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MFA Financial (MFA) Financials

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$8.96 +0.09 (+1.01%)
As of 09/4/2026 03:58 PM Eastern
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Annual Income Statements for MFA Financial

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 298 298 307 287 363 -709 296 -264 47 86 136
Consolidated Net Income / (Loss)		 313 313 322 302 378 -679 329 -232 80 119 177
Net Income / (Loss) Continuing Operations		 365 313 322 302 378 -679 329 -232 80 119 177
Total Pre-Tax Income 		365 313 322 302 378 -679 329 -232 80 120 176
Total Revenue		 418 373 394 383 481 -538 381 -67 230 285 339
Net Interest Income / (Expense)		 315 264 236 223 364 164 242 224 176 203 231
Total Interest Income		 492 457 433 456 696 433 362 482 606 724 745
Loans and Leases Interest Income		 16 24 36 101 358 332 303 441 538 634 606
Investment Securities Interest Income		 476 433 368 323 334 100 58 36 51 68 123
Deposits and Money Market Investments Interest Income		 0.13 0.77 4.25 2.94 3.39 0.68 0.34 4.84 16 22 16
Total Interest Expense		 177 193 197 232 332 269 120 259 429 521 514
Other Interest Expense		 - - - 224 315 242 105 259 429 521 514
Total Non-Interest Income		 102 109 158 159 118 -702 139 -291 54 82 108
Other Service Charges		 -3.31 -2.85 0.66 -2.88 12 -4.57 32 8.62 11 0.12 -19
Net Realized & Unrealized Capital Gains on Investments		 54 111 157 162 106 -697 107 -346 -0.99 49 104
Other Non-Interest Income		 51 - - - - - - 47 43 33 23
Provision for Credit Losses		 - - - 0.77 2.57 0.00 -45 26 -8.85 -1.95 0.94
Total Non-Interest Expense		 52 60 72 80 95 142 120 165 168 170 155
Salaries and Employee Benefits		 26 29 32 28 32 31 54 77 86 88 78
Other Operating Expenses		 26 31 40 50 62 110 60 79 78 80 75
Amortization Expense		 - - - - 0.00 0.00 6.60 9.20 4.20 3.20 2.20
Nonoperating Income / (Expense), net		 - - - - -5.88 - 23 25 9.39 3.14 -6.76
Income Tax Expense		 - - - - - - - -0.85 0.28 0.44 -0.74
Preferred Stock Dividends Declared		 15 15 15 15 15 30 33 33 33 33 40
Basic Earnings per Share		 $0.80 $0.80 $0.79 $0.68 $0.80 ($6.28) $2.66 ($2.57) $0.46 $0.83 $1.31
Weighted Average Basic Shares Outstanding		 372.11M 371.12M 398.42M 450.48M 453.11M 452.06M 425.05M 101.91M 102.08M 102.52M 102.09M
Diluted Earnings per Share		 $0.80 $0.80 $0.79 $0.68 $0.79 ($6.28) $2.63 ($2.57) $0.46 $0.82 $1.30
Weighted Average Diluted Shares Outstanding		 372.11M 371.12M 398.42M 450.48M 453.11M 452.06M 425.05M 101.91M 102.08M 102.52M 102.09M
Weighted Average Basic & Diluted Shares Outstanding		 372.11M 371.12M 398.42M 450.48M 453.11M 452.06M 425.05M 101.91M 102.08M 102.52M 102.09M
Cash Dividends to Common per Share		 - - - $0.80 $0.80 $0.13 $0.39 $1.67 $1.40 $1.40 $1.44

