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MFA Financial (MFA) Financials

MFA Financial logo
$9.90 +0.16 (+1.59%)
Closing price 05/8/2026 03:59 PM Eastern
Extended Trading
$9.96 +0.05 (+0.54%)
As of 05/8/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 -65 82 15 34 40 -2.31 33 23 37 44 -11
Consolidated Net Income / (Loss)		 -56 90 23 42 48 5.91 41 33 48 54 -0.98
Net Income / (Loss) Continuing Operations		 -56 90 23 42 48 5.91 41 33 48 54 -0.98
Total Pre-Tax Income 		-56 90 24 42 50 4.49 40 33 48 54 -0.98
Total Revenue		 -12 116 69 81 91 39 84 76 87 91 46
Net Interest Income / (Expense)		 46 46 48 53 51 51 58 61 57 55 59
Total Interest Income		 159 170 177 187 182 178 181 188 186 190 192
Loans and Leases Interest Income		 141 150 158 166 157 153 151 155 153 146 143
Investment Securities Interest Income		 15 15 14 15 19 20 25 29 28 41 46
Deposits and Money Market Investments Interest Income		 4.10 5.45 5.01 6.31 5.83 5.10 4.13 4.47 4.28 3.36 2.59
Total Interest Expense		 113 123 129 133 131 128 123 127 129 135 133
Other Interest Expense		 113 127 129 133 131 133 123 127 129 135 133
Total Non-Interest Income		 -59 70 21 28 40 -12 26 15 31 36 -13
Other Service Charges		 1.42 -19 1.88 1.32 -3.13 -15 -1.45 -5.48 -9.79 -2.00 1.90
Net Realized & Unrealized Capital Gains on Investments		 -72 58 12 19 34 -21 22 15 35 32 -22
Other Non-Interest Income		 12 - 7.93 7.62 8.92 - 5.44 6.09 5.59 5.73 7.66
Provision for Credit Losses		 0.00 -8.84 0.65 -1.05 -1.94 -2.62 0.15 0.79 0.28 -0.28 -0.24
Total Non-Interest Expense		 44 40 45 42 43 39 42 39 39 35 45
Salaries and Employee Benefits		 24 19 25 22 22 18 23 19 18 17 22
Other Operating Expenses		 19 20 19 20 20 20 18 19 21 17 22
Amortization Expense		 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.30 0.30 0.30
Nonoperating Income / (Expense), net		 - - 0.99 1.88 0.24 - -1.51 -2.91 0.30 -2.64 -2.98
Income Tax Expense		 0.09 - 1.05 0.35 1.52 - -0.87 0.24 -0.10 - 0.00
Preferred Stock Dividends Declared		 8.22 8.22 8.22 8.22 8.22 8.22 8.22 11 11 11 10
Basic Earnings per Share		 ($0.64) $0.80 $0.14 $0.32 $0.38 ($0.01) $0.32 $0.22 $0.36 $0.41 ($0.11)
Weighted Average Basic Shares Outstanding		 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M
Diluted Earnings per Share		 ($0.64) $0.80 $0.14 $0.32 $0.37 ($0.01) $0.31 $0.21 $0.35 $0.43 ($0.11)
Weighted Average Diluted Shares Outstanding		 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M
Weighted Average Basic & Diluted Shares Outstanding		 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M
Cash Dividends to Common per Share		 $0.35 $0.43 $0.35 $0.35 $0.35 - $0.36 $0.36 $0.36 - $0.36

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 -50 35 41 12 -39 98 -128 72 -7.99 -150 24
Net Cash From Operating Activities		 40 3.82 53 46 -11 111 -15 38 15 38 71
Net Cash From Continuing Operating Activities		 40 3.82 53 46 -11 111 -15 38 15 38 71
Net Income / (Loss) Continuing Operations		 -56 90 23 42 48 5.91 41 33 48 54 -0.98
Consolidated Net Income / (Loss)		 -56 90 23 42 48 5.91 41 33 48 54 -0.98
Provision For Loan Losses		 1.07 -8.21 0.65 -1.05 -1.94 0.40 0.15 0.79 0.28 -0.28 -0.24
