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Feb 18, 2026·SEC
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MFA Financial, Inc. 8.875% Senior Notes(MFAN)Earnings, Financials & Key Ratios
MFAN•NYSE•REIT / Real Estate
15.0× P/E·Price updated Jun 19, 2026
AboutMFA Financial, Inc. is a real estate investment trust engaged in the business of investment, on a leveraged basis, in residential mortgage assets including agency mortgage-backed securities, non-agency mortgage-backed securities, and residential whole loans. It operates through the Mortgage-Related Assets and Lima One segments. The Mortgage-Related Assets segment is involved with the remainder of the company’s investments. The Lima One segment refers to the stand-alone mortgage origination and servicing business of Lima One. The company was founded by Stewart Zimmerman on July 24, 1997, and is headquartered in New York, NY.Show more
- Revenue$875M+213.0%
- FFO$177M+48.2%
- FFO/Share1.68+48.0%
- FFO Payout106.63%-11.6%
- FFO per Share1.68+48.0%
- NOI Margin96.18%+10.1%
- FFO Margin20.2%-52.6%
- ROE9.64%+51.2%
- ROA1.45%+34.5%
MFAN Key Insights
MFA Financial, Inc. 8.875% Senior Notes (MFAN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓High NOI margin of 96.2%
- ✓Trading at only 1.4x book value
✗Weaknesses
- ✗High debt to equity ratio of 6.0x
- ✗Dividend payout exceeds 100% of earnings
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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MFAN Price & Volume
MFA Financial, Inc. 8.875% Senior Notes (MFAN) stock price & volume — 10-year historical chart
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MFAN Growth Metrics
MFA Financial, Inc. 8.875% Senior Notes (MFAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years9.41%
5 Years-
3 Years-
TTM59.69%
Profit CAGR
10 Years-5.56%
5 Years-
3 Years-
TTM48.08%
EPS CAGR
10 Years-6.24%
5 Years-
3 Years-
TTM71.6%
Return on Capital
10 Years3.52%
5 Years1.82%
3 Years2.51%
Last Year5.77%
MFAN Recent Earnings
MFA Financial, Inc. 8.875% Senior Notes (MFAN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/5 qtrs (80%)●Beat Revenue 3/5 qtrs (75%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$0.01-103.1%
$0.31
Rev
—
$67M
Q1 2026
Feb 18, 2026Metric
Actual
Est
EPS
$0.27+0.5%
$0.27
Rev
$55M-13.8%
$64M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.46+66.4%
$0.27
Rev
$223M+230.0%
$68M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.31+6.1%
$0.30
Rev
$170M+167.5%
$64M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $0.01vs $0.31-103.1% | —vs $67M |
| Q1 2026 | Feb 18, 2026 | $0.27vs $0.27+0.5% | $55Mvs $64M-13.8% |
| Q4 2025 | Nov 6, 2025 | $0.46vs $0.27+66.4% | $223Mvs $68M+230.0% |
| Q3 2025 | Aug 6, 2025 | $0.31vs $0.30+6.1% | $170Mvs $64M+167.5% |
Based on last 5 quarters of dataView full earnings history →
MFAN Peer Comparison
MFA Financial, Inc. 8.875% Senior Notes (MFAN) competitors in Residential credit and whole-loan REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MFA | 972.95M | 9.53 | 5.67 | 213.02% | 20.7% | 7.43% | 6.01 | |