Quarterly Income Statements for MFA Financial

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 82 15 34 40 -2.31 33 23 37 44 -11 36
Consolidated Net Income / (Loss)		 90 23 42 48 5.91 41 33 48 54 -0.98 47
Net Income / (Loss) Continuing Operations		 90 23 42 48 5.91 41 33 48 54 -0.98 47
Total Pre-Tax Income 		90 24 42 50 4.49 40 33 48 54 -0.98 47
Total Revenue		 116 69 81 91 39 84 73 87 91 46 88
Net Interest Income / (Expense)		 46 48 53 51 51 58 61 57 55 59 59
Total Interest Income		 170 177 187 182 178 181 188 186 190 192 197
Loans and Leases Interest Income		 150 158 166 157 153 151 155 153 146 143 141
Investment Securities Interest Income		 15 14 15 19 20 25 29 28 41 46 53
Deposits and Money Market Investments Interest Income		 5.45 5.01 6.31 5.83 5.10 4.13 4.47 4.28 3.36 2.59 2.57
Total Interest Expense		 123 129 133 131 128 123 127 129 135 133 138
Other Interest Expense		 127 129 133 131 133 123 127 129 135 133 138
Total Non-Interest Income		 70 21 28 40 -12 26 11 31 36 -13 30
Other Service Charges		 -19 1.88 1.32 -3.13 -15 -1.45 4.33 -9.79 -2.00 1.90 2.25
Net Realized & Unrealized Capital Gains on Investments		 58 12 19 34 -21 22 1.04 35 32 -22 19
Other Non-Interest Income		 - 7.93 7.62 8.92 - 5.44 6.09 5.59 5.73 7.66 8.37
Provision for Credit Losses		 -8.84 0.65 -1.05 -1.94 -2.62 0.15 0.00 0.28 -0.28 -0.24 0.00
Total Non-Interest Expense		 40 45 42 43 39 42 39 39 35 45 42
Salaries and Employee Benefits		 19 25 22 22 18 23 19 18 17 22 18
Other Operating Expenses		 20 19 20 20 20 18 19 21 17 22 23
Amortization Expense		 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.30 0.30 0.30 0.30
Income Tax Expense		 - 1.05 0.35 1.52 - -0.87 0.24 -0.10 - 0.00 0.00
Preferred Stock Dividends Declared		 8.22 8.22 8.22 8.22 8.22 8.22 11 11 11 10 11
Basic Earnings per Share		 $0.80 $0.14 $0.32 $0.38 ($0.01) $0.32 $0.22 $0.36 $0.41 ($0.11) $0.35
Weighted Average Basic Shares Outstanding		 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M 101.09M
Diluted Earnings per Share		 $0.80 $0.14 $0.32 $0.37 ($0.01) $0.31 $0.21 $0.35 $0.43 ($0.11) $0.34
Weighted Average Diluted Shares Outstanding		 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M 101.09M
Weighted Average Basic & Diluted Shares Outstanding		 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M 101.09M

Annual Cash Flow Statements for MFA Financial

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -17 82 145 -375 46 687 -417 90 -5.87 113 -215
Net Cash From Operating Activities		 278 179 177 148 216 38 138 355 109 200 76
Net Cash From Continuing Operating Activities		 278 179 177 148 216 38 138 355 109 200 76
Net Income / (Loss) Continuing Operations		 313 313 322 302 378 -679 329 -232 80 119 177
Consolidated Net Income / (Loss)		 313 313 322 302 378 -679 329 -232 80 119 177
Provision For Loan Losses		 - - - 0.77 - - -48 26 -6.85 -1.95 0.94
Amortization Expense		 42 37 30 29 -25 11 -59 -27 -19 -5.49 1.23
Non-Cash Adjustments to Reconcile Net Income		 -128 -153 -194 -158 -121 718 -91 575 72 72 -115
Changes in Operating Assets and Liabilities, net		 51 -18 16 -26 -16 -11 7.57 13 -18 17 12
Net Cash From Investing Activities		 554 935 1,816 -2,158 -1,135 6,384 -2,185 -1,116 -1,550 -425 -1,786
Net Cash From Continuing Investing Activities		 554 935 1,816 -2,158 -1,135 6,384 -2,185 -1,116 -1,550 -425 -1,786
Purchase of Investment Securities		 -2,489 -2,680 -2,669 -5,660 -5,600 -1,641 -4,548 -3,197 -3,515 -3,497 -4,930
Sale and/or Maturity of Investments		 3,039 3,581 4,410 3,395 4,487 8,040 2,357 2,082 1,965 3,072 3,145
Net Cash From Financing Activities		 -850 -1,032 -1,848 1,635 965 -5,735 1,630 850 1,435 338 1,495
Net Cash From Continuing Financing Activities		 -850 -1,032 -1,848 1,635 965 -5,735 1,630 850 1,435 338 1,495
Issuance of Debt		 0.00 0.00 383 68,747 68,947 3,803 5,715 6,308 6,552 6,073 6,324
Issuance of Preferred Equity		 - - - 0.00 0.00 266 - - 0.00 0.00 9.31
Issuance of Common Equity		 1.22 4.66 197 392 12 21 1.83 1.18 -0.01 -0.08 -0.07
Repayment of Debt		 -88 -22 -17 - -114 0.00 -107 -16 -33 -217 -11
Repurchase of Common Equity		 - - - 0.00 0.00 -84 -86 -102 0.00 -1.49 -15
Payment of Dividends		 -312 -313 -324 -345 -377 -143 -189 -217 -176 -177 -189
Other Financing Activities, Net		 -450 -702 -2,088 -67,160 -67,504 -9,598 -3,705 -5,123 -4,909 -5,340 -4,624
Cash Interest Paid		 173 195 198 233 330 254 117 239 418 516 508