Amortization Expense		 -4.31 -4.32 -3.33 -3.51 0.58 0.77 0.74 -1.93 0.51 1.91 3.15
Non-Cash Adjustments to Reconcile Net Income		 141 -132 20 14 -34 71 -83 -0.65 -18 -13 44
Changes in Operating Assets and Liabilities, net		 -42 59 12 -4.47 -24 33 26 7.06 -17 -5.11 25
Net Cash From Investing Activities		 -548 -309 -91 -181 90 -242 -252 -31 -272 -1,231 -226
Net Cash From Continuing Investing Activities		 -548 -309 -91 -181 90 -242 -252 -31 -272 -1,231 -226
Purchase of Investment Securities		 -968 -815 -678 -869 -813 -1,137 -970 -857 -1,060 -2,043 -1,019
Sale and/or Maturity of Investments		 420 505 586 688 903 895 719 826 788 812 793
Net Cash From Financing Activities		 459 340 79 147 -117 229 138 64 249 1,044 179
Net Cash From Continuing Financing Activities		 459 340 79 147 -117 229 138 64 249 1,044 179
Issuance of Debt		 1,735 1,904 1,032 1,581 1,435 2,024 1,040 1,260 1,638 2,385 1,855
Issuance of Preferred Equity		 - - - - - - 0.00 - - 4.78 3.43
Issuance of Common Equity		 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.01 -0.01
Repayment of Debt		 -14 -13 -41 -173 -0.87 -2.40 -2.15 -1.97 -3.92 -2.85 -2.95
Repurchase of Common Equity		 - - -1.49 - - - -5.19 - -5.08 -5.05 -9.03
Payment of Dividends		 -44 -44 -44 -44 -44 -44 -44 -48 -48 -48 -49
Other Financing Activities, Net		 -1,219 -1,507 -866 -1,217 -1,507 -1,749 -851 -1,147 -1,336 -1,290 -1,618
Cash Interest Paid		 105 124 123 136 131 127 123 127 128 131 132

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 9,520 9,312 9,736 10,105 10,874 11,077 11,160 11,520 11,675 12,097 13,230
Cash and Due from Banks		 434 362 329 300 306 289 306 254 276 305 222
Restricted Cash		 167 165 174 153 223 252 197 220 269 232 189
Trading Account Securities		 227 505 594 724 737 863 1,140 1,790 1,830 2,260 3,586
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		 8,194 7,794 8,140 8,424 9,119 9,186 9,027 8,784 8,820 8,814 8,784
Other Assets		 497 485 499 503 489 486 490 472 480 487 449
Total Liabilities & Shareholders' Equity		 9,520 9,312 9,736 10,105 10,874 11,077 11,160 11,520 11,675 12,097 13,230
Total Liabilities		 7,486 7,293 7,791 8,256 8,990 9,194 9,279 9,681 9,853 10,276 11,450
Long-Term Debt		 7,289 7,101 7,568 8,038 8,686 8,891 8,923 9,367 9,506 9,842 11,118
Other Long-Term Liabilities		 196 192 223 218 304 303 357 314 347 434 333
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		 2,034 2,019 1,945 1,849 1,884 1,883 1,880 1,838 1,822 1,822 1,779
Total Preferred & Common Equity		 2,034 2,019 1,945 1,849 1,884 1,883 1,880 1,838 1,822 1,822 1,779
Preferred Stock		 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.20
Total Common Equity		 2,034 2,018 1,945 1,848 1,884 1,883 1,880 1,838 1,822 1,821 1,779
Common Stock		 3,683 3,688 3,692 3,696 3,704 3,709 3,711 3,714 3,717 3,718 3,720
Retained Earnings		 -1,680 -1,690 -1,761 -1,862 -1,840 -1,844 -1,840 -1,884 -1,900 -1,901 -1,944
Accumulated Other Comprehensive Income / (Loss)		 31 20 13 14 20 18 10 8.22 4.89 4.33 2.92

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 102,093,862.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 102,093,862.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.01