 MITT | 251.98M | 7.94 | 8.82 | 14.4% | 6.82% | 6.11% | 14.45 | |
 GPMT | 63.25M | 1.32 | -1.14 | 187.77% | -30.49% | -7.1% | 2.12 | |
 BXMT | 3.05B | 18.09 | 28.27 | -13.96% | 6.75% | 2.93% | 4.61 | |
 RC | 289.13M | 1.75 | -1.22 | 17.26% | -290.69% | -29.57% | 3.55 | |
 TPVG | 202.99M | 5.00 | 4.10 | 36.55% | -19.55% | -3.39% | 1.33 | |
 NLY | 15.96B | 22.21 | 7.61 | 5.35% | 30.28% | 14.05% | 6.92 | |
 AGNC | 11.66B | 10.38 | 7.06 | -60.79% | 87.02% | 15.1% | 0.01 |
Compare MFAN vs Peers
MFA Financial, Inc. 8.875% Senior Notes (MFAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MFAN Income Statement
MFA Financial, Inc. 8.875% Senior Notes (MFAN) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 373.06M | 347.88M | 433.33M | -555.87M | 337.22M | -67.62M | 234.05M | 279.61M | 875.24M |
Revenue Growth % | 3.98% | -6.75% | 24.57% | -228.28% | 160.67% | -120.05% | 446.11% | 19.47% | 213.02% |
Property Operating Expenses | 94.17M | 113.25M | 0 | 0 | 37.47M | 42.89M | 34.14M | 35.31M | 33.45M |
Net Operating Income (NOI) | 278.89M▲ 0% | 234.63M▼ 15.9% | 433.33M▲ 84.7% | -555.87M▼ 228.3% | 299.75M▲ 153.9% | -110.52M▼ 136.9% | 199.91M▲ 280.9% | 244.3M▲ 22.2% | 841.79M▲ 244.6% |
NOI Margin % | 74.76% | 67.45% | 100% | 100% | 88.89% | 163.43% | 85.41% | 87.37% | 96.18% |
Operating Expenses | 50M | 79M | 433.33M | -555.87M | -8.35M | 113.52M | 130.75M | 132.71M | 151.76M |
G&A Expenses | 49.63M | 46.08M | 52.65M | 56.71M | 85.55M | 112.72M | 129.95M | 131.91M | 41.74M |
EBITDA | 309.58M | 855.54M | 0 | 0 | 390.78M | -224.03M | 73.36M | 111.59M | 690.03M |
EBITDA Margin % | 82.98% | 245.93% | 0% | 0% | 115.88% | 331.31% | 31.35% | 39.91% | 78.84% |
Depreciation & Amortization | 235.43M | 321.55M | 0 | 0 | 61.91M | 0 | 4.2M | 0 | 0 |
D&A / Revenue % | 63.11% | 92.43% | 0% | 0% | 18.36% | 0% | 1.79% | 0% | 0% |
Operating Income | 74.16M▲ 0% | 533.99M▲ 620.1% | 0▼ 100.0% | 0▲ 0% | 328.87M▲ 0% | -224.03M▼ 168.1% | 69.16M▲ 130.9% | 111.59M▲ 61.3% | 690.03M▲ 518.3% |
Operating Margin % | 19.88% | 153.5% | 0% | 0% | 97.52% | 331.31% | 29.55% | 39.91% | 78.84% |
Interest Expense | 197.14M | 232.19M | 0 | 268.76M | 120.39M | 258.84M | 429.12M | 521.23M | 513.98M |
Interest Coverage | 1.64x | 1.30x | - | - | 3.54x | -0.87x | -0.01x | 0.21x | 1.34x |
Non-Operating Income | -1.03M | -207.03M | 0 | 0 | -91.35M | -224.03M | 73.36M | 111.59M | 0 |
Pretax Income | 322.39M▲ 0% | 301.8M▼ 6.4% | 378.12M▲ 25.3% | -679.39M▼ 279.7% | 328.87M▲ 148.4% | -232.43M▼ 170.7% | 80.16M▲ 134.5% | 119.69M▲ 49.3% | 176.05M▲ 47.1% |
Pretax Margin % | 86.42% | 86.76% | 87.26% | 122.22% | 97.52% | 343.73% | 34.25% | 42.81% | 20.11% |
Income Tax | 445.38M | 1.66M | 0 | 0 | 0 | -851K | 0 | 443K | -735K |
Effective Tax Rate % | 138.15% | 0.55% | 0% | 0% | 0% | 0.37% | 0% | 0.37% | -0.42% |
Net Income | 322.39M▲ 0% | 301.8M▼ 6.4% | 378.12M▲ 25.3% | -679.39M▼ 279.7% | 328.87M▲ 148.4% | -231.58M▼ 170.4% | 80.16M▲ 134.6% | 119.25M▲ 48.8% | 176.78M▲ 48.2% |
Net Margin % | 86.42% | 86.76% | 87.26% | 122.22% | 97.52% | 342.47% | 34.25% | 42.65% | 20.2% |
Net Income Growth % | 3.11% | -6.39% | 25.29% | -279.68% | 148.41% | -170.42% | 134.62% | 48.76% | 48.24% |
