
Weighted Average Basic & Diluted Shares Outstanding	101.80M	101.91M	101.91M	101.92M	101.92M	102.08M	102.08M	102.08M	102.08M	102.52M	102.65M
Cash Dividends to Common per Share	$0.44	$0.52	$0.35	$0.35	$0.35	$0.43	$0.35	$0.35	$0.35	-	$0.36

This table details how cash moves in and out of MFA Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-383	-17	82	145	-375	46	687	-417	90	-5.87	113
Net Cash From Operating Activities	256	278	179	177	148	216	38	138	355	109	200
Net Cash From Continuing Operating Activities	256	278	179	177	148	216	38	138	355	109	200
Net Income / (Loss) Continuing Operations	314	313	313	322	302	378	-679	329	-232	80	119
Consolidated Net Income / (Loss)	314	313	313	322	302	378	-679	329	-232	80	119
Provision For Loan Losses	-	-	-	-	0.77	-	-	-48	26	-6.85	-1.95
Amortization Expense	32	42	37	30	29	-25	11	-59	-27	-19	-5.49
Non-Cash Adjustments to Reconcile Net Income	-118	-128	-153	-194	-158	-121	718	-91	575	72	72
Changes in Operating Assets and Liabilities, net	27	51	-18	16	-26	-16	-11	7.57	13	-18	17
Net Cash From Investing Activities	451	554	935	1,816	-2,158	-1,135	6,384	-2,185	-1,116	-1,550	-425
Net Cash From Continuing Investing Activities	451	554	935	1,816	-2,158	-1,135	6,384	-2,185	-1,116	-1,550	-425
Purchase of Investment Securities	-1,619	-2,489	-2,680	-2,669	-5,660	-5,600	-1,641	-4,548	-3,197	-3,515	-3,497
Sale and/or Maturity of Investments	2,070	3,039	3,581	4,410	3,395	4,487	8,040	2,357	2,082	1,965	3,072
Net Cash From Financing Activities	-1,090	-850	-1,032	-1,848	1,635	965	-5,735	1,630	850	1,435	338
Net Cash From Continuing Financing Activities	-1,090	-850	-1,032	-1,848	1,635	965	-5,735	1,630	850	1,435	338
Issuance of Debt	-	0.00	0.00	383	68,747	68,947	3,803	5,715	6,308	6,552	6,073
Issuance of Common Equity	36	1.22	4.66	197	392	12	21	1.83	1.18	-0.01	-0.08
Repayment of Debt	-254	-88	-22	-17	-	-114	0.00	-107	-16	-33	-217
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-84	-86	-102	0.00	-1.49
Payment of Dividends	-310	-312	-313	-324	-345	-377	-143	-189	-217	-176	-177
Other Financing Activities, Net	-562	-450	-702	-2,088	-67,160	-67,504	-9,598	-3,705	-5,123	-4,909	-5,340
Cash Interest Paid	161	173	195	198	233	330	254	117	239	418	516

This table details how cash moves in and out of MFA Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	56	-107	34	-24	-50	35	41	12	-39	98	-128
Net Cash From Operating Activities	136	6.70	-7.34	72	40	3.82	53	46	-11	111	-15
Net Cash From Continuing Operating Activities	136	6.70	-7.34	72	40	3.82	53	46	-11	111	-15
Net Income / (Loss) Continuing Operations	-55	6.71	73	-26	-56	90	23	42	48	5.91	41
Consolidated Net Income / (Loss)	-55	6.71	73	-26	-56	90	23	42	48	5.91	41
Provision For Loan Losses	0.24	-0.27	-0.00	0.29	1.07	-8.21	0.65	-1.05	-1.94	0.40	0.15
Amortization Expense	-5.21	-15	-4.51	-5.83	-4.31	-4.32	-3.33	-3.51	0.58	0.77	0.74
Non-Cash Adjustments to Reconcile Net Income	196	58	-67	131	141	-132	20	14	-34	71	-83
Changes in Operating Assets and Liabilities, net	0.58	-43	-8.54	-27	-42	59	12	-4.47	-24	33	26
Net Cash From Investing Activities	-278	-88	-147	-545	-548	-309	-91	-181	90	-242	-252
Net Cash From Continuing Investing Activities	-278	-88	-147	-545	-548	-309	-91	-181	90	-242	-252
Purchase of Investment Securities	-724	-509	-772	-960	-968	-815	-678	-869	-813	-1,137	-970
Sale and/or Maturity of Investments	447	420	624	415	420	505	586	688	903	895	719
Net Cash From Financing Activities	197	-26	188	448	459	340	79	147	-117	229	138
Net Cash From Continuing Financing Activities	197	-26	188	448	459	340	79	147	-117	229	138
Issuance of Debt	-642	3,059	1,419	1,494	1,735	1,904	1,032	1,581	1,435	2,024	1,040
Issuance of Common Equity	0.03	0.03	0.02	0.02	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02
Repayment of Debt	1,271	-16	-4.60	-2.07	-14	-13	-41	-173	-0.87	-2.40	-2.15
Repurchase of Common Equity	-	-	0.00	-	-	-	-1.49	-	-	-	-5.19
Payment of Dividends	-53	-53	-44	-44	-44	-44	-44	-44	-44	-44	-44
Other Financing Activities, Net	-379	-3,016	-1,182	-1,000	-1,219	-1,507	-866	-1,217	-1,507	-1,749	-851
Cash Interest Paid	62	87	87	102	105	124	123	136	131	127	123

