Slide 1: Earnings Presentation Fourth Quarter 2025
Earnings Presentation FOURTH QUARTER 2025
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: Q4 Financial Highlights
Q3 2022 Financial Snapshot Q4 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 $13.20 $13.75 3.1% 2.5x Key per common share per co
Slide 4: 2025 Highlights and Strategic Actions Update
2025 Highlights and Strategic Actions Update Initiative Progress Deployment of Excess ✓ Deployed over $100M of excess cash into target assets to reduce cash drag and grow investment portfolio to $12.3B Cash ✓ Acquired $1.8B of Non-QM loans and $2.1B of Agency MBS in 2025 ✓ Hired 45 new sales employe
Slide 5: Q4 Portfolio Highlights
Q Q4 Portfolio Highlights Q4 Portfolio Activity Investment Portfolio at Dec. 317 ❑ Acquired $1.9B of residential mortgage loans and securities, growing investment portfolio to $12.3B Other Multifamily $0.3B Transitional ▪ Added $1.2B of Agency MBS Loans Single-family $0.5B Transitional ▪ Purchased $
Slide 6: Q4 Liability Highlights
Q4 Liability Highlights Liability Activity Loan Portfolio Financing Sources All Liabilities ($B) $12.0 ❑ Recourse leverage3 rose to 2.5x 7% 2% 15% $11.0 ▪ Increase driven by higher allocation toward Agency MBS 1% 29% $10.0 $4.3B Agency ❑ Continued emphasis on non-mark-to-market (non-MTM)8 borrowing
Slide 7: Q4 Lima One Highlights
Q3 2022 Financial Snapshot Q4 Lima One Highlights Single-family Transitional New Construction Loans New Rehab Loans New Bridge Loans Average Coupon $83M $48M $25M 9.8% for Q4 originations Total Origination Volume6 $226M Single-family Rental Loans Originated Rental Loans Sold Gain-on-sale Income Aver
Slide 8: Q4 Loan Portfolio Credit Metrics
Q3 2022 Financial Snapshot Q4 Loan Portfolio Credit Metrics9 LTV by Loan Product Type10 LTV Distribution10 State Concentration11 69% $2.3B $2.4B 64% 60% 60% 60% CA $1.8B $1.7B 30% Other 44% 50% $0.5B $0.1B $0.1B FL 15% Non-QM Loans SFR Loans Single-family Multifamily Legacy RPL/NPL Total <50% 50-60%
Slide 9: Q4 Loan Portfolio Statistics
Q3 2022 Financial Snapshot Q4 Loan Portfolio Statistics Non-QM Single-family Single-family Multifamily Legacy RPL/NPL Loans Rental Loans Transitional Loans Transitional Loans Loans Total9 Q4 2025 Highlights Portfolio Statistics as of Dec. 31, 2025 ❑ Non-QM Loans: UPB $5.32B $1.25B $732M $532M $1.10B
Slide 10: Q4 Agency MBS Highlights
Q3 2022 Financial Snapshot Q4 Agency MBS Highlights Portfolio Statistics as of Dec. 31, 2025 Highlights Current face $3.26B ❑ Acquired $1.2B of Agency MBS primarily early in Q4 Fair value $3.30B ▪ Purchases continued to consist primarily of low pay-up (premium to TBA price) specified Average coupon
Slide 11: Appendix
Appendix 11with Houses James Casebere, Landscape (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 and ❑ Lima One offers a diverse selection of both short-term and long-term financing headquartered in Greenville, S.C
Slide 14: Select Financial Metrics
Select Financial Metrics Asset Yield Net Interest Spread GAAP and Economic Book Value (per share) 6.66% 1.98% 6.52% 6.50% 1.84% 1.86% 6.20% $13.84 $13.69 $13.69 $13.75 1.69% $13.28 $13.12 $13.13 $13.20 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 GA
Slide 15: MFA Securitizations Outstanding
MFA Securitizations Outstanding Weighted Average Coupon Original Collateral Current Collateral Original UPB Outstanding Balance of Securitization Name Loan Product Type Settlement Date Bonds Sold ($M) (WAC) of Outstanding WAC of Underlying Loans Callable Date UPB ($M)17 UPB ($M)17 Sold (%)18 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 Status19 Non-Performing 4% 2024- Pre- 2025 2021 20
Slide 17: Reconciliation of GAAP net income to non-GAAP Distributable earnings
Reconciliation of GAAP net income to non-GAAP Distributable earnings “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 ear
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 9/30/25 $13.13 $13.69 Net income available to common shareholders 0.43 0.43 Common stock dividends declared (0.36) (0.36) Fair value changes attributable to residential mortgage securities and other — 0.01
Slide 20: GAAP Segment Reporting
GAAP Segment Reporting (Dollars in millions) Mortgage- Related Assets Lima One Corporate Total Three months ended 12/31/25 Interest Income $140.3 $48.2 $1.9 $190.4 Interest Expense 99.4 31.0 4.5 134.9 Net Interest Income/(Expense) $40.9 $17.2 $(2.6) $55.5 (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