Funds From Operations (FFO) | 557.82M▲ 0% | 623.35M▲ 11.7% | 381.44M▼ 38.8% | -679.39M▼ 278.1% | 390.78M▲ 157.5% | -258.89M▼ 166.3% | 84.36M▲ 132.6% | 119.25M▲ 41.4% | 176.78M▲ 48.2% |
FFO Margin % | 149.53% | 179.19% | 88.02% | 122.22% | 115.88% | 382.86% | 36.05% | 42.65% | 20.2% |
FFO Growth % | 4.89% | 11.75% | -38.81% | - | - | -166.25% | 132.59% | - | - |
FFO per Share | 5.73 | 5.91 | 3.26 | -6.01 | 3.30 | -2.51 | 0.81 | 1.13 | 1.68 |
FFO Payout Ratio % | 55.32% | 52.9% | 94.79% | -16.71% | 39.96% | -71.08% | 169.63% | 120.65% | 106.63% |
EPS (Diluted) | 3.16▲ 0% | 2.86▼ 9.5% | 3.17▲ 10.8% | -6.01▼ 289.6% | 2.63▲ 143.8% | -2.40▼ 191.3% | 0.46▲ 119.2% | 0.82▲ 78.3% | 1.68▲ 104.9% |
EPS Growth % | -1.25% | -9.49% | 10.84% | -289.59% | 143.76% | -191.25% | 119.17% | 78.26% | 104.88% |
EPS (Basic) | 3.16 | 2.88 | 3.21 | -6.01 | 2.66 | -2.40 | 0.46 | 0.83 | 1.71 |
Diluted Shares Outstanding | 97.28M | 105.44M | 116.94M | 113.01M | 118.47M | 103.15M | 103.58M | 105.1M | 105.31M |
MFAN Balance Sheet
MFA Financial, Inc. 8.875% Senior Notes (MFAN) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 10.95B | 12.42B | 13.57B | 6.93B | 9.14B | 9.11B | 10.77B | 11.41B | 13.05B |
Asset Growth % | -12.25% | 13.38% | 9.24% | -48.91% | 31.84% | -0.3% | 18.22% | 5.91% | 14.35% |
Real Estate & Other Assets | -4.06B | 4.99B | 4.64B | -302.83M | -450.2M | 401.26M | 905.59M | 1.58B | 279.22M |
PP&E (Net) | -10.95B | -12.42B | 0 | 758K | 39.37M | 39.46M | 37.82M | 35.46M | 0 |
Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Total Current Assets | 449.76M | 51.97M | 7.7B | 853.2M | 0 | 8.44B | 441.01M | 9.55B | 506.66M |
Cash & Equivalents | 449.76M | 51.97M | 70.63M | 814.35M | 304.7M | 334.18M | 318M | 338.93M | 213.21M |
Receivables | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 0 | 0 | 179.67M | 0 | -389.08M | 252.06M | 0 | 388.42M | 173.46M |
Intangible Assets | 492.08M | 611.81M | 1.22B | 239M | 21.4M | 12.2M | 8M | 4.8M | 2.6M |
Total Liabilities | 7.69B | 9B | 10.18B | 4.41B | 6.6B | 7.12B | 8.87B | 9.57B | 11.22B |
Total Debt | 460.72M | 781.24M | 10.03B | 1.84B | 3.15B | 6.86B | 5B | 9.2B | 10.99B |
Net Debt | 10.96M | 729.27M | 9.96B | 1.03B | 2.84B | 6.52B | 4.69B | 8.86B | 10.78B |
Long-Term Debt | 460.72M | 781.24M | 10.03B | 1.61B | 2.88B | 6.81B | 4.96B | 9.16B | 10.94B |
Short-Term Borrowings | 0 | 0 | 0 | 225.18M | 226.47M | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 0 | 0 | 0 | 636K | 44.98M | 45.31M | 43.58M | 41.05M | 60.81M |
Total Current Liabilities | 7.6B | 8.01B | 152.61M | 236.29M | 0 | 134.13M | 292.45M | 313.5M | 232.69M |
Accounts Payable | 12.26M | 16.28M | 0 | 11.12M | 9.62M | 0 | 30.83M | 0 | 36.37M |
Deferred Revenue | -6.64B | -8.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 0 | 0 | 0 | 0 | -2.92B | 132.03M | 0 | 63.09M | 0 |
Total Equity | 10.38B▲ 0% | 11.99B▲ 15.5% | 3.38B▼ 71.8% | 6.04B▲ 78.5% | 2.54B▼ 57.9% | 1.99B▼ 21.8% | 1.9B▼ 4.5% | 1.84B▼ 3.1% | 1.83B▼ 0.8% |
Equity Growth % | -13.59% | 15.51% | -71.77% | 78.52% | -57.91% | -21.79% | -4.47% | -3.06% | -0.77% |