This table presents MFA Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	12,355	13,163	12,484	10,955	12,420	13,568	6,932	9,140	9,112	10,773	11,410
Cash and Due from Banks	182	165	260	450	52	71	814	305	334	318	339
Restricted Cash	67	72	58	14	37	64	7.17	100	160	170	262
Trading Account Securities	11,626	12,759	11,744	9,257	11,192	11,434	400	257	333	746	1,538
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	-3.03	0.00	0.00	0.00	0.00	0.00
Mortgage Servicing Rights	-	-	-	-	-	-	5,325	7,913	7,519	9,041	8,811
Other Assets	472	167	421	1,234	1,140	2,002	385	566	766	497	460
Total Liabilities & Shareholders' Equity	12,355	13,163	12,484	10,955	12,420	13,568	6,932	9,140	9,112	10,773	11,410
Total Liabilities	9,151	10,195	9,450	7,693	9,004	10,184	4,407	6,597	7,124	8,873	9,568
Long-Term Debt	211	119	-	-	-	10,032	4,337	6,379	6,812	8,537	9,155
Other Long-Term Liabilities	586	711	763	1,078	1,125	153	71	218	311	336	412
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,203	2,967	3,034	3,262	3,416	3,384	2,525	2,543	1,989	1,900	1,842
Total Preferred & Common Equity	3,203	2,967	3,034	3,262	3,416	3,384	2,525	2,543	1,989	1,900	1,842
Preferred Stock	0.08	0.08	0.08	0.08	0.08	0.08	0.19	0.19	0.19	0.19	0.19
Total Common Equity	3,203	2,967	3,034	3,262	3,416	3,384	2,525	2,543	1,989	1,900	1,842
Common Stock	3,017	3,024	3,033	3,231	3,628	3,645	3,853	3,777	3,685	3,700	3,712
Retained Earnings	-569	-572	-573	-579	-632	-631	-1,405	-1,279	-1,718	-1,818	-1,880
Accumulated Other Comprehensive Income / (Loss)	754	516	574	609	420	370	77	46	21	18	9.48

This table presents MFA Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	9,480	9,520	9,312	9,736	10,105	10,874	11,077	11,160	11,520
Cash and Due from Banks	386	434	362	329	300	306	289	306	254
Restricted Cash	160	167	165	174	153	223	252	197	220
Trading Account Securities	246	227	505	594	724	737	863	1,140	1,790
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Mortgage Servicing Rights	8,191	8,194	7,794	8,140	8,424	9,119	9,186	9,027	8,784
Other Assets	498	497	485	499	503	489	486	490	472
Total Liabilities & Shareholders' Equity	9,480	9,520	9,312	9,736	10,105	10,874	11,077	11,160	11,520
Total Liabilities	7,333	7,486	7,293	7,791	8,256	8,990	9,194	9,279	9,681
Long-Term Debt	7,132	7,289	7,101	7,568	8,038	8,686	8,891	8,923	9,367
Other Long-Term Liabilities	201	196	192	223	218	304	303	357	314
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,146	2,034	2,019	1,945	1,849	1,884	1,883	1,880	1,838
Total Preferred & Common Equity	2,146	2,034	2,019	1,945	1,849	1,884	1,883	1,880	1,838
Preferred Stock	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
Total Common Equity	2,146	2,034	2,018	1,945	1,848	1,884	1,883	1,880	1,838
Common Stock	3,680	3,683	3,688	3,692	3,696	3,704	3,709	3,711	3,714
Retained Earnings	-1,571	-1,680	-1,690	-1,761	-1,862	-1,840	-1,844	-1,840	-1,884
Accumulated Other Comprehensive Income / (Loss)	37	31	20	13	14	20	18	10	8.22

