MFA Financial, Inc. Announces Second Quarter 2025 Financial Results

About this update from Mfa Financial, Inc.

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":205,"url":"https://media.zenfs.com/en/business-wire.com/b4b0e3b415cddb8ef0115d90f2c102db"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/UZogy4uYSkq2u5bola6row--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQxMDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/b4b0e3b415cddb8ef0115d90f2c102db","width":480,"height":205}},"lazy":false},{"type":"text","content":" NEW YORK, August 06, 2025 --( BUSINESS WIRE )--MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the second quarter ended June 30, 2025:","length":155,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"MFA generated GAAP net income to common stockholders and participating securities for the second quarter of $22.6 million, or $0.22 per basic and $0.21 per diluted common share.","length":177,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Distributable earnings, a non-GAAP financial measure, were $24.7 million, or $0.24 per basic common share. MFA paid a regular cash dividend of $0.36 per common share on July 31, 2025.","length":183,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP book value at June 30, 2025 was $13.12 per common share. Economic book value, a non-GAAP financial measure, was $13.69 per common share.","length":141,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total economic return was 1.5% for the second quarter.","length":54,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"MFA closed the quarter with unrestricted cash of $275.7 million.","length":64,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":619,"olType":false},{"type":"text","content":""We grew our investment portfolio to $10.8 billion during the second quarter," said Craig Knutson, MFA’s Chief Executive Officer. "We acquired $876 million of residential loans and securities in our target asset classes, including $503 million of Non-QM loans and $131 million of Agency MBS. Lima One originated $217 million of new Business purpose loans, including $167 million of Single-family Transitional loans with an average coupon of 10.2%. We issued our 18 th Non-QM securitization in May collateralized by $318 million UPB of loans. We also sold $38 million of newly-originated rental loans and $24 million of delinquent Transitional loans."","length":669,"tagName":"p"},{"type":"text","content":""Although our Distributable earnings this quarter were weighed down by credit losses incurred on several Business purpose loans, we delivered a positive 1.5% total economic return to stockholders," added Mr. Knutson. "Finally, our net interest spread rose to 1.98% and our net interest margin rose to 2.73%."","length":328,"tagName":"p"},{"type":"text","content":" Q2 2025 Portfolio Activity ","length":26,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"MFA’s residential investment portfolio rose to $10.8 billion at June 30, 2025 from $10.7 billion at March 31, 2025.","length":115,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Non-QM loan acquisitions totaled $503.0 million, bringing MFA’s Non-QM portfolio to $4.8 billion at June 30, 2025.","length":114,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Lima One funded $138.1 million of new business purpose loans with a maximum loan amount of $216.7 million. Further, $103.7 million of draws were funded on previously originated Transitional loans. Lima One generated $6.1 million of mortgage banking income.","length":256,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"MFA added $131.1 million of Agency MBS during the quarter, bringing its Agency MBS portfolio to $1.7 billion.","length":109,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Portfolio runoff was $774.0 million. Asset dispositions included $38.4 million of newly-originated SFR loans and $23.7 million of delinquent Transitional loans. MFA also sold 107 REO properties in the second quarter for aggregate net proceeds of $21.8 million.","length":260,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"60+ day delinquencies (measured as a percentage of UPB) for MFA’s residential loan portfolio declined to 7.3% at June 30, 2025 from 7.5% at March 31, 2025.","length":155,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"MFA completed one loan securitization during the quarter, collateralized by $318.4 million of Non-QM loans, bringing its total securitized debt to approximately $5.9 billion.","length":174,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"MFA added $268.0 million of interest rate hedges while $125.0 million of swaps matured, bringing its total interest rate derivatives position to a notional amount of $3.5 billion.","length":179,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"MFA estimates the net effective duration of its investment portfolio at June 30, 2025 rose to 1.00 from 0.96 at March 31, 2025.","length":127,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"MFA’s Debt/Net Equity Ratio was 5.2x while recourse leverage was 1.8x at June 30, 2025.","length":87,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1576,"olType":false},{"type":"readMore"},{"type":"text","content":" Webcast ","length":7,"tagName":"p"},{"type":"text","content":"MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Wednesday, August 6, 2025, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2025 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com . Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.","length":481,"tagName":"p"},{"type":"text","content":" About MFA Financial, Inc. ","length":25,"tagName":"p"},{"type":"text","content":"MFA Financial, Inc. (NYSE: MFA) is a leading specialty finance company that invests in residential mortgage loans, residential mortgage-backed securities and other real estate assets. Through its wholly-owned subsidiary, Lima One Capital, MFA also originates and services business purpose loans for real estate investors. MFA has distributed $4.9 billion in dividends to stockholders since its initial public offering in 1998. MFA is an internally-managed, publicly-traded real estate investment trust.","length":502,"tagName":"p"},{"type":"text","content":"The following tables presents MFA’s asset allocation as of June 30, 2025, and the yield on average interest-earning assets, average cost of funds, impact of net Swap carry and net interest rate spread for the various asset types.","length":229,"tagName":"p"},{"type":"text","content":" Table 1 - Asset Allocation ","length":26,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;width:36%;","val":[{"type":"text","content":" At June 30, 2025 ","length":16,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 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