Quarterly Cash Flow Statements for MFA Financial

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 35 41 12 -39 98 -128 72 -7.99 -150 24 -101
Net Cash From Operating Activities		 3.82 53 46 -11 111 -15 38 15 38 71 129
Net Cash From Continuing Operating Activities		 3.82 53 46 -11 111 -15 38 15 38 71 129
Net Income / (Loss) Continuing Operations		 90 23 42 48 5.91 41 33 48 54 -0.98 47
Consolidated Net Income / (Loss)		 90 23 42 48 5.91 41 33 48 54 -0.98 47
Provision For Loan Losses		 -8.21 0.65 -1.05 -1.94 0.40 0.15 0.79 0.28 -0.28 -0.24 -0.06
Amortization Expense		 -4.32 -3.33 -3.51 0.58 0.77 0.74 -1.93 0.51 1.91 3.15 2.96
Non-Cash Adjustments to Reconcile Net Income		 -132 20 14 -34 71 -83 -0.65 -18 -13 44 36
Changes in Operating Assets and Liabilities, net		 59 12 -4.47 -24 33 26 7.06 -17 -5.11 25 43
Net Cash From Investing Activities		 -309 -91 -181 90 -242 -252 -31 -272 -1,231 -226 -688
Net Cash From Continuing Investing Activities		 -309 -91 -181 90 -242 -252 -31 -272 -1,231 -226 -688
Purchase of Investment Securities		 -815 -678 -869 -813 -1,137 -970 -857 -1,060 -2,043 -1,019 -1,538
Sale and/or Maturity of Investments		 505 586 688 903 895 719 826 788 812 793 850
Net Cash From Financing Activities		 340 79 147 -117 229 138 64 249 1,044 179 459
Net Cash From Continuing Financing Activities		 340 79 147 -117 229 138 64 249 1,044 179 459
Issuance of Debt		 1,904 1,032 1,581 1,435 2,024 1,040 1,260 1,638 2,385 1,855 2,011
Issuance of Preferred Equity		 - - - - - 0.00 - - 4.78 3.43 1.83
Issuance of Common Equity		 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.01 -0.01 -0.01
Repayment of Debt		 -13 -41 -173 -0.87 -2.40 -2.15 -1.97 -3.92 -2.85 -2.95 -5.16
Repurchase of Common Equity		 - -1.49 - - - -5.19 - -5.08 -5.05 -9.03 -5.13
Payment of Dividends		 -44 -44 -44 -44 -44 -44 -48 -48 -48 -49 -48
Other Financing Activities, Net		 -1,507 -866 -1,217 -1,507 -1,749 -851 -1,147 -1,336 -1,290 -1,618 -1,496
Cash Interest Paid		 124 123 136 131 127 123 127 128 131 132 136

Annual Balance Sheets for MFA Financial

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 13,163 12,484 10,955 12,420 13,568 6,932 9,140 9,112 10,773 11,410 13,046
Cash and Due from Banks		 165 260 450 52 71 814 305 334 318 339 213
Restricted Cash		 72 58 14 37 64 7.17 100 160 170 262 173
Trading Account Securities		 12,759 11,744 9,257 11,192 11,434 400 257 333 746 1,538 3,360
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 -3.03 0.00 0.00 0.00 0.00 0.00 0.00
Mortgage Servicing Rights		 - - - - - 5,325 7,913 7,519 9,041 8,811 8,810
Other Assets		 167 421 1,234 1,140 2,002 385 566 766 497 460 489
Total Liabilities & Shareholders' Equity		 13,163 12,484 10,955 12,420 13,568 6,932 9,140 9,112 10,773 11,410 13,046
Total Liabilities		 10,195 9,450 7,693 9,004 10,184 4,407 6,597 7,124 8,873 9,568 11,219
Long-Term Debt		 119 - - - 10,032 4,337 6,379 6,812 8,537 9,155 10,940
Other Long-Term Liabilities		 711 763 1,078 1,125 153 71 218 311 336 412 279
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		 2,967 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842 1,828
Total Preferred & Common Equity		 2,967 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842 1,828
Preferred Stock		 0.08 0.08 0.08 0.08 0.08 0.19 0.19 0.19 0.19 0.19 0.19
Total Common Equity		 2,967 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842 1,828
Common Stock		 3,024 3,033 3,231 3,628 3,645 3,853 3,777 3,685 3,700 3,712 3,719
Retained Earnings		 -572 -573 -579 -632 -631 -1,405 -1,279 -1,718 -1,818 -1,880 -1,896
Accumulated Other Comprehensive Income / (Loss)		 516 574 609 420 370 77 46 21 18 9.48 3.68