This table displays calculated financial ratios and metrics derived from MFA Financial's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.32%	16.37%	-10.75%	5.81%	-2.93%	25.75%	-211.76%	170.90%	-117.59%	443.24%	23.81%
EBITDA Growth	-5.45%	17.54%	-14.04%	1.11%	-6.54%	8.38%	-286.28%	136.89%	-215.62%	118.27%	113.25%
EBIT Growth	3.57%	16.46%	-14.36%	3.11%	-6.39%	27.23%	-276.93%	145.05%	-184.24%	127.56%	64.05%
NOPAT Growth	3.57%	16.46%	-14.36%	3.11%	-6.39%	27.23%	-223.85%	164.35%	-158.97%	139.23%	64.01%
Net Income Growth	3.57%	-0.09%	-0.18%	3.11%	-6.39%	25.29%	-279.68%	148.41%	-170.42%	134.62%	48.76%
EPS Growth	3.85%	-1.23%	0.00%	-1.25%	-13.92%	16.18%	-279.68%	148.41%	-197.72%	117.90%	78.26%
Operating Cash Flow Growth	-14.18%	8.72%	-35.50%	-1.60%	-16.22%	45.91%	-82.21%	258.90%	157.87%	-69.40%	84.04%
Free Cash Flow Firm Growth	-50.22%	-173.64%	349.33%	103.51%	-151.54%	-55.44%	450.05%	-128.85%	96.59%	-2,518.12%	71.60%
Invested Capital Growth	-2.23%	6.78%	-6.03%	-15.74%	14.37%	18.77%	-48.85%	30.02%	-1.35%	18.59%	5.37%
Revenue Q/Q Growth	-35.44%	121.81%	28.60%	7.60%	-8.24%	-11.58%	-5,665.02%	535.37%	-143.92%	56.65%	-21.41%
EBITDA Q/Q Growth	-37.63%	55.21%	91.16%	-12.46%	-17.25%	-7.73%	-0.84%	-16.08%	-4.18%	222.29%	-40.98%
EBIT Q/Q Growth	-39.16%	63.75%	114.73%	-12.99%	-18.59%	10.12%	-9.75%	-4.24%	-14.33%	660.42%	-41.36%
NOPAT Q/Q Growth	-39.16%	63.75%	114.73%	-12.99%	-18.59%	10.86%	-8.77%	-7.42%	-32.78%	3,326.45%	-43.41%
Net Income Q/Q Growth	0.37%	-1.95%	-0.27%	9.49%	-11.63%	11.75%	-8.77%	-0.51%	-19.27%	2,891.23%	-41.28%
EPS Q/Q Growth	2.53%	-2.44%	0.00%	6.76%	-15.00%	8.22%	-8.77%	-0.51%	-15.25%	231.43%	-50.90%
Operating Cash Flow Q/Q Growth	2.96%	19.04%	-19.06%	-12.60%	1.74%	2.15%	-51.35%	5.42%	-5.84%	-2.59%	116.37%
Free Cash Flow Firm Q/Q Growth	105.22%	46.69%	8.94%	9.87%	-377.53%	-117.60%	-32.25%	-694.25%	99.13%	-176.82%	37.51%
Invested Capital Q/Q Growth	0.39%	-1.47%	-0.90%	-3.42%	4.29%	12.03%	167.45%	243.00%	-5.60%	5.56%	1.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	96.64%	97.62%	94.02%	89.84%	86.50%	74.56%	0.00%	64.67%	0.00%	22.62%	38.97%
EBIT Margin	87.38%	87.44%	83.90%	81.76%	78.86%	79.79%	0.00%	80.25%	0.00%	30.86%	40.89%
Profit (Net Income) Margin	87.38%	75.02%	83.90%	81.76%	78.86%	78.56%	0.00%	86.24%	0.00%	34.82%	41.84%
Tax Burden Percent	100.00%	85.79%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.63%	99.65%	99.63%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	98.47%	100.00%	107.46%	90.16%	113.22%	102.69%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%	0.37%
Return on Invested Capital (ROIC)	2.65%	3.02%	2.58%	2.99%	2.85%	3.11%	0.00%	3.88%	0.00%	0.74%	1.08%
ROIC Less NNEP Spread (ROIC-NNEP)	2.65%	2.45%	2.58%	2.99%	2.85%	3.04%	0.00%	4.30%	0.00%	0.86%	1.12%
Return on Net Nonoperating Assets (RNNOA)	7.23%	7.13%	7.84%	7.26%	6.19%	8.01%	0.00%	9.10%	0.00%	3.39%	5.29%
Return on Equity (ROE)	9.88%	10.15%	10.42%	10.24%	9.04%	11.12%	-23.00%	12.98%	-10.22%	4.12%	6.37%
Cash Return on Invested Capital (CROIC)	4.91%	-3.54%	8.80%	20.07%	-10.55%	-14.05%	59.95%	-22.22%	-0.67%	-16.27%	-4.15%
Operating Return on Assets (OROA)	2.53%	2.86%	2.44%	2.75%	2.58%	2.96%	0.00%	3.81%	0.00%	0.71%	1.05%
Return on Assets (ROA)	2.53%	2.46%	2.44%	2.75%	2.58%	2.91%	0.00%	4.09%	0.00%	0.81%	1.08%
Return on Common Equity (ROCE)	9.88%	10.15%	10.42%	10.24%	9.04%	11.12%	-23.00%	12.98%	-10.22%	4.12%	6.37%
Return on Equity Simple (ROE_SIMPLE)	9.79%	10.56%	10.31%	9.88%	8.83%	11.17%	-26.91%	12.93%	-11.64%	4.22%	6.47%