Shareholders Equity | 3.26B | 3.42B | 3.38B | 2.52B | 2.54B | 1.99B | 1.9B | 1.84B | 1.83B |
Minority Interest | 7.12B | 8.57B | 0 | 3.52B | 0 | 0 | 0 | 0 | 0 |
Common Stock | 3.98M | 4.5M | 4.52M | 4.52M | 1.08M | 1.02M | 1.02M | 1.02M | 1.02M |
Additional Paid-in Capital | 3.23B | 3.62B | 3.64B | 3.85B | 3.78B | 3.68B | 3.7B | 3.71B | 3.72B |
Retained Earnings | -578.95M | -632.04M | -631.04M | -1.41B | -1.28B | -1.72B | -1.82B | -1.88B | -1.9B |
Preferred Stock | 80K | 80K | 80K | 190K | 190K | 190K | 190K | 190K | 81K |
Return on Assets (ROA) | 2.75% | 2.58% | 2.91% | -6.63% | 4.09% | -2.54% | 0.81% | 1.08% | 1.45% |
Return on Equity (ROE) | 2.88% | 2.7% | 4.92% | -14.42% | 7.66% | -10.22% | 4.12% | 6.37% | 9.64% |
Debt / Assets | 4.21% | 6.29% | 73.93% | 26.54% | 34.45% | 75.25% | 46.44% | 80.6% | 84.26% |
Debt / Equity | 0.04x | 0.07x | 2.96x | 0.30x | 1.24x | 3.45x | 2.63x | 4.99x | 6.01x |
Net Debt / EBITDA | 0.04x | 0.85x | - | - | 7.28x | - | 63.86x | 79.37x | 15.62x |
Book Value per Share | 106.69 | 113.69 | 28.94 | 53.46 | 21.46 | 19.28 | 18.34 | 17.52 | 17.36 |
MFAN Cash Flow Statement
MFA Financial, Inc. 8.875% Senior Notes (MFAN) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 176.07M | 147.88M | 215.78M | 38.4M | 120.29M | 366.08M | 108.74M | 200.12M | 76.25M |
Operating CF Growth % | 105.9% | -16.01% | 45.91% | -82.21% | 213.3% | 204.32% | -70.3% | 84.04% | -61.9% |
Operating CF / Revenue % | 47.2% | 42.51% | 49.79% | -6.91% | 35.67% | -541.37% | 46.46% | 71.57% | 8.71% |
Net Income | 322.39M | 301.8M | 378.12M | -679.39M | 328.87M | -231.58M | 80.16M | 119.25M | 176.78M |
Depreciation & Amortization | 1.52M | 1.82M | 3.32M | 0 | 6.6M | -27.31M | 4.2M | 0 | 0 |
Stock-Based Compensation | 8.03M | 8.01M | 9.24M | 0 | 9.58M | 10.21M | 15.62M | 0 | 0 |
Other Non-Cash Items | -144.49M | -137.3M | -159.19M | 728.66M | -203.18M | 597.01M | 26.72M | 64.28M | -112.39M |
Working Capital Changes | -11.38M | -26.45M | -15.71M | -10.87M | -5.39M | 27.96M | -17.97M | 16.59M | 11.85M |
Cash from Investing | 1.82B | -2.16B | -1.13B | 6.38B | -2.17B | -1.13B | -1.55B | -424.6M | -1.79B |
Acquisitions (Net) | 1.59B | 338.4M | 3.76B | 0 | 6.12M | 0 | 0 | 0 | 0 |
Purchase of Investments | -86.32M | -3.14B | -4.67B | -163.75M | -2.5B | -3.18B | -588.91M | -869.15M | -2.75B |
Sale of Investments | 243.08M | 538.67M | 908.7M | 4.42B | 157.3M | 68.78M | 173.95M | 129.64M | 46.81M |
Other Investing | 66.29M | 107.94M | -1.13B | 2.13B | 185.67M | 1.99B | -1.13B | 314.92M | 916.69M |
Cash from Financing | -1.8B | 1.63B | 964.92M | -5.74B | 1.63B | 850.21M | 1.43B | 337.58M | 1.49B |
Dividends Paid | -323.59M | -344.76M | -376.56M | -143.3M | -189.01M | -216.91M | -175.98M | -176.75M | -40.32M |
Common Dividends | -308.59M | -329.76M | -361.56M | -113.51M | -156.14M | -184.03M | -143.1M | -143.87M | -188.5M |
Debt Issuance (Net) | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Share Repurchases | 0 | 0 | 0 | -50.84M | -85.59M | -102.31M | -7K | -1.57M | -15.31M |
Other Financing | 30.43M | 1.06M | -40.03M | -90.28M | -7.14M | -16.39M | -12.59M | -34.99M | -177.11M |
