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MFAN logoMFA Financial, Inc. 8.875% Senior Notes(MFAN)Earnings, Financials & Key Ratios

MFAN•NYSE•REIT / Real Estate
$25.08
$2.56B mkt cap·14.9× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryResidential credit and whole-loan REITs
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%
  • Debt/Assets84.26%+4.5%
  • Net Debt/EBITDA15.62-80.3%
  • Book Value/Share17.36-1.0%
Technical→

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.

MFAN Price & Volume

MFA Financial, Inc. 8.875% Senior Notes (MFAN) stock price & volume — 10-year historical chart

Loading chart...

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

Full history →
●Beat EPS 4/4 qtrs (100%)●Beat Revenue 3/4 qtrs (75%)
Q1 2026Latest
Feb 18, 2026
EPS
$0.27
Est $0.27
+0.5%
Revenue
$55M
Est $64M
-13.8%
Q4 2025
Nov 6, 2025
EPS
$0.46
Est $0.27
+66.4%
Revenue
$223M
Est $68M
+230.0%
Q3 2025
Aug 6, 2025
EPS
$0.31
Est $0.30
+6.1%
Revenue
$170M
Est $64M
+167.5%
Q2 2025
May 6, 2025
EPS
$0.39
Est $0.32
+21.9%
Revenue
$153M
Est $62M
+145.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 18, 2026
$0.27vs $0.27+0.5%
$55Mvs $64M-13.8%
Q4 2025Nov 6, 2025
$0.46vs $0.27+66.4%
$223Mvs $68M+230.0%
Q3 2025Aug 6, 2025
$0.31vs $0.30+6.1%
$170Mvs $64M+167.5%
Q2 2025May 6, 2025
$0.39vs $0.32+21.9%
$153Mvs $62M+145.4%
Based on last 4 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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MFA logoMFAMFA Financial, Inc.Direct Competitor997.46M9.775.82213.02%20.7%7.43%6.01
MITT logoMITTTPG Mortgage Investment Trust IncDirect Competitor250.39M7.898.7714.4%6.82%6.11%14.45
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor70.87M1.49-1.28187.77%-30.49%-7.1%2.12
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.25B19.2930.14-13.96%6.75%2.93%4.61
RC logoRCReady Capital CorporationDirect Competitor330.14M2.04-0.78-92.98%-16.58%3.12
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Direct Competitor225.54M5.574.5736.55%13.09%1.33
NLY logoNLYAnnaly Capital Management, Inc.Product Competitor16.19B22.547.725.35%30.28%14.05%6.92
AGNC logoAGNCAGNC Investment Corp.Product Competitor9.68B10.7911.60384.69%24.23%7.32%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.

Closest Rival

vs MFA

Most directly comparable listed peer for MFAN.

Scale Benchmark

vs NLY

Larger-name benchmark to compare MFAN against a more recognizable public peer.

Peer Set

Compare Top 5

vs MFA, MITT, GPMT, BXMT

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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue373.06M347.88M433.33M-555.87M337.22M-67.62M234.05M279.61M875.24M
Revenue Growth %3.98%-6.75%24.57%-228.28%160.67%-120.05%446.11%19.47%213.02%
Property Operating Expenses94.17M113.25M0037.47M42.89M34.14M35.31M33.45M
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 Expenses50M79M433.33M-555.87M-8.35M113.52M130.75M132.71M151.76M
G&A Expenses49.63M46.08M52.65M56.71M85.55M112.72M129.95M131.91M41.74M
EBITDA309.58M855.54M00390.78M-224.03M73.36M111.59M690.03M
EBITDA Margin %82.98%245.93%0%0%115.88%331.31%31.35%39.91%78.84%
Depreciation & Amortization235.43M321.55M0061.91M04.2M00
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 Expense197.14M232.19M0268.76M120.39M258.84M429.12M521.23M513.98M
Interest Coverage1.64x1.30x--3.54x-0.87x-0.01x0.21x1.34x
Non-Operating Income-1.03M-207.03M00-91.35M-224.03M73.36M111.59M0
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 Tax445.38M1.66M000-851K0443K-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 Share5.735.913.26-6.013.30-2.510.811.131.68
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)3.162.883.21-6.012.66-2.400.460.831.71
Diluted Shares Outstanding97.28M105.44M116.94M113.01M118.47M103.15M103.58M105.1M105.31M