Net Operating Profit after Tax (NOPAT)	314	365	313	322	302	384	-476	306	-180	71	116
NOPAT Margin	87.38%	87.44%	83.90%	81.76%	78.86%	79.79%	0.00%	80.25%	0.00%	30.76%	40.74%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.58%	0.00%	0.00%	0.00%	0.07%	2.84%	-0.43%	0.78%	-0.12%	-0.04%
SG&A Expenses to Revenue	7.13%	6.30%	7.86%	8.03%	7.43%	6.70%	0.00%	14.11%	0.00%	37.27%	30.75%
Operating Expenses to Revenue	12.62%	12.56%	16.10%	18.24%	20.94%	19.68%	0.00%	31.52%	0.00%	72.98%	59.79%
Earnings before Interest and Taxes (EBIT)	314	365	313	322	302	384	-679	306	-258	71	117
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	347	408	350	354	331	359	-668	247	-285	52	111
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.30	0.30	0.38	0.43	0.44	0.57	0.45	0.56	0.39	0.53	0.56
Price to Tangible Book Value (P/TBV)	0.30	0.30	0.38	0.43	0.44	0.57	0.45	0.56	0.39	0.53	0.56
Price to Revenue (P/Rev)	2.69	2.14	3.09	3.58	3.93	4.00	0.00	3.72	0.00	4.40	3.65
Price to Earnings (P/E)	3.24	2.99	3.87	4.59	5.24	5.31	0.00	4.80	0.00	21.40	12.04
Dividend Yield	30.54%	33.20%	25.74%	22.52%	23.92%	18.76%	12.89%	11.95%	21.98%	14.10%	13.74%
Earnings Yield	30.87%	33.41%	25.81%	21.80%	19.08%	18.84%	0.00%	20.84%	0.00%	4.67%	8.30%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.81	0.81	0.77	0.82	0.88	0.68	0.83	0.81	0.87	0.87
Enterprise Value to Revenue (EV/Rev)	25.63	24.34	25.55	19.18	24.28	24.57	0.00	19.39	0.00	39.36	33.66
Enterprise Value to EBITDA (EV/EBITDA)	26.52	24.93	27.18	21.34	28.07	32.95	0.00	29.99	0.00	173.97	86.39
Enterprise Value to EBIT (EV/EBIT)	29.33	27.83	30.45	23.45	30.79	30.79	0.00	24.16	0.00	127.53	82.32
Enterprise Value to NOPAT (EV/NOPAT)	29.33	27.83	30.45	23.45	30.79	30.79	0.00	24.16	0.00	127.97	82.62
Enterprise Value to Operating Cash Flow (EV/OCF)	35.95	36.54	53.08	42.84	62.85	54.80	121.34	53.66	19.96	83.32	47.94
Enterprise Value to Free Cash Flow (EV/FCFF)	15.85	0.00	8.94	3.49	0.00	0.00	0.77	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.65	3.20	2.86	2.03	2.31	2.96	1.72	2.51	3.43	4.49	4.97
Long-Term Debt to Equity	0.07	0.04	0.00	0.00	0.00	2.96	1.72	2.51	3.43	4.49	4.97
Financial Leverage	2.72	2.91	3.03	2.43	2.17	2.63	2.43	2.11	2.91	3.95	4.73
Leverage Ratio	3.91	4.14	4.27	3.72	3.50	3.82	3.47	3.17	4.03	5.11	5.93
Compound Leverage Factor	3.91	4.14	4.27	3.72	3.50	3.76	3.47	3.41	3.63	5.79	6.09
Debt to Total Capital	72.58%	76.21%	74.12%	66.98%	69.76%	74.78%	63.20%	71.50%	77.40%	81.80%	83.25%
Short-Term Debt to Total Capital	70.78%	75.26%	74.12%	66.98%	69.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	1.80%	0.95%	0.00%	0.00%	0.00%	74.78%	63.20%	71.50%	77.40%	81.80%	83.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	27.42%	23.79%	25.88%	33.02%	30.24%	25.22%	36.79%	28.50%	22.60%	18.20%	16.75%
Debt to EBITDA	24.45	23.32	24.80	18.67	23.80	27.96	-6.49	25.87	-23.89	163.91	82.43
Net Debt to EBITDA	23.73	22.74	23.89	17.36	23.53	27.58	-5.26	24.23	-22.16	154.54	77.02
Long-Term Debt to EBITDA	0.61	0.29	0.00	0.00	0.00	27.96	-6.49	25.87	-23.89	163.91	82.43
Debt to NOPAT	27.04	26.04	27.78	20.52	26.11	26.12	-9.12	20.84	-37.75	120.57	78.84
Net Debt to NOPAT	26.25	25.39	26.77	19.08	25.81	25.77	-7.39	19.52	-35.01	113.67	73.66
Long-Term Debt to NOPAT	0.67	0.32	0.00	0.00	0.00	26.12	-9.12	20.84	-37.75	120.57	78.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	580	-427	1,065	2,167	-1,117	-1,736	6,078	-1,754	-60	-1,565	-444
