Mfa Financial, Inc. · NYSE:MFA
Mfa Financial — Q1 2026 Earnings Presentation
21 slides from Mfa Financial's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation FIRST QUARTER 2026
Slide 2: Forward-looking statements
Q3 2022 Financial Snapshot Forward-looking statements When used in this presentation or other written or oral communications, statements that are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “s
Slide 3: Q1 Financial Highlights
Q3 2022 Financial Snapshot Q1 Financial Highlights Hybrid mortgage REIT with extensive experience in managing residential mortgage assets through economic cycles GAAP Book Value Economic Book Value1 Total Economic Return2 Recourse Leverage3 Metrics $12.70 $13.22 (1.2)% 2.7x Key per common share per
Slide 4: Q1 Strategic Actions Update
Q1 Strategic Actions Update Initiative Progress Higher Capital Grew investment portfolio to $12.5B Deployment Re-securitized $413M of seasoned Non-QM loans, unlocking approximately $40M of capital and additional financing capacity Origination pipeline reached its highest level since 2024 Growt
Slide 5: Q1 Portfolio Highlights
Q Q1 Portfolio Highlights Q1 Portfolio Activity Investment Portfolio at March 3110 Multifamily Other Transitional Loans Acquired $1.1B of residential mortgage assets, growing investment portfolio to $12.5B from $12.3B $0.4B $0.3B Added $393M of Agency MBS and $300M TBA position Single-family Tra
Slide 6: Q1 Liability Highlights
Q1 Liability Highlights Liability Activity Loan Portfolio Financing Sources All Liabilities ($B) $12.0 Recourse leverage3 rose to 2.7x from 2.5x 2% 9% 15% $11.0 Increase driven by higher allocation toward Agency MBS 1% $4.6B $10.0 Agency Continued emphasis on non-mark-to-market (non-MTM)11 bor
Slide 7: Q1 Lima One Highlights
Q3 2022 Financial Snapshot Q1 Lima One Highlights Single-family Transitional New Construction Loans New Rehab Loans New Bridge Loans Average Coupon $90M $39M $16M 9.7% for Q1 originations Total Origination Volume8 $219M Single-family Rental Loans Originated Rental Loans Sold Gain-on-sale Income Aver
Slide 8: Q1 Loan Portfolio Credit Metrics
Q3 2022 Financial Snapshot Q1 Loan Portfolio Credit Metrics LTV by Loan Product Type12 LTV Distribution12 State Concentration13 83% $2.4B $2.3B 68% $1.8B 61% $1.8B CA 60% 59% 31% 49% Other 40% $0.5B $0.1B $0.1B FL Non-QM Loans SFR Loans Single-family Multifamily Legacy RPL/NPL Total <50% 50-60% 60-7
Slide 9: Q1 Loan Portfolio Statistics
Q3 2022 Financial Snapshot Q1 Loan Portfolio Statistics Non-QM Single-family Single-family Multifamily Legacy RPL/NPL Loans Rental Loans Transitional Loans Transitional Loans Loans Total14 Q1 2026 Highlights Portfolio Statistics as of March 31, 2026 Non-QM Loans: UPB $5.5B $1.2B $674M $458M $1.1B
Slide 10: Q1 Agency MBS Highlights
Q3 2022 Financial Snapshot Q1 Agency MBS Highlights Portfolio Statistics as of March 31, 2026 Highlights Current face $3.52B Fair value $3.53B Acquired $393M of Agency MBS and $300M TBA position TBA position (notional) $300M Purchases primarily consisted of low pay-up (premium to TBA price) spec
Slide 11: Appendix
Appendix James Casebere, Landscape with Houses 11 (Dutchess County, NY) #2, 2010 (detail)
Slide 12: MFA Overview
MFA Overview MFA Financial, Inc. (NYSE: MFA) is an internally managed real estate investment trust (REIT) that invests in U.S. residential mortgage loans and mortgage-backed securities MFA focuses primarily on mortgage subsectors in which it tries to avoid direct competition with banks and gover
Slide 13: Lima One: Leading Nationwide BPL Originator and Servicer
Lima One: Leading Nationwide BPL Originator and Servicer Fully Integrated BPL Platform Product Offerings Lima One is an industry-leading business purpose lender wholly-owned by MFA Lima One offers a diverse selection of both short-term and long-term financing and headquartered in Greenville, S.C
Slide 14: Select Financial Metrics
Select Financial Metrics Asset Yield and Effective Cost of Funds Net Interest Income GAAP and Economic Book Value1 (per share) $61M 6.66% $59M 6.50% $57M $13.69 $13.69 $13.75 6.20% $55M $13.12 $13.13 $13.20 $13.22 6.08% $12.70 4.68% 4.64% 4.51% 4.44% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2025 Q3 2025 Q
Slide 15: MFA Securitizations Outstanding
MFA Securitizations Outstanding Weighted Average Coupon Original Collateral Current Collateral Original UPB Outstanding Balance of Securitization Name Loan Product Type Settlement Date Bonds Sold ($M) (WAC) of Outstanding WAC of Underlying Loans Callable Date UPB ($M)20 UPB ($M)20 Sold (%)21 Bonds S
Slide 16: Supplemental Loan Portfolio Data
Q3 2022 Financial Snapshot Supplemental Loan Portfolio Data Non-QM Loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Legacy RPL/NPL Product Type Origination Year Product Type Origination Year Resolution Status22 Non-Performing 2024-2025 4% 3% 2026 5% 20
Slide 17: Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings
Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings and Distributable Earnings Prior to Realized Credit Losses “Distributable earnings” is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated b
Slide 18: Reconciliation of GAAP Book Value to Economic Book Value
Reconciliation of GAAP Book Value to Economic Book Value “Economic book value” is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rath
Slide 19: Book Value and Economic Book Value Rollforward
Book Value and Economic Book Value Rollforward GAAP Economic Book value per common share as of 12/31/25 $13.20 $13.75 Net income available to common shareholders (0.11) (0.11) Common stock dividends declared (0.36) (0.36) Fair value changes attributable to residential mortgage securities and other (
Slide 20: GAAP Segment Reporting
GAAP Segment Reporting (Dollars in millions) Mortgage- Related Assets Lima One Corporate Total Three months ended 3/31/26 Interest Income $148.2 $42.1 $1.6 $191.9 Interest Expense 101.3 26.9 4.5 132.7 Net Interest Income/(Expense) $46.9 $15.2 $(2.9) $59.2 (Provision)/Reversal of Provision for Credit
Slide 21: Endnotes
Endnotes 1) Economic book value (EBV) is a non-GAAP financial measure. Refer to slide 18 for further information regarding the calculation of this measure and a reconciliation to GAAP book value. 2) Total economic return is calculated as the quarterly change in EBV plus common dividends declared dur