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.13% 252.73% -37.37% 430.72% 847.05% -66.84% 20.70% -6.16% -3.55% - -44.61%
EBITDA Growth		 5.35% 636.72% -70.63% 220.75% 182.89% -96.13% 113.36% -6.76% -3.65% - -87.90%
EBIT Growth		 4.31% 32,782.56% -67.72% 260.90% 188.21% -97.24% 79.67% -10.09% -3.55% - -95.22%
NOPAT Growth		 4.31% 34,894.96% -67.72% 327.97% 222.17% -95.03% 91.86% -10.00% -0.30% - -96.73%
Net Income Growth		 -2.58% 1,237.50% -68.11% 261.78% 185.37% -93.42% 77.38% -20.89% -0.16% - -102.39%
EPS Growth		 -3.23% 8,100.00% -77.42% 194.12% 157.81% -101.25% 121.43% -34.38% -5.41% - -135.48%
Operating Cash Flow Growth		 -70.80% -43.06% 828.73% -35.86% -128.33% 2,819.75% -127.24% -17.26% 230.61% - 587.98%
Free Cash Flow Firm Growth		 91.09% -1,377.72% -537.91% -382.75% -44.10% 64.02% 58.48% 57.62% 6.43% - -185.07%
Invested Capital Growth		 6.04% 18.59% 15.90% 13.26% 9.27% 5.37% 6.01% 5.14% 7.97% - 15.09%
Revenue Q/Q Growth		 -178.14% 1,034.85% -42.03% 21.95% 9.99% -58.50% 116.86% -8.52% 14.41% - -49.33%
EBITDA Q/Q Growth		 -88.88% 232.74% -77.16% 105.23% 29.65% -93.80% 1,265.63% -19.15% 40.12% - -91.26%
EBIT Q/Q Growth		 -114.36% 250.57% -74.48% 90.32% 17.52% -95.29% 1,684.55% -13.10% 31.29% - -96.49%
NOPAT Q/Q Growth		 -114.36% 328.92% -75.34% 88.76% 14.87% -90.69% 851.80% -15.55% 32.51% - -97.55%
Net Income Q/Q Growth		 -117.67% 259.02% -74.13% 80.70% 14.87% -87.74% 596.84% -19.41% 44.96% - -101.81%
EPS Q/Q Growth		 -88.24% 225.00% -82.50% 128.57% 15.63% -102.70% 3,200.00% -32.26% 66.67% - -125.58%
Operating Cash Flow Q/Q Growth		 -45.08% -90.41% 1,300.76% -13.07% -124.26% 1,088.53% -113.07% 364.06% -61.71% - 88.89%
Free Cash Flow Firm Q/Q Growth		 -138.55% -156.48% 7.61% 14.61% 28.79% 35.95% -6.60% 12.69% -57.03% - 1.38%
Invested Capital Q/Q Growth		 3.93% 5.56% 1.28% 1.93% 0.27% 1.80% 1.89% 1.09% 2.96% - 1.01%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% 69.30% 27.30% 45.94% 54.15% 8.09% 50.93% 45.01% 55.13% - 11.12%
EBIT Margin		 0.00% 73.01% 32.10% 50.10% 53.53% 6.08% 50.04% 47.53% 54.55% - 4.31%
Profit (Net Income) Margin		 0.00% 77.24% 33.53% 49.69% 51.89% 15.34% 49.28% 43.41% 55.01% - -2.13%
Tax Burden Percent		 100.17% 99.40% 100.00% 99.18% 96.95% 131.66% 102.16% 99.29% 100.21% - 100.00%
Interest Burden Percent		 100.00% 106.42% 104.46% 100.00% 100.00% 191.55% 96.39% 91.99% 100.63% - -49.27%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.82% 3.05% 0.00% -2.16% 0.71% -0.21% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 1.86% 0.62% 1.26% 1.82% 0.31% 1.41% 1.26% 1.42% - 0.08%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 1.85% 0.63% 1.26% 1.82% 0.33% 1.39% 1.23% 1.42% - 0.05%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 7.31% 2.54% 5.42% 8.28% 1.54% 6.73% 6.08% 7.20% - 0.30%
Return on Equity (ROE)		 0.00% 9.17% 3.16% 6.68% 10.09% 1.85% 8.14% 7.34% 8.61% - 0.37%
Cash Return on Invested Capital (CROIC)		 -5.89% -16.27% -14.48% -11.46% -6.88% -4.15% -4.58% -3.81% -6.48% - -12.85%
Operating Return on Assets (OROA)		 0.00% 1.69% 0.60% 1.24% 1.83% 0.16% 1.34% 1.23% 1.37% - 0.11%