Quarterly Balance Sheets for MFA Financial

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 9,312 9,736 10,105 10,874 11,077 11,160 11,520 11,675 12,097 13,230 13,654
Cash and Due from Banks		 362 329 300 306 289 306 254 276 305 222 141
Restricted Cash		 165 174 153 223 252 197 220 269 232 189 169
Trading Account Securities		 505 594 724 737 863 1,140 1,790 1,830 2,260 3,586 4,147
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mortgage Servicing Rights		 7,794 8,140 8,424 9,119 9,186 9,027 8,784 8,820 8,814 8,784 8,768
Other Assets		 485 499 503 489 486 490 472 480 487 449 428
Total Liabilities & Shareholders' Equity		 9,312 9,736 10,105 10,874 11,077 11,160 11,520 11,675 12,097 13,230 13,654
Total Liabilities		 7,293 7,791 8,256 8,990 9,194 9,279 9,681 9,853 10,276 11,450 11,878
Long-Term Debt		 7,101 7,568 8,038 8,686 8,891 8,923 9,367 9,506 9,842 11,118 11,654
Other Long-Term Liabilities		 192 223 218 304 303 357 314 347 434 333 224
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		 2,019 1,945 1,849 1,884 1,883 1,880 1,838 1,822 1,822 1,779 1,776
Total Preferred & Common Equity		 2,019 1,945 1,849 1,884 1,883 1,880 1,838 1,822 1,822 1,779 1,776
Preferred Stock		 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.20 0.20
Total Common Equity		 2,018 1,945 1,848 1,884 1,883 1,880 1,838 1,822 1,821 1,779 1,776
Common Stock		 3,688 3,692 3,696 3,704 3,709 3,711 3,714 3,717 3,718 3,720 3,720
Retained Earnings		 -1,690 -1,761 -1,862 -1,840 -1,844 -1,840 -1,884 -1,900 -1,901 -1,944 -1,946
Accumulated Other Comprehensive Income / (Loss)		 20 13 14 20 18 10 8.22 4.89 4.33 2.92 2.16

Annual Metrics And Ratios for MFA Financial

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.20 $3.20 $3.16 $2.72 $3.20 ($6.28) $2.68 ($2.57) $0.46 $0.83 $1.31
Adjusted Weighted Average Basic Shares Outstanding		 92.77M 93.21M 99.61M 112.62M 113.28M 113.01M 106.26M 101.91M 102.08M 102.52M 102.09M
Adjusted Diluted Earnings per Share		 $3.20 $3.20 $3.16 $2.72 $3.16 ($6.28) $2.64 ($2.57) $0.46 $0.82 $1.30
Adjusted Weighted Average Diluted Shares Outstanding		 92.77M 93.21M 99.61M 112.62M 113.28M 113.01M 106.26M 101.91M 102.08M 102.52M 102.09M
Adjusted Basic & Diluted Earnings per Share		 $3.20 $3.20 $3.16 $2.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 92.77M 93.21M 99.61M 112.62M 113.28M 113.01M 106.26M 101.91M 102.08M 102.52M 102.09M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for MFA Financial