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	20,242.20%	1,019.87%	981.29%	254.95%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	3.63	-2.41	5.51	10.99	-4.81	-5.22	22.62	-14.57	-0.23	-3.65	-0.85
Operating Cash Flow to Interest Expense	1.60	1.57	0.93	0.90	0.64	0.65	0.14	1.14	1.37	0.25	0.38
Operating Cash Flow Less CapEx to Interest Expense	1.60	1.57	0.93	0.89	0.57	0.58	0.09	1.14	1.37	0.25	0.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.03	0.03	0.03	0.04	0.00	0.05	0.00	0.02	0.03
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,681	12,473	11,721	9,876	11,295	13,416	6,862	8,922	8,801	10,437	10,997
Invested Capital Turnover	0.03	0.03	0.03	0.04	0.04	0.04	0.00	0.05	0.00	0.02	0.03
Increase / (Decrease) in Invested Capital	-267	792	-752	-1,845	1,419	2,120	-6,554	2,060	-121	1,636	561
Enterprise Value (EV)	9,195	10,162	9,522	7,561	9,294	11,824	4,659	7,395	7,092	9,061	9,595
Market Capitalization	967	893	1,153	1,410	1,503	1,927	1,143	1,420	774	1,012	1,040
Book Value per Share	$8.68	$8.01	$8.17	$8.22	$7.60	$7.49	$5.57	$5.77	$19.54	$18.64	$18.04
Tangible Book Value per Share	$8.66	$8.01	$8.17	$8.22	$7.60	$7.49	$5.57	$5.77	$19.54	$18.64	$18.04
Total Capital	11,681	12,473	11,721	9,876	11,295	13,416	6,862	8,922	8,801	10,437	10,997
Total Debt	8,478	9,506	8,687	6,615	7,879	10,032	4,337	6,379	6,812	8,537	9,155
Total Long-Term Debt	211	119	0.00	0.00	0.00	10,032	4,337	6,379	6,812	8,537	9,155
Net Debt	8,228	9,270	8,369	6,151	7,790	9,897	3,515	5,974	6,318	8,049	8,554
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.87	15	22	15	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	52	0.00	0.00	0.00	5.88	204	-23	51	-9.36	-3.12
Net Nonoperating Obligations (NNO)	8,478	9,506	8,687	6,615	7,879	10,032	4,337	6,379	6,812	8,537	9,155
Total Depreciation and Amortization (D&A)	33	42	38	32	29	-25	11	-59	-27	-19	-5.49
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.24	$3.20	$3.20	$3.16	$2.72	$3.20	($6.28)	$2.68	($2.57)	$0.46	$0.83
Adjusted Weighted Average Basic Shares Outstanding	92.59M	92.77M	93.21M	99.61M	112.62M	113.28M	113.01M	106.26M	101.91M	102.08M	102.52M
Adjusted Diluted Earnings per Share	$3.24	$3.20	$3.20	$3.16	$2.72	$3.16	($6.28)	$2.64	($2.57)	$0.46	$0.82
Adjusted Weighted Average Diluted Shares Outstanding	92.59M	92.77M	93.21M	99.61M	112.62M	113.28M	113.01M	106.26M	101.91M	102.08M	102.52M
Adjusted Basic & Diluted Earnings per Share	$3.24	$3.20	$3.20	$3.16	$2.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	92.59M	92.77M	93.21M	99.61M	112.62M	113.28M	113.01M	106.26M	101.91M	102.08M	102.52M
Normalized Net Operating Profit after Tax (NOPAT)	219	256	219	226	212	269	-476	214	-180	71	116
Normalized NOPAT Margin	61.16%	61.21%	58.73%	57.24%	55.43%	55.88%	0.00%	56.17%	0.00%	30.76%	40.74%
Pre Tax Income Margin	87.38%	87.44%	83.90%	81.76%	78.86%	78.56%	0.00%	86.24%	0.00%	34.94%	41.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.96	2.06	1.62	1.64	1.30	1.16	-2.53	2.54	-1.00	0.17	0.22
NOPAT to Interest Expense	1.96	2.06	1.62	1.64	1.30	1.16	-1.77	2.54	-0.70	0.17	0.22
EBIT Less CapEx to Interest Expense	1.96	2.06	1.62	1.63	1.24	1.09	-2.58	2.54	-1.00	0.17	0.22
NOPAT Less CapEx to Interest Expense	1.96	2.06	1.62	1.63	1.24	1.09	-1.83	2.54	-0.70	0.17	0.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	98.78%	99.73%	100.07%	100.37%	114.23%	99.59%	-21.09%	57.47%	-93.66%	219.52%	148.21%
Augmented Payout Ratio	98.78%	99.73%	100.07%	100.37%	114.23%	99.59%	-33.53%	83.50%	-137.84%	219.52%	149.46%