Return on Assets (ROA)		 0.00% 1.79% 0.63% 1.23% 1.77% 0.39% 1.32% 1.12% 1.38% - -0.05%
Return on Common Equity (ROCE)		 0.00% 9.17% 3.16% 6.68% 10.09% 1.85% 8.14% 7.34% 8.61% - 0.37%
Return on Equity Simple (ROE_SIMPLE)		 -0.16% 0.00% 1.62% 5.23% 10.80% 0.00% 7.46% 7.05% 7.05% - 7.57%
Net Operating Profit after Tax (NOPAT)		 -39 90 22 42 48 4.49 43 36 48 - 1.40
NOPAT Margin		 0.00% 77.70% 32.10% 49.69% 51.89% 11.65% 51.12% 47.19% 54.66% - 3.02%
Net Nonoperating Expense Percent (NNEP)		 0.22% 0.01% -0.01% 0.00% 0.00% -0.02% 0.02% 0.03% 0.00% - 0.02%
SG&A Expenses to Revenue		 0.00% 16.65% 36.79% 25.76% 24.14% 46.77% 27.83% 25.26% 20.80% - 47.87%
Operating Expenses to Revenue		 0.00% 34.59% 66.96% 49.87% 46.47% 100.73% 49.79% 51.43% 45.13% - 96.21%
Earnings before Interest and Taxes (EBIT)		 -56 85 22 42 50 2.34 42 36 48 - 2.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -61 81 19 39 50 3.12 43 34 48 - 5.15
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.47 0.53 0.60 0.58 0.69 0.56 0.57 0.53 0.52 - 0.55
Price to Tangible Book Value (P/TBV)		 0.47 0.53 0.60 0.58 0.69 0.56 0.57 0.53 0.52 - 0.55
Price to Revenue (P/Rev)		 5.90 4.40 5.96 4.22 3.58 3.65 3.51 3.30 3.24 - 3.24
Price to Earnings (P/E)		 0.00 21.40 0.00 16.56 7.63 12.04 10.08 10.42 10.42 - 10.62
Dividend Yield		 16.46% 14.10% 12.68% 13.16% 11.01% 13.74% 13.74% 15.01% 15.56% - 15.03%
Earnings Yield		 0.00% 4.67% 0.00% 6.04% 13.11% 8.30% 9.92% 9.60% 9.60% - 9.42%
Enterprise Value to Invested Capital (EV/IC)		 0.85 0.87 0.88 0.88 0.90 0.87 0.89 0.88 0.88 - 0.91
Enterprise Value to Revenue (EV/Rev)		 57.51 39.36 49.14 36.66 26.80 33.66 33.22 33.74 35.21 - 38.75
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 173.97 1,458.57 122.14 51.64 86.39 74.40 75.71 79.23 - 79.69
Enterprise Value to EBIT (EV/EBIT)		 0.00 127.53 384.33 101.76 48.89 82.32 73.62 75.81 79.29 - 81.72
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 127.97 384.33 95.15 47.36 82.62 72.83 74.87 77.31 - 81.80
Enterprise Value to Operating Cash Flow (EV/OCF)		 75.71 83.32 54.75 65.73 105.07 47.94 75.30 80.05 68.29 - 72.18
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		 4.35 4.49 4.61 4.72 4.74 4.97 5.10 5.22 5.40 - 6.25
Long-Term Debt to Equity		 4.35 4.49 4.61 4.72 4.74 4.97 5.10 5.22 5.40 - 6.25
Financial Leverage		 3.95 3.95 4.05 4.30 4.55 4.73 4.85 4.96 5.07 - 5.66
Leverage Ratio		 5.05 5.11 5.17 5.44 5.70 5.93 6.02 6.14 6.28 - 6.84
Compound Leverage Factor		 5.05 5.44 5.40 5.44 5.70 11.36 5.80 5.65 6.32 - -3.37
Debt to Total Capital		 81.30% 81.80% 82.17% 82.52% 82.59% 83.25% 83.59% 83.91% 84.38% - 86.20%
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		 81.30% 81.80% 82.17% 82.52% 82.59% 83.25% 83.59% 83.91% 84.38% - 86.20%
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		 18.70% 18.20% 17.82% 17.48% 17.41% 16.75% 16.40% 16.08% 15.62% - 13.80%
Debt to EBITDA		 -188.74 163.91 1,364.85 115.09 47.41 82.43 70.07 72.46 76.09 - 75.82
Net Debt to EBITDA		 -178.09 154.54 1,281.70 108.08 44.74 77.02 66.53 68.31 71.93 - 73.02
Long-Term Debt to EBITDA		 -188.74 163.91 1,364.85 115.09 47.41 82.43 70.07 72.46 76.09 - 75.82