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 102,093,862.00 101,596,232.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 102,093,862.00 101,596,232.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.01 0.46
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 252.73% -37.37% 430.72% 847.05% -66.84% 20.70% -6.16% -3.55% - -44.61% 21.42%
EBITDA Growth		 636.72% -70.63% 220.75% 182.89% -96.13% 113.36% -6.76% -3.65% - -87.90% 58.00%
EBIT Growth		 32,782.56% -67.72% 260.90% 188.21% -97.24% 79.67% -10.09% -3.55% - -95.22% 40.02%
NOPAT Growth		 34,894.96% -67.72% 327.97% 222.17% -95.03% 91.86% -10.00% -0.30% - -96.73% 41.03%
Net Income Growth		 1,237.50% -68.11% 261.78% 185.37% -93.42% 77.38% -20.89% -0.16% - -102.39% 41.03%
EPS Growth		 8,100.00% -77.42% 194.12% 157.81% -101.25% 121.43% -34.38% -5.41% - -135.48% 61.90%
Operating Cash Flow Growth		 -43.06% 828.73% -35.86% -128.33% 2,819.75% -127.24% -17.26% 230.61% - 587.98% 234.89%
Free Cash Flow Firm Growth		 -1,377.72% -537.91% -382.75% -44.10% 64.02% 58.48% 57.62% 6.43% - -185.07% -294.89%
Invested Capital Growth		 18.59% 15.90% 13.26% 9.27% 5.37% 6.01% 5.14% 7.97% - 15.09% 18.56%
Revenue Q/Q Growth		 1,034.85% -42.03% 21.95% 9.99% -58.50% 116.86% -8.52% 14.41% - -49.33% 90.81%
EBITDA Q/Q Growth		 232.74% -77.16% 105.23% 29.65% -93.80% 1,265.63% -19.15% 40.12% - -91.26% 866.63%
EBIT Q/Q Growth		 250.57% -74.48% 90.32% 17.52% -95.29% 1,684.55% -13.10% 31.29% - -96.49% 2,243.42%
NOPAT Q/Q Growth		 328.92% -75.34% 88.76% 14.87% -90.69% 851.80% -15.55% 32.51% - -97.55% 3,247.74%
Net Income Q/Q Growth		 259.02% -74.13% 80.70% 14.87% -87.74% 596.84% -19.41% 44.96% - -101.81% 4,855.89%
EPS Q/Q Growth		 225.00% -82.50% 128.57% 15.63% -102.70% 3,200.00% -32.26% 66.67% - -125.58% 409.09%
Operating Cash Flow Q/Q Growth		 -90.41% 1,300.76% -13.07% -124.26% 1,088.53% -113.07% 364.06% -61.71% - 88.89% 81.22%
Free Cash Flow Firm Q/Q Growth		 -156.48% 7.61% 14.61% 28.79% 35.95% -6.60% 12.69% -57.03% - 1.38% -21.62%
Invested Capital Q/Q Growth		 5.56% 1.28% 1.93% 0.27% 1.80% 1.89% 1.09% 2.96% - 1.01% 4.13%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 69.30% 27.30% 45.94% 54.15% 8.09% 50.93% 45.01% 55.13% - 11.12% 56.34%
EBIT Margin		 73.01% 32.10% 50.10% 53.53% 6.08% 50.04% 47.53% 54.55% - 4.31% 52.99%
Profit (Net Income) Margin		 77.24% 33.53% 49.69% 51.89% 15.34% 49.28% 43.41% 55.01% - -2.13% 52.99%
Tax Burden Percent		 99.40% 100.00% 99.18% 96.95% 131.66% 102.16% 99.29% 100.21% - 100.00% 100.00%
Interest Burden Percent		 106.42% 104.46% 100.00% 100.00% 191.55% 96.39% 91.99% 100.63% - -49.27% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.82% 3.05% 0.00% -2.16% 0.71% -0.21% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 1.86% 0.62% 1.26% 1.82% 0.31% 1.41% 1.26% 1.42% - 0.08% 1.36%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.85% 0.63% 1.26% 1.82% 0.33% 1.39% 1.23% 1.42% - 0.05% 1.36%
Return on Net Nonoperating Assets (RNNOA)		 7.31% 2.54% 5.42% 8.28% 1.54% 6.73% 6.08% 7.20% - 0.30% 7.98%
Return on Equity (ROE)		 9.17% 3.16% 6.68% 10.09% 1.85% 8.14% 7.34% 8.61% - 0.37% 9.34%
Cash Return on Invested Capital (CROIC)		 -16.27% -14.48% -11.46% -6.88% -4.15% -4.58% -3.81% -6.48% - -12.85% -15.78%
Operating Return on Assets (OROA)		 1.69% 0.60% 1.24% 1.83% 0.16% 1.34% 1.23% 1.37% - 0.11% 1.33%
Return on Assets (ROA)		 1.79% 0.63% 1.23% 1.77% 0.39% 1.32% 1.12% 1.38% - -0.05% 1.33%
