MFA Financial, Inc. · NYSE:MFA
MFA Financial — Q3 2026 Earnings Presentation
22 slides from MFA Financial's earnings presentation, November 2026
Slide 1: Earnings Presentation Third Quarter 2026
Earnings Presentation THIRD 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: Q3 Financial Highlights
Q3 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 $11.12 $11.44 (10.6)% 3.4x Key per common share per common share Q3 2026 as of
Slide 4: Q3 Company Highlights
Q3 Company Highlights MACRO Rates moved sharply higher during the quarter, with Treasuries selling off by 70-85 basis points across the curve CONDITIONS Mortgage basis widened by 20 basis points in response to heightened volatility, while credit spreads widened modestly GAAP book value and Eco
Slide 5: Q3 Portfolio Highlights
Q Q3 Portfolio Highlights Q3 Portfolio Activity $12.8B Investment Portfolio at Sept. 309 Multifamily Transitional Loans Other Acquired over $1.6B of residential mortgage loans and securities $0.3B $0.2B Purchased $481M of Non-QM loans Single-family Transitional Loans Lima One originated $288M7
Slide 6: Q3 Liability Highlights
Q3 Liability Highlights Liability Activity Loan Portfolio Financing Sources All Liabilities ($B) $12.0 Continued emphasis on securitized debt and other forms of non-mark- 5% 1% to-market (non-MTM)10 borrowing against our loan portfolio 17% 1% $11.0 Re-securitized $447M of primarily Seasoned RPL/
Slide 7: Q3 Lima One Highlights
Q3 Lima One Highlights Single-family New Construction Loans New Rehab Loans New Bridge Loans Average Coupon $18M 9.4% Transitional $133M $63M for Q3 originations Total Origination Volume7 $288M Single-family Rental Loans Originated Rental Loans Sold Gain-on-sale Income Average Coupon Rental $74M $95
Slide 8: Q3 Loan Portfolio Credit Metrics
Q3 Loan Portfolio Credit Metrics LTV by Loan Product Type11 LTV Distribution11 State Concentration12 95% $2.4B $2.2B 68% $2.0B 61% 61% $1.8B 59% CA 33% 48% Other 39% $0.5B $0.1B $0.1B GA FL Non-QM Loans Single-family Single-family Multifamily Seasoned Total <50% 50-60% 60-70% 70-80% 80-90% 90-100% >
Slide 9: Q3 Loan Portfolio Statistics
Q3 Loan Portfolio Statistics Non-QM Single-family Single-family Multifamily Seasoned Loans Rental Loans Transitional Loans Transitional Loans RPL/NPL Total Loans13 Q3 2026 Highlights Portfolio Statistics as of Sept. 30, 2026 Non-QM Loans: UPB $5.9B $1.1B $693M $299M $1.0B $9.1B Acquired $481M of
Slide 10: Q3 Agency MBS Highlights
Q3 2022 Financial Snapshot Q3 Agency MBS Highlights Portfolio Statistics as of Sept. 30, 2026 Highlights Current face $4.1B Fair value $3.9B Net addition of $134M and rotated $750M into higher coupon bonds TBA position (notional) $478M Rolled $478M TBA position Average coupon 5.35% Agency MBS
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 assets MFA focuses primarily on credit-sensitive subsectors in which it tries to avoid direct competition with banks and GSE’s MFA has deep expert
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 $13.75 $60M $59M $13.22 $13.20 $13.20 $56M $12.70 $12.71 6.20% 6.08% 5.98% 6.01% $11.44 $11.12 4.51% 4.44% 4.40% 4.38% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2025 Q1 2026 Q
Slide 15: Asset Composition
Asset Composition Investment Portfolio Equity Allocation Agency MBS 24.1% Non-QM $5.1B Loans Non-QM Loans $5.8B Increased portfolio allocation 13.4% Net equity allocated grew from $244M to $2.2B Agency Agency MBS $390M since Q3 2025, reflecting an MBS $3.9B increase of 60% year over year Our s
Slide 16: MFA Securitizations Outstanding
MFA Securitizations Outstanding Weighted Average Coupon Original Collateral Current Collateral Original UPB Outstanding Balance of Securitization Name Loan Product Type Settlement Date Bonds Sold ($M) (WAC) of Outstanding WAC of Underlying Loans Callable Date UPB ($M)19 UPB ($M)19 Sold (%)20 Bonds S
Slide 17: 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 Seasoned RPL/NPL Product Type Origination Year Product Type Origination Year Resolution Status21 Non-Performing 2024-2025 3% 3% 2026 202
Slide 18: 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 19: 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 20: Book Value and Economic Book Value Rollforward
Book Value and Economic Book Value Rollforward GAAP Economic Book value per common share as of 6/30/26 $12.71 $13.20 Net income available to common shareholders (1.21) (1.21) Common stock dividends declared (0.36) (0.36) Fair value changes attributable to residential mortgage securities and other (0
Slide 21: GAAP Segment Reporting
GAAP Segment Reporting (Dollars in millions) Mortgage- Related Assets Lima One Corporate Total Three months ended 9/30/26 Interest Income $163.1 $39.5 $1.4 $204.0 Interest Expense 114.0 23.9 4.6 142.5 Net Interest Income/(Expense) $49.1 $15.6 $(3.2) $61.5 (Provision)/Reversal of Provision for Credit
Slide 22: Endnotes
Endnotes 1) Economic book value (EBV) is a non-GAAP financial measure. Refer to slide 19 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