This table displays calculated financial ratios and metrics derived from MFA Financial's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-110.61%	-54.57%	307.78%	151.22%	21.13%	252.73%	-37.37%	430.72%	847.05%	-66.84%	20.70%
EBITDA Growth	-152.95%	-321.52%	167.17%	70.88%	5.35%	636.72%	-70.63%	220.75%	182.89%	-96.13%	113.36%
EBIT Growth	-146.85%	-99.21%	175.12%	75.56%	4.31%	32,782.56%	-67.72%	260.90%	188.21%	-97.24%	79.67%
NOPAT Growth	-132.79%	-99.42%	207.32%	75.56%	4.31%	34,894.96%	-67.72%	327.97%	222.17%	-95.03%	91.86%
Net Income Growth	-141.52%	-84.79%	187.79%	74.17%	-2.58%	1,237.50%	-68.11%	261.78%	185.37%	-93.42%	77.38%
EPS Growth	-157.41%	-112.50%	172.09%	67.92%	-3.23%	8,100.00%	-77.42%	194.12%	157.81%	-101.25%	121.43%
Operating Cash Flow Growth	992.27%	-76.67%	-105.49%	-8.06%	-70.80%	-43.06%	828.73%	-35.86%	-128.33%	2,819.75%	-127.24%
Free Cash Flow Firm Growth	-7,594.10%	106.00%	111.23%	96.30%	91.09%	-1,377.72%	-537.91%	-382.75%	-44.10%	64.02%	58.48%
Invested Capital Growth	258.44%	-1.35%	-2.74%	2.52%	6.04%	18.59%	15.90%	13.26%	9.27%	5.37%	6.01%
Revenue Q/Q Growth	49.25%	309.03%	235.54%	-85.61%	-178.14%	1,034.85%	-42.03%	21.95%	9.99%	-58.50%	116.86%
EBITDA Q/Q Growth	41.88%	76.59%	554.63%	-149.92%	-88.88%	232.74%	-77.16%	105.23%	29.65%	-93.80%	1,265.63%
EBIT Q/Q Growth	45.26%	100.44%	6,107.57%	-138.18%	-114.36%	250.57%	-74.48%	90.32%	17.52%	-95.29%	1,684.55%
NOPAT Q/Q Growth	45.26%	100.63%	6,107.57%	-126.73%	-114.36%	328.92%	-75.34%	88.76%	14.87%	-90.69%	851.80%
Net Income Q/Q Growth	45.18%	112.20%	984.71%	-135.62%	-117.67%	259.02%	-74.13%	80.70%	14.87%	-87.74%	596.84%
EPS Q/Q Growth	41.51%	98.39%	6,300.00%	-154.84%	-88.24%	225.00%	-82.50%	128.57%	15.63%	-102.70%	3,200.00%
Operating Cash Flow Q/Q Growth	72.90%	-95.08%	-209.46%	1,087.65%	-45.08%	-90.41%	1,300.76%	-13.07%	-124.26%	1,088.53%	-113.07%
Free Cash Flow Firm Q/Q Growth	0.94%	101.79%	167.71%	-177.46%	-138.55%	-156.48%	7.61%	14.61%	28.79%	35.95%	-6.60%
Invested Capital Q/Q Growth	0.48%	-5.60%	3.62%	4.31%	3.93%	5.56%	1.28%	1.93%	0.27%	1.80%	1.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	-45.54%	58.21%	-201.90%	0.00%	69.30%	27.30%	45.94%	54.15%	8.09%	50.93%
EBIT Margin	0.00%	0.78%	62.28%	-165.25%	0.00%	73.01%	32.10%	50.10%	53.53%	6.08%	50.04%
Profit (Net Income) Margin	0.00%	20.37%	65.85%	-163.01%	0.00%	77.24%	33.53%	49.69%	51.89%	15.34%	49.28%
Tax Burden Percent	100.00%	114.52%	100.00%	98.64%	100.17%	99.40%	100.00%	99.18%	96.95%	131.66%	102.16%
Interest Burden Percent	93.44%	2,270.93%	105.73%	100.00%	100.00%	106.42%	104.46%	100.00%	100.00%	191.55%	96.39%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.82%	3.05%	0.00%	-2.16%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.65%	-1.77%	0.00%	1.86%	0.62%	1.26%	1.82%	0.31%	1.41%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.71%	-1.87%	0.00%	1.85%	0.63%	1.26%	1.82%	0.33%	1.39%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	2.29%	-6.72%	0.00%	7.31%	2.54%	5.42%	8.28%	1.54%	6.73%
Return on Equity (ROE)	-8.38%	-10.22%	2.94%	-8.49%	0.00%	9.17%	3.16%	6.68%	10.09%	1.85%	8.14%
Cash Return on Invested Capital (CROIC)	-115.03%	-0.67%	2.05%	-2.51%	-5.89%	-16.27%	-14.48%	-11.46%	-6.88%	-4.15%	-4.58%
Operating Return on Assets (OROA)	0.00%	0.00%	0.63%	-2.47%	0.00%	1.69%	0.60%	1.24%	1.83%	0.16%	1.34%
Return on Assets (ROA)	0.00%	0.00%	0.66%	-2.44%	0.00%	1.79%	0.63%	1.23%	1.77%	0.39%	1.32%
Return on Common Equity (ROCE)	-8.38%	-10.22%	2.94%	-8.49%	0.00%	9.17%	3.16%	6.68%	10.09%	1.85%	8.14%
Return on Equity Simple (ROE_SIMPLE)	-9.55%	0.00%	-3.76%	-0.07%	-0.16%	0.00%	1.62%	5.23%	10.80%	0.00%	7.46%
Net Operating Profit after Tax (NOPAT)	-41	0.26	69	-18	-39	90	22	42	48	4.49	43
NOPAT Margin	0.00%	0.78%	62.28%	-115.68%	0.00%	77.70%	32.10%	49.69%	51.89%	11.65%	51.12%
Net Nonoperating Expense Percent (NNEP)	0.38%	-0.10%	-0.06%	0.10%	0.22%	0.01%	-0.01%	0.00%	0.00%	-0.02%	0.02%
SG&A Expenses to Revenue	0.00%	51.76%	18.66%	136.87%	0.00%	16.65%	36.79%	25.76%	24.14%	46.77%	27.83%
Operating Expenses to Revenue	0.00%	103.89%	37.73%	265.25%	0.00%	34.59%	66.96%	49.87%	46.47%	100.73%	49.79%
Earnings before Interest and Taxes (EBIT)	-59	0.26	69	-26	-56	85	22	42	50	2.34	42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-64	-15	64	-32	-61	81	19	39	50	3.12	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.31	0.39	0.43	0.52	0.47	0.53	0.60	0.58	0.69	0.56	0.57
Price to Tangible Book Value (P/TBV)	0.31	0.39	0.43	0.52	0.47	0.53	0.60	0.58	0.69	0.56	0.57
Price to Revenue (P/Rev)	0.00	0.00	8.90	7.00	5.90	4.40	5.96	4.22	3.58	3.65	3.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	21.40	0.00	16.56	7.63	12.04	10.08
Dividend Yield	28.54%	21.98%	18.71%	15.10%	16.46%	14.10%	12.68%	13.16%	11.01%	13.74%	13.74%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	4.67%	0.00%	6.04%	13.11%	8.30%	9.92%
Enterprise Value to Invested Capital (EV/IC)	0.78	0.81	0.82	0.85	0.85	0.87	0.88	0.88	0.90	0.87	0.89
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	76.91	56.20	57.51	39.36	49.14	36.66	26.80	33.66	33.22
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	173.97	1,458.57	122.14	51.64	86.39	74.40
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	127.53	384.33	101.76	48.89	82.32	73.62