Return on Common Equity (ROCE)		 9.17% 3.16% 6.68% 10.09% 1.85% 8.14% 7.34% 8.61% - 0.37% 9.34%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 1.62% 5.23% 10.80% 0.00% 7.46% 7.05% 7.05% - 7.57% 8.35%
Net Operating Profit after Tax (NOPAT)		 90 22 42 48 4.49 43 36 48 - 1.40 47
NOPAT Margin		 77.70% 32.10% 49.69% 51.89% 11.65% 51.12% 47.19% 54.66% - 3.02% 52.99%
Net Nonoperating Expense Percent (NNEP)		 0.01% -0.01% 0.00% 0.00% -0.02% 0.02% 0.03% 0.00% - 0.02% 0.00%
SG&A Expenses to Revenue		 16.65% 36.79% 25.76% 24.14% 46.77% 27.83% 25.26% 20.80% - 47.87% 20.37%
Operating Expenses to Revenue		 34.59% 66.96% 49.87% 46.47% 100.73% 49.79% 51.43% 45.13% - 96.21% 47.01%
Earnings before Interest and Taxes (EBIT)		 85 22 42 50 2.34 42 36 48 - 2.00 47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 81 19 39 50 3.12 43 34 48 - 5.15 50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.53 0.60 0.58 0.69 0.56 0.57 0.53 0.52 - 0.55 0.55
Price to Tangible Book Value (P/TBV)		 0.53 0.60 0.58 0.69 0.56 0.57 0.53 0.52 - 0.55 0.55
Price to Revenue (P/Rev)		 4.40 5.96 4.22 3.58 3.65 3.51 3.30 3.24 - 3.24 3.10
Price to Earnings (P/E)		 21.40 0.00 16.56 7.63 12.04 10.08 10.42 10.42 - 10.62 9.31
Dividend Yield		 14.10% 12.68% 13.16% 11.01% 13.74% 13.74% 15.01% 15.56% - 15.03% 14.86%
Earnings Yield		 4.67% 0.00% 6.04% 13.11% 8.30% 9.92% 9.60% 9.60% - 9.42% 10.74%
Enterprise Value to Invested Capital (EV/IC)		 0.87 0.88 0.88 0.90 0.87 0.89 0.88 0.88 - 0.91 0.92
Enterprise Value to Revenue (EV/Rev)		 39.36 49.14 36.66 26.80 33.66 33.22 33.74 35.21 - 38.75 38.88
Enterprise Value to EBITDA (EV/EBITDA)		 173.97 1,458.57 122.14 51.64 86.39 74.40 75.71 79.23 - 79.69 74.76
Enterprise Value to EBIT (EV/EBIT)		 127.53 384.33 101.76 48.89 82.32 73.62 75.81 79.29 - 81.72 78.84
Enterprise Value to NOPAT (EV/NOPAT)		 127.97 384.33 95.15 47.36 82.62 72.83 74.87 77.31 - 81.80 83.17
Enterprise Value to Operating Cash Flow (EV/OCF)		 83.32 54.75 65.73 105.07 47.94 75.30 80.05 68.29 - 72.18 48.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.49 4.61 4.72 4.74 4.97 5.10 5.22 5.40 - 6.25 6.56
Long-Term Debt to Equity		 4.49 4.61 4.72 4.74 4.97 5.10 5.22 5.40 - 6.25 6.56
Financial Leverage		 3.95 4.05 4.30 4.55 4.73 4.85 4.96 5.07 - 5.66 5.88
Leverage Ratio		 5.11 5.17 5.44 5.70 5.93 6.02 6.14 6.28 - 6.84 7.04
Compound Leverage Factor		 5.44 5.40 5.44 5.70 11.36 5.80 5.65 6.32 - -3.37 7.04
Debt to Total Capital		 81.80% 82.17% 82.52% 82.59% 83.25% 83.59% 83.91% 84.38% - 86.20% 86.78%
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%
Long-Term Debt to Total Capital		 81.80% 82.17% 82.52% 82.59% 83.25% 83.59% 83.91% 84.38% - 86.20% 86.78%
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%
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%
Common Equity to Total Capital		 18.20% 17.82% 17.48% 17.41% 16.75% 16.40% 16.08% 15.62% - 13.80% 13.22%
Debt to EBITDA		 163.91 1,364.85 115.09 47.41 82.43 70.07 72.46 76.09 - 75.82 70.67
Net Debt to EBITDA		 154.54 1,281.70 108.08 44.74 77.02 66.53 68.31 71.93 - 73.02 68.79
Long-Term Debt to EBITDA		 163.91 1,364.85 115.09 47.41 82.43 70.07 72.46 76.09 - 75.82 70.67
Debt to NOPAT		 120.57 359.64 89.65 43.48 78.84 68.59 71.66 74.24 - 77.83 78.62
Net Debt to NOPAT		 113.67 337.73 84.20 41.03 73.66 65.12 67.55 70.19 - 74.95 76.52
Long-Term Debt to NOPAT		 120.57 359.64 89.65 43.48 78.84 68.59 71.66 74.24 - 77.83 78.62