Net Change in Cash | 189.65M▲ 0% | -375.03M▼ 297.8% | 45.95M▲ 112.3% | 686.86M▲ 1394.6% | -417.07M▼ 160.7% | 89.63M▲ 121.5% | -5.87M▼ 106.5% | 113.1M▲ 2026.8% | -214.64M▼ 289.8% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 260.11M | 463.74M | 88.71M | 134.66M | 821.52M | 404.45M | 494.08M | 488.21M | 601.31M |
Cash at End | 449.76M | 88.71M | 134.66M | 821.52M | 404.45M | 494.08M | 488.21M | 601.31M | 386.67M |
Free Cash Flow | 175.2M▲ 0% | 146.75M▼ 16.2% | 213.9M▲ 45.8% | 33.53M▼ 84.3% | 108.25M▲ 222.8% | 365.78M▲ 237.9% | 108.74M▼ 70.3% | 200.12M▲ 84.0% | 76.25M▼ 61.9% |
FCF Growth % | 106.59% | -16.24% | 45.76% | -84.32% | 222.79% | 237.92% | -70.27% | 84.04% | -61.9% |
FCF / Revenue % | 46.96% | 42.18% | 49.36% | -6.03% | 32.1% | -540.92% | 46.46% | 71.57% | 8.71% |
MFAN Key Ratios
MFA Financial, Inc. 8.875% Senior Notes (MFAN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 5.72 | 5.73 | 5.91 | 3.26 | -6.01 | 3.3 | -2.51 | 0.81 | 1.13 | 1.68 |
FFO Payout Ratio | 56.01% | 55.32% | 52.9% | 94.79% | -16.71% | 39.96% | -71.08% | 169.63% | 120.65% | 106.63% |
NOI Margin | 79.27% | 74.76% | 67.45% | 100% | 100% | 88.89% | 163.43% | 85.41% | 87.37% | 96.18% |
Net Debt / EBITDA | -0.52x | 0.04x | 0.85x | - | - | 7.28x | - | 63.86x | 79.37x | 15.62x |
Debt / Assets | 0.77% | 4.21% | 6.29% | 73.93% | 26.54% | 34.45% | 75.25% | 46.44% | 80.6% | 84.26% |
Interest Coverage | 1.62x | 1.64x | 1.30x | - | - | 3.54x | -0.87x | -0.01x | 0.21x | 1.34x |
Book Value / Share | 129.11 | 106.69 | 113.69 | 28.94 | 53.46 | 21.46 | 19.28 | 18.34 | 17.52 | 17.36 |
Revenue Growth | 0.78% | 3.98% | -6.75% | 24.57% | -228.28% | 160.67% | -120.05% | 446.11% | 19.47% | 213.02% |
Related:MFAN Dividend History·MFAN Revenue History·MFAN Price History·MFAN P/E History·MFAN Financial Ratios·MFAN Institutional Holders
MFAN SEC Filings & Documents
MFA Financial, Inc. 8.875% Senior Notes (MFAN) SEC filings — annual & quarterly reports (10-K, 10-Q)
MFAN Frequently Asked Questions
MFA Financial, Inc. 8.875% Senior Notes (MFAN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
MFA Financial, Inc. 8.875% Senior Notes (MFAN) reported $418.2M in revenue for fiscal year 2025. This represents a 8992% increase from $4.6M in 1998.
MFA Financial, Inc. 8.875% Senior Notes (MFAN) grew revenue by 213.0% over the past year. This is strong growth.
Yes, MFA Financial, Inc. 8.875% Senior Notes (MFAN) is profitable, generating $176.6M in net income for fiscal year 2025 (20.2% net margin).
Dividend & Returns
Yes, MFA Financial, Inc. 8.875% Senior Notes (MFAN) pays a dividend with a yield of 7.12%. This makes it attractive for income-focused investors.
MFA Financial, Inc. 8.875% Senior Notes (MFAN) has a return on equity (ROE) of 9.6%. This is below average, suggesting room for improvement.
Industry Metrics
MFA Financial, Inc. 8.875% Senior Notes (MFAN) generated Funds From Operations (FFO) of $177.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.
MFA Financial, Inc. 8.875% Senior Notes (MFAN) offers a 7.12% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.