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	127.97	384.33	95.15	47.36	82.62	72.83
Enterprise Value to Operating Cash Flow (EV/OCF)	19.39	19.96	34.67	38.78	75.71	83.32	54.75	65.73	105.07	47.94	75.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	39.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.58	3.43	3.52	3.89	4.35	4.49	4.61	4.72	4.74	4.97	5.10
Long-Term Debt to Equity	3.58	3.43	3.52	3.89	4.35	4.49	4.61	4.72	4.74	4.97	5.10
Financial Leverage	1.57	2.91	3.24	3.59	3.95	3.95	4.05	4.30	4.55	4.73	4.85
Leverage Ratio	3.89	4.03	4.40	4.70	5.05	5.11	5.17	5.44	5.70	5.93	6.02
Compound Leverage Factor	3.63	91.47	4.66	4.70	5.05	5.44	5.40	5.44	5.70	11.36	5.80
Debt to Total Capital	78.18%	77.40%	77.87%	79.56%	81.30%	81.80%	82.17%	82.52%	82.59%	83.25%	83.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	78.18%	77.40%	77.87%	79.56%	81.30%	81.80%	82.17%	82.52%	82.59%	83.25%	83.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	21.81%	22.60%	22.13%	20.44%	18.70%	18.20%	17.82%	17.48%	17.41%	16.75%	16.40%
Debt to EBITDA	-26.63	-23.89	-57.19	-164.46	-188.74	163.91	1,364.85	115.09	47.41	82.43	70.07
Net Debt to EBITDA	-24.44	-22.16	-52.94	-153.53	-178.09	154.54	1,281.70	108.08	44.74	77.02	66.53
Long-Term Debt to EBITDA	-26.63	-23.89	-57.19	-164.46	-188.74	163.91	1,364.85	115.09	47.41	82.43	70.07
Debt to NOPAT	-53.63	-37.75	-105.15	-5,976.61	-3,662.78	120.57	359.64	89.65	43.48	78.84	68.59
Net Debt to NOPAT	-49.21	-35.01	-97.34	-5,579.07	-3,456.11	113.67	337.73	84.20	41.03	73.66	65.12
Long-Term Debt to NOPAT	-53.63	-37.75	-105.15	-5,976.61	-3,662.78	120.57	359.64	89.65	43.48	78.84	68.59
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,763	121	326	-253	-603	-1,545	-1,428	-1,219	-868	-556	-593
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-94.49	1.39	3.51	-2.53	-5.33	-12.52	-11.07	-9.14	-6.61	-4.36	-4.82
Operating Cash Flow to Interest Expense	1.90	0.08	-0.08	0.73	0.35	0.03	0.41	0.35	-0.09	0.87	-0.12
Operating Cash Flow Less CapEx to Interest Expense	1.90	0.08	-0.08	0.73	0.35	0.03	0.41	0.35	-0.09	0.87	-0.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.01	0.01	0.02	0.02	0.02	0.02	0.03	0.03	0.03
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,323	8,801	9,120	9,513	9,886	10,437	10,570	10,774	10,803	10,997	11,206
Invested Capital Turnover	0.00	0.00	0.01	0.02	0.02	0.02	0.02	0.03	0.04	0.03	0.03
Increase / (Decrease) in Invested Capital	6,722	-121	-257	234	563	1,636	1,450	1,261	916	561	636
Enterprise Value (EV)	7,316	7,092	7,434	8,071	8,452	9,061	9,282	9,436	9,718	9,595	9,946
Market Capitalization	628	774	860	1,006	867	1,012	1,125	1,086	1,298	1,040	1,052
Book Value per Share	$19.98	$19.54	$19.81	$19.08	$18.14	$18.64	$18.46	$18.45	$18.42	$18.04	$17.93
Tangible Book Value per Share	$19.98	$19.54	$19.81	$19.08	$18.14	$18.64	$18.46	$18.45	$18.42	$18.04	$17.93
Total Capital	9,323	8,801	9,120	9,513	9,886	10,437	10,570	10,774	10,803	10,997	11,206
Total Debt	7,289	6,812	7,101	7,568	8,038	8,537	8,686	8,891	8,923	9,155	9,367
Total Long-Term Debt	7,289	6,812	7,101	7,568	8,038	8,537	8,686	8,891	8,923	9,155	9,367
Net Debt	6,688	6,318	6,574	7,065	7,584	8,049	8,157	8,350	8,420	8,554	8,894
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	14	-6.45	-3.94	7.53	17	0.54	-0.99	0.00	0.00	-1.42	1.54
Net Nonoperating Obligations (NNO)	7,289	6,812	7,101	7,568	8,038	8,537	8,686	8,891	8,923	9,155	9,367
Total Depreciation and Amortization (D&A)	-5.21	-15	-4.51	-5.83	-4.31	-4.32	-3.33	-3.51	0.58	0.77	0.74
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.62)	($0.01)	$0.63	($0.34)	($0.64)	$0.80	$0.14	$0.32	$0.38	($0.01)	$0.32
Adjusted Weighted Average Basic Shares Outstanding	101.80M	101.91M	101.91M	101.92M	101.92M	102.08M	102.08M	102.08M	102.08M	102.52M	102.65M
Adjusted Diluted Earnings per Share	($0.62)	($0.01)	$0.62	($0.34)	($0.64)	$0.80	$0.14	$0.32	$0.37	($0.01)	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	101.80M	101.91M	101.91M	101.92M	101.92M	102.08M	102.08M	102.08M	102.08M	102.52M	102.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.01)	$0.00	$0.00	$0.00	$0.80	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.80M	101.91M	101.91M	101.92M	101.92M	102.08M	102.08M	102.08M	102.08M	102.52M	102.65M
Normalized Net Operating Profit after Tax (NOPAT)	-41	0.18	48	-18	-39	63	16	42	48	3.14	29
Normalized NOPAT Margin	0.00%	0.55%	43.60%	-115.68%	0.00%	54.39%	22.47%	49.69%	51.89%	8.15%	35.03%
Pre Tax Income Margin	0.00%	17.79%	65.85%	-165.25%	0.00%	77.70%	33.53%	50.10%	53.53%	11.65%	48.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.82	0.00	0.74	-0.26	-0.50	0.69	0.17	0.32	0.38	0.02	0.34
NOPAT to Interest Expense	-0.58	0.00	0.74	-0.18	-0.35	0.73	0.17	0.31	0.37	0.04	0.35
EBIT Less CapEx to Interest Expense	-0.82	0.00	0.74	-0.26	-0.50	0.69	0.17	0.32	0.38	0.02	0.34
NOPAT Less CapEx to Interest Expense	-0.58	0.00	0.74	-0.18	-0.35	0.73	0.17	0.31	0.37	0.04	0.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-111.34%	-93.66%	-270.72%	-13,383.40%	-6,446.87%	219.52%	575.29%	179.00%	86.92%	148.21%	128.88%
Augmented Payout Ratio	-183.36%	-137.84%	-333.32%	-13,383.40%	-6,446.87%	219.52%	580.16%	180.52%	87.65%	149.46%	132.66%