Noncontrolling Interest Sharing Ratio		 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% - 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,545 -1,428 -1,219 -868 -556 -593 -518 -813 - -1,690 -2,055
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%
Free Cash Flow to Firm to Interest Expense		 -12.52 -11.07 -9.14 -6.61 -4.36 -4.82 -4.07 -6.30 - -12.73 -14.87
Operating Cash Flow to Interest Expense		 0.03 0.41 0.35 -0.09 0.87 -0.12 0.30 0.11 - 0.54 0.93
Operating Cash Flow Less CapEx to Interest Expense		 0.03 0.41 0.35 -0.09 0.87 -0.12 0.30 0.11 - 0.54 0.93
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 - 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
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,437 10,570 10,774 10,803 10,997 11,206 11,328 11,664 - 12,897 13,430
Invested Capital Turnover		 0.02 0.02 0.03 0.04 0.03 0.03 0.03 0.03 - 0.03 0.03
Increase / (Decrease) in Invested Capital		 1,636 1,450 1,261 916 561 636 554 861 - 1,691 2,102
Enterprise Value (EV)		 9,061 9,282 9,436 9,718 9,595 9,946 9,932 10,249 - 11,685 12,328
Market Capitalization		 1,012 1,125 1,086 1,298 1,040 1,052 971 944 - 978 984
Book Value per Share		 $18.64 $18.46 $18.45 $18.42 $18.04 $17.93 $17.75 $17.74 - $17.43 $17.48
Tangible Book Value per Share		 $18.64 $18.46 $18.45 $18.42 $18.04 $17.93 $17.75 $17.74 - $17.43 $17.48
Total Capital		 10,437 10,570 10,774 10,803 10,997 11,206 11,328 11,664 - 12,897 13,430
Total Debt		 8,537 8,686 8,891 8,923 9,155 9,367 9,506 9,842 - 11,118 11,654
Total Long-Term Debt		 8,537 8,686 8,891 8,923 9,155 9,367 9,506 9,842 - 11,118 11,654
Net Debt		 8,049 8,157 8,350 8,420 8,554 8,894 8,961 9,305 - 10,707 11,344
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 0.54 -0.99 0.00 0.00 -1.42 1.54 2.89 -0.30 - 2.38 0.00
Net Nonoperating Obligations (NNO)		 8,537 8,686 8,891 8,923 9,155 9,367 9,506 9,842 - 11,118 11,654
Total Depreciation and Amortization (D&A)		 -4.32 -3.33 -3.51 0.58 0.77 0.74 -1.93 0.51 - 3.15 2.96
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.80 $0.14 $0.32 $0.38 ($0.01) $0.32 $0.22 $0.36 $0.41 ($0.11) $0.35
Adjusted Weighted Average Basic Shares Outstanding		 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M 101.09M
Adjusted Diluted Earnings per Share		 $0.80 $0.14 $0.32 $0.37 ($0.01) $0.31 $0.21 $0.35 $0.43 ($0.11) $0.34
Adjusted Weighted Average Diluted Shares Outstanding		 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M 101.09M
Adjusted Basic & Diluted Earnings per Share		 $0.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M 101.09M
Normalized Net Operating Profit after Tax (NOPAT)		 63 16 42 48 3.14 29 36 33 - 1.40 33
Normalized NOPAT Margin		 54.39% 22.47% 49.69% 51.89% 8.15% 35.03% 47.19% 38.18% - 3.02% 37.09%
Pre Tax Income Margin		 77.70% 33.53% 50.10% 53.53% 11.65% 48.24% 43.72% 54.89% - -2.13% 52.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.69 0.17 0.32 0.38 0.02 0.34 0.29 0.37 - 0.02 0.34
NOPAT to Interest Expense		 0.73 0.17 0.31 0.37 0.04 0.35 0.28 0.37 - 0.01 0.34
EBIT Less CapEx to Interest Expense		 0.69 0.17 0.32 0.38 0.02 0.34 0.29 0.37 - 0.02 0.34
NOPAT Less CapEx to Interest Expense		 0.73 0.17 0.31 0.37 0.04 0.35 0.28 0.37 - 0.01 0.34
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 219.52% 575.29% 179.00% 86.92% 148.21% 128.88% 140.57% 143.89% - 143.88% 130.86%
Augmented Payout Ratio		 219.52% 580.16% 180.52% 87.65% 149.46% 132.66% 144.61% 151.88% - 158.11% 147.24%