Debt to NOPAT		 -3,662.78 120.57 359.64 89.65 43.48 78.84 68.59 71.66 74.24 - 77.83
Net Debt to NOPAT		 -3,456.11 113.67 337.73 84.20 41.03 73.66 65.12 67.55 70.19 - 74.95
Long-Term Debt to NOPAT		 -3,662.78 120.57 359.64 89.65 43.48 78.84 68.59 71.66 74.24 - 77.83
Noncontrolling Interest Sharing Ratio		 0.00% 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)		 -603 -1,545 -1,428 -1,219 -868 -556 -593 -518 -813 - -1,690
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		 -5.33 -12.52 -11.07 -9.14 -6.61 -4.36 -4.82 -4.07 -6.30 - -12.73
Operating Cash Flow to Interest Expense		 0.35 0.03 0.41 0.35 -0.09 0.87 -0.12 0.30 0.11 - 0.54
Operating Cash Flow Less CapEx to Interest Expense		 0.35 0.03 0.41 0.35 -0.09 0.87 -0.12 0.30 0.11 - 0.54
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 - 0.02
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		 9,886 10,437 10,570 10,774 10,803 10,997 11,206 11,328 11,664 - 12,897
Invested Capital Turnover		 0.02 0.02 0.02 0.03 0.04 0.03 0.03 0.03 0.03 - 0.03
Increase / (Decrease) in Invested Capital		 563 1,636 1,450 1,261 916 561 636 554 861 - 1,691
Enterprise Value (EV)		 8,452 9,061 9,282 9,436 9,718 9,595 9,946 9,932 10,249 - 11,685
Market Capitalization		 867 1,012 1,125 1,086 1,298 1,040 1,052 971 944 - 978
Book Value per Share		 $18.14 $18.64 $18.46 $18.45 $18.42 $18.04 $17.93 $17.75 $17.74 - $17.43
Tangible Book Value per Share		 $18.14 $18.64 $18.46 $18.45 $18.42 $18.04 $17.93 $17.75 $17.74 - $17.43
Total Capital		 9,886 10,437 10,570 10,774 10,803 10,997 11,206 11,328 11,664 - 12,897
Total Debt		 8,038 8,537 8,686 8,891 8,923 9,155 9,367 9,506 9,842 - 11,118
Total Long-Term Debt		 8,038 8,537 8,686 8,891 8,923 9,155 9,367 9,506 9,842 - 11,118
Net Debt		 7,584 8,049 8,157 8,350 8,420 8,554 8,894 8,961 9,305 - 10,707
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)		 17 0.54 -0.99 0.00 0.00 -1.42 1.54 2.89 -0.30 - 2.38
Net Nonoperating Obligations (NNO)		 8,038 8,537 8,686 8,891 8,923 9,155 9,367 9,506 9,842 - 11,118
Total Depreciation and Amortization (D&A)		 -4.31 -4.32 -3.33 -3.51 0.58 0.77 0.74 -1.93 0.51 - 3.15
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.64) $0.80 $0.14 $0.32 $0.38 ($0.01) $0.32 $0.22 $0.36 $0.41 ($0.11)
Adjusted Weighted Average Basic Shares Outstanding		 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M
Adjusted Diluted Earnings per Share		 ($0.64) $0.80 $0.14 $0.32 $0.37 ($0.01) $0.31 $0.21 $0.35 $0.43 ($0.11)
Adjusted Weighted Average Diluted Shares Outstanding		 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.80 $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		 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M 102.67M 102.20M 102.09M 101.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -39 63 16 42 48 3.14 29 36 33 - 1.40
Normalized NOPAT Margin		 0.00% 54.39% 22.47% 49.69% 51.89% 8.15% 35.03% 47.19% 38.18% - 3.02%
Pre Tax Income Margin		 0.00% 77.70% 33.53% 50.10% 53.53% 11.65% 48.24% 43.72% 54.89% - -2.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.50 0.69 0.17 0.32 0.38 0.02 0.34 0.29 0.37 - 0.02
NOPAT to Interest Expense		 -0.35 0.73 0.17 0.31 0.37 0.04 0.35 0.28 0.37 - 0.01
