Mfa Financial, Inc. · NYSE:MFA
Mfa Financial — Q2 2026 Earnings Presentation
22 slides from Mfa Financial's earnings presentation, Aug 5, 2026
Slide 1: Earnings Presentation Second Quarter 2026
Earnings Presentation SECOND QUARTER 2026 MFA 2026 Earnings Call Q2 ex99-2
Slide 2: Forward-looking statements
2 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,”
Slide 3: Q2 Financial Highlights
Q3 2022 Financial Snapshot Hybrid mortgage REIT with extensive experience in managing residential mortgage assets through economic cycles See page 22 for endnotes Q2 Financial Highlights GAAP Book Value $12.71 per common share Economic Book Value1 $13.20 per common share Total Economic Return2 2.6%
Slide 4: Q2 Company Highlights
4 Q2 Company Highlights Reduction in Legacy Multifamily Exposure Repurchased 529,378 common shares in Q2 Share Repurchases Deployed additional capital into target assets Investment Portfolio Growth Resolution of Non-Performing LoansLima One Growth Expense Reductions10 Cumulative G&A reductions
Slide 5: Q2 Portfolio Highlights
5 Acquired over $1.6B of residential mortgage loans and securities Added $714M of Agency MBS and $178M TBA position Purchased $462M of Non-QM loans Lima One originated $316M8 of new business purpose loans Portfolio runoff and asset sales of $884M Sold $94M of newly-originated SFR loans
Slide 6: Financing and leverage
6 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 Agency Repo MTM Financing Non-MTM Financing Securitized Debt Other 89% 89% 37% 98% 2% 7% 9% 11% 9% 56% 91% 2% Non-QM loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Seasoned RPL/NPL
Slide 7: Q2 Lima One Highlights
7 Si ng le -f am ily Re nt al Gain-on-sale Income $2.3M Si ng le -f am ily Tr an sit io na l New Bridge Loans $28M Q3 2022 Financial Snapshot Q2 Lima One Highlights New Rehab Loans $55M New Construction Loans $137M Total Origination Volume8 $316M Rental Loans Sold $94M Rental Loans Originated $96M
Slide 8: Q2 Loan Portfolio Credit Metrics
8 $2.4B $1.8B $2.2B $1.9B $0.5B $0.1B $0.1B <50% 50-60% 60-70% 70-80% 80-90% 90-100% >100 % CA 32% FL 15%TX 6% NY 4% GA 4% Other 39% Prior to 2021 18% 2021 18% 2022 12%2023 10% 2024 10% 2025 21% 2026 11% Q3 2022 Financial Snapshot Q2 Loan Portfolio Credit Metrics LTV by Loan Product Type13 LTV Distr
Slide 9: Q2 Loan Portfolio Statistics
9 Q3 2022 Financial Snapshot Q2 Loan Portfolio Statistics Non-QM Loans Single-family Rental Loans Single-family Transitional Loans Multifamily Transitional Loans Seasoned RPL/NPL Total Loans15 Portfolio Statistics as of June 30, 2026 UPB $5.7B $1.2B $672M $360M $1.0B $9.0B Average loan balance $522K
Slide 10: Q2 Agency MBS Highlights
10 Q3 2022 Financial Snapshot Q2 Agency MBS Highlights Acquired $714M of Agency MBS and increased TBA position by $178M Purchases again consisted primarily of low “pay-up” (premium to TBA price) specified pools Agency MBS now comprises 31% of our investment portfolio Complementary to our les
Slide 11: Appendix
11 Appendix James Casebere, Landscape with Houses (Dutchess County, NY) #2, 2010 (detail)
Slide 12: MFA Overview
12 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 exp
Slide 13: Lima One: Leading Nationwide BPL Originator and Servicer
13 No state concentration above 15% and no borrower concentration above 2% Lima One is an industry-leading business purpose lender wholly-owned by MFA and headquartered in Greenville, S.C. Lima operates an efficient and scalable platform with over 200 employees, including in-house sales, under
Slide 14: Select Financial Metrics
14 Select Financial Metrics Asset Yield and Effective Cost of Funds Net Interest Income GAAP and Economic Book Value1 (per share) Portfolio Composition Net Interest Spread Distributable Earnings5,6 (per share) 6.50% 6.20% 6.08% 5.96% 4.64% 4.51% 4.44% 4.40% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Asset Yiel
Slide 15: Asset Composition
15 Asset Composition Investment Portfolio Equity Allocation Increased portfolio allocation Net equity allocated grew from $207M to $450M since Q2 2025, reflecting an increase of 117% year over year Now our second largest asset class after Non-QM Asset base decreased from $731M in Q2 2025 to
Slide 16: MFA Securitizations Outstanding
16 MFA Securitizations Outstanding Securitization Name Loan Product Type Settlement Date Original Collateral UPB ($M)21 Current Collateral UPB ($M)21 Bonds Sold ($M) Original UPB Sold (%)22 Outstanding Balance of Bonds Sold ($M) Weighted Average Coupon (WAC) of Outstanding Bonds Sold WAC of Underlyi
Slide 17: Supplemental Loan Portfolio Data
17 2021 15% 2022 32% 2023 42% 2024 11% Prior to 2022 36% 2022 40% 2023 16% 2024-2025 3% 2026 5% 3.2% 2.5% 2.6% 2.5% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2022 Financial Snapshot Supplemental Loan Portfolio Data Product Type Origination Year Product Type Origination Year 60+ Day Delinquency by Asset Cla
Slide 18: Distributable earnings non-GAAP reconciliation
18 “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 by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removin
Slide 19: Reconciliation of GAAP Book Value to Economic Book Value
19 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, r
Slide 20: Book Value and Economic Book Value Rollforward
20 Book Value and Economic Book Value Rollforward GAAP Economic Book value per common share as of 3/31/26 $12.70 $13.22 Net income available to common shareholders 0.36 0.36 Common stock dividends declared (0.36) (0.36) Fair value changes attributable to residential mortgage securities and other 0.0
Slide 21: GAAP Segment Reporting
21 GAAP Segment Reporting (Dollars in millions) Mortgage- Related Assets Lima One Corporate Total Three months ended 6/30/26 Interest Income $155.4 $39.9 $1.5 $196.8 Interest Expense 108.3 25.3 4.6 138.2 Net Interest Income/(Expense) $47.1 $14.6 $(3.1) $58.6 (Provision)/Reversal of Provision for Cre
Slide 22: Endnotes
22 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