Financials Breakdown Chart

Key Financial Trends

MFA Financial’s recent results show a meaningful recovery from the large investment-related losses recorded in 2022 and 2023, although earnings remain sensitive to market valuations, funding costs and leverage. In the latest quarter, Q2 2026 net income reached $47.0 million, or $0.35 per basic share, compared with a $1.0 million net loss, or $0.11 per share, in Q1 2026. Net income attributable to common shareholders was $36.2 million after $10.6 million of preferred dividends.

The company’s earnings recovery has been supported by stronger net interest income and more favorable investment results. Net interest income increased from $39.4 million in Q1 2023 to $58.6 million in Q2 2026, while Q2 2026 included $19.1 million of net realized and unrealized investment gains. However, investment gains have fluctuated sharply, including a $22.5 million loss in Q1 2026 and a $72.1 million loss in Q3 2023.

MFA also generated $128.8 million of operating cash flow in Q2 2026, up from $71.1 million in Q1. Still, cash flow has been uneven: operating cash flow was negative in Q1 2025 and positive but relatively modest in Q3 2025. The company continues to fund a large investment portfolio with substantial debt issuance, while paying approximately $48 million to $55 million in quarterly dividends.

  • Profitability rebounded in Q2 2026: Net income improved to $47.0 million from a $1.0 million loss in Q1 2026, and basic EPS rose to $0.35 from negative $0.11.
  • Net interest income has generally expanded: Q2 2026 net interest income of $58.6 million was above the $46.5 million reported in Q4 2023 and the $39.4 million reported in Q1 2023, indicating stronger recurring spread income than during the earlier period.
  • Investment performance improved sequentially: MFA recorded $19.1 million of net realized and unrealized investment gains in Q2 2026 after a $22.5 million loss in Q1 2026.
  • Operating cash generation strengthened: Net cash from operating activities rose from $71.1 million in Q1 2026 to $128.8 million in Q2 2026, providing support for dividends and other corporate needs.
  • The asset base has grown: Total assets increased from $9.3 billion in Q1 2023 to $13.7 billion in Q2 2026, while trading account securities grew to $4.1 billion from $504.6 million over the same comparison.
  • Mortgage servicing rights remain the core asset: MSRs totaled $8.8 billion in Q2 2026, but their value has moved considerably, from $7.8 billion in Q1 2023 to a peak of $9.2 billion in Q2 2024 before moderating.
  • Dividend payments have been consistent but significant: Common dividends have generally been around $0.35 to $0.36 per share in recent quarters, while total quarterly dividend cash payments have remained near $48 million to $50 million.
  • Leverage has increased alongside asset growth: Long-term debt rose from $7.1 billion in Q1 2023 to $11.7 billion in Q2 2026. Total liabilities represented approximately 87% of total assets at the latest quarter, leaving the company exposed to refinancing and interest-rate risks.
  • Equity has declined: Total common equity fell from $2.0 billion in Q1 2023 to $1.8 billion in Q2 2026, despite the larger asset base. Retained earnings remained deeply negative at approximately $1.9 billion.
  • Investment activity continues to consume cash: MFA purchased $1.5 billion of investment securities in Q2 2026 and reported $687.9 million of net cash used in investing activities. This recurring reinvestment has required substantial debt financing and contributed to a cash decline from $306.3 million in Q1 2024 to $141.2 million in Q2 2026.

Overall, MFA’s financial profile is improving operationally, but it remains highly leveraged and dependent on volatile investment results. Investors may view the return to positive earnings and stronger operating cash flow favorably, while continuing to monitor debt growth, the valuation of mortgage servicing rights, interest expense and the company’s ability to sustain common dividends through weaker investment cycles.

09/06/26 01:44 AM ETAI Generated. May Contain Errors.

MFA Financial Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MFA Financial's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MFA Financial's net income appears to be on a downward trend, with a most recent value of $176.78 million in 2025, falling from $313.23 million in 2015. The previous period was $119.25 million in 2024. Check out MFA Financial's forecast to explore projected trends and price targets.

Over the last 10 years, MFA Financial's total revenue changed from $417.53 million in 2015 to $338.80 million in 2025, a change of -18.9%.

MFA Financial's total liabilities were at $11.22 billion at the end of 2025, a 17.3% increase from 2024, and a 10.0% increase since 2015.

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 $213.21 million as of their latest financial filing in 2025.


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Financial statements for NYSE:MFA last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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