Financials Breakdown Chart

Key Financial Trends

MFA Financial (NYSE: MFA) has demonstrated varied financial performance over the past several quarters, with significant swings in net income and operational cash flows that reflect the company's response to changes in interest rates, investment securities performance, and financing activities.

Positive Trends and Highlights:

In Q1 2025, MFA reported a strong consolidated net income of $41.18 million, a substantial improvement compared to a net loss in Q4 2024.
Net interest income for Q1 2025 rose to approximately $57.54 million, up from $50.80 million in Q4 2024, reflecting better interest income management.
Net realized & unrealized capital gains on investments were positive $22.03 million in Q1 2025, a reversal from a loss of $20.80 million in Q4 2024, boosting non-interest income.
Strong operating cash flow in several quarters, including a $111.4 million inflow in Q4 2024, supports the company’s liquidity position.
MFA Financial's equity position has gradually improved, with total equity rising to about $1.84 billion in Q1 2025, compared to $1.84 billion in Q4 2024, amid stable preferred stock levels.
The company has maintained a consistent dividend payout to common shareholders, with quarterly dividends around $0.35-$0.36 per share in recent quarters.

Neutral Observations:

Total assets have grown from approximately $9.32 billion in Q1 2023 to $11.52 billion in Q1 2025, indicating asset base expansion primarily driven by mortgage servicing rights and trading account securities.
Long-term debt has increased from about $7.10 billion in Q1 2023 to $9.37 billion by Q1 2025, indicating increased leverage to fund asset growth.
Mortgage servicing rights, a significant asset for MFA, increased overall to over $8.78 billion in Q1 2025 from $7.79 billion in Q1 2023, reflecting growth in servicing portfolio.
Weighted average shares outstanding have remained relatively stable around 102 million, suggesting limited dilution from equity issuance or repurchase.

Negative Concerns:

Net cash from continuing operating activities was negative in Q1 2025 (-$14.56 million), indicating challenges in generating cash from core operations relative to earlier quarters with positive cash from operations.
Substantial net cash outflows in investing activities persist, with purchases of investment securities well exceeding sales, resulting in a significant $251.5 million outflow in Q1 2025.
Other financing activities showed large net outflows (e.g., -$850.8 million in Q1 2025), dampening the cash position despite large issuances of debt.
The net income attributable to common shareholders was negative in several quarters during 2022 and 2023, signaling periods of operational and market challenges.
There is high volatility in net realized and unrealized capital gains/losses, which introduced significant swings in non-interest income across quarters (e.g., losses exceeding $81 million in Q3 2022 and gains of $57.5 million in Q4 2023).

In summary, MFA Financial has improved its recent earnings performance and maintained some growth in key asset classes and equity. However, cash flow volatility, large investing outflows, and occasional losses highlight the importance of monitoring capital management and investment performance closely. Retail investors should be aware of the company's sensitivity to mortgage servicing economics and market yields that impact capital gains and interest income trends.

10/09/25 03:36 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About MFA Financial's Financials

When does MFA Financial's fiscal year end?

According to the most recent income statement we have on file, MFA Financial's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has MFA Financial's net income changed over the last 10 years?

MFA Financial's net income appears to be on a downward trend, with a most recent value of $119.25 million in 2024, falling from $313.50 million in 2014. The previous period was $80.16 million in 2023. Find out what analysts predict for MFA Financial in the coming months.

How has MFA Financial's revenue changed over the last 10 years?

Over the last 10 years, MFA Financial's total revenue changed from $358.79 million in 2014 to $285.02 million in 2024, a change of -20.6%.

How much debt does MFA Financial have?

MFA Financial's total liabilities were at $9.57 billion at the end of 2024, a 7.8% increase from 2023, and a 4.5% increase since 2014.

How much cash does MFA Financial have?

In the past 10 years, MFA Financial's cash and equivalents has ranged from $51.97 million in 2018 to $814.35 million in 2020, and is currently $338.93 million as of their latest financial filing in 2024.

How has MFA Financial's book value per share changed over the last 10 years?

Over the last 10 years, MFA Financial's book value per share changed from 8.68 in 2014 to 18.04 in 2024, a change of 107.9%.

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This page (NYSE:MFA) was last updated on 10/9/2025 by MarketBeat.com Staff

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MFA Financial (MFA) Financials

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