EBIT Less CapEx to Interest Expense		 -0.50 0.69 0.17 0.32 0.38 0.02 0.34 0.29 0.37 - 0.02
NOPAT Less CapEx to Interest Expense		 -0.35 0.73 0.17 0.31 0.37 0.04 0.35 0.28 0.37 - 0.01
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -6,446.87% 219.52% 575.29% 179.00% 86.92% 148.21% 128.88% 140.57% 143.89% - 143.88%
Augmented Payout Ratio		 -6,446.87% 219.52% 580.16% 180.52% 87.65% 149.46% 132.66% 144.61% 151.88% - 158.11%

Financials Breakdown Chart

Key Financial Trends

MFA Financial (NYSE: MFA) shows a profile of steady operating cash flow, a large MSR asset base, and improving quarterly profitability in 2025. Across the last four years, revenue and net income have fluctuated, but the company maintains a sizable equity base and a very large servicing-rights book that continues to anchor its asset mix. Here are the most notable trends and takeaways drawn from MFA’s quarterly statements.

  • Q4 2025 net income to common rose to $43.61 million, up from $32.96 million in Q1 2025, signaling improved quarterly profitability through the year.
  • Q4 2025 total revenue reached $91.36 million, higher than the prior quarters (Q3 2025: $87.45 million; Q2 2025: $76.44 million; Q1 2025: $83.56 million).
  • Net interest income remained robust around $55–62 million per quarter in 2025 (Q1: $57.54M; Q2: $61.28M; Q3: $56.79M; Q4: $55.48M), indicating a stable core earnings stream.
  • Mortgage servicing rights (MSR) assets remained very large and relatively stable, approx. $8.8–9.12 billion across 2024–2025 (examples: Q1 2025 MSR $8.78B, Q3 2025 MSR $8.81B, Q4 2024 MSR $9.12B).
  • Net cash from continuing operating activities was positive in Q4 2025, at about $37.6 million, signaling ongoing cash generation from core operations.
  • Net cash from financing activities in Q4 2025 was strong, about $1.0435 billion, reflecting MFA’s continued access to financing markets to fund activities and liquidity needs.
  • Q4 2025 diluted earnings per share (EPS) was $0.43 and basic EPS was $0.41, with improved headline profitability versus prior quarters (Q3 2025 EPS around $0.35–$0.36).
  • Total assets rose modestly through 2025 (about $11.52B in Q1 to around $12.08B by Q3), consistent with a larger MSR base and ongoing acquisition or valuation movements in securities and loans.
  • Total equity has been around $1.82B (Q3 2025: $1.821B in common equity; Q4 2024: about $1.93B in common equity per restated data), with liabilities running roughly $9.85–$10.28B. The balance indicates a leveraged but asset-backed profile typical for MFA’s structure.
  • Net change in cash for Q4 2025 was negative, about ($150.3) million, showing cash outflows despite earnings and financing activity and signaling liquidity considerations to monitor.
05/09/26 02:44 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 financial year ends in December. Their financial 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. Find out what analysts predict for MFA Financial in the coming months.

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 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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