MFAN Balance Sheet

MFA Financial, Inc. 8.875% Senior Notes (MFAN) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets10.95B12.42B13.57B6.93B9.14B9.11B10.77B11.41B13.05B
Asset Growth %-12.25%13.38%9.24%-48.91%31.84%-0.3%18.22%5.91%14.35%
Real Estate & Other Assets-4.06B4.99B4.64B-302.83M-450.2M401.26M905.59M1.58B279.22M
PP&E (Net)-10.95B-12.42B0758K39.37M39.46M37.82M35.46M0
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets449.76M51.97M7.7B853.2M08.44B441.01M9.55B506.66M
Cash & Equivalents449.76M51.97M70.63M814.35M304.7M334.18M318M338.93M213.21M
Receivables1000K01000K1000K1000K1000K1000K1000K1000K
Other Current Assets00179.67M0-389.08M252.06M0388.42M173.46M
Intangible Assets492.08M611.81M1.22B239M21.4M12.2M8M4.8M2.6M
Total Liabilities7.69B9B10.18B4.41B6.6B7.12B8.87B9.57B11.22B
Total Debt460.72M781.24M10.03B1.84B3.15B6.86B5B9.2B10.99B
Net Debt10.96M729.27M9.96B1.03B2.84B6.52B4.69B8.86B10.78B
Long-Term Debt460.72M781.24M10.03B1.61B2.88B6.81B4.96B9.16B10.94B
Short-Term Borrowings000225.18M226.47M0000
Capital Lease Obligations000636K44.98M45.31M43.58M41.05M60.81M
Total Current Liabilities7.6B8.01B152.61M236.29M0134.13M292.45M313.5M232.69M
Accounts Payable12.26M16.28M011.12M9.62M030.83M036.37M
Deferred Revenue-6.64B-8.25B0000000
Other Liabilities0000-2.92B132.03M063.09M0
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 Equity3.26B3.42B3.38B2.52B2.54B1.99B1.9B1.84B1.83B
Minority Interest7.12B8.57B03.52B00000
Common Stock3.98M4.5M4.52M4.52M1.08M1.02M1.02M1.02M1.02M
Additional Paid-in Capital3.23B3.62B3.64B3.85B3.78B3.68B3.7B3.71B3.72B
Retained Earnings-578.95M-632.04M-631.04M-1.41B-1.28B-1.72B-1.82B-1.88B-1.9B
Preferred Stock80K80K80K190K190K190K190K190K81K
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 / Assets4.21%6.29%73.93%26.54%34.45%75.25%46.44%80.6%84.26%
Debt / Equity0.04x0.07x2.96x0.30x1.24x3.45x2.63x4.99x6.01x
Net Debt / EBITDA0.04x0.85x--7.28x-63.86x79.37x15.62x
Book Value per Share106.69113.6928.9453.4621.4619.2818.3417.5217.36

MFAN Cash Flow Statement

MFA Financial, Inc. 8.875% Senior Notes (MFAN) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations176.07M147.88M215.78M38.4M120.29M366.08M108.74M200.12M76.25M
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 Income322.39M301.8M378.12M-679.39M328.87M-231.58M80.16M119.25M176.78M
Depreciation & Amortization1.52M1.82M3.32M06.6M-27.31M4.2M00
Stock-Based Compensation8.03M8.01M9.24M09.58M10.21M15.62M00
Other Non-Cash Items-144.49M-137.3M-159.19M728.66M-203.18M597.01M26.72M64.28M-112.39M
Working Capital Changes-11.38M-26.45M-15.71M-10.87M-5.39M27.96M-17.97M16.59M11.85M
Cash from Investing1.82B-2.16B-1.13B6.38B-2.17B-1.13B-1.55B-424.6M-1.79B
Acquisitions (Net)1.59B338.4M3.76B06.12M0000
Purchase of Investments-86.32M-3.14B-4.67B-163.75M-2.5B-3.18B-588.91M-869.15M-2.75B
Sale of Investments243.08M538.67M908.7M4.42B157.3M68.78M173.95M129.64M46.81M
Other Investing66.29M107.94M-1.13B2.13B185.67M1.99B-1.13B314.92M916.69M
Cash from Financing-1.8B1.63B964.92M-5.74B1.63B850.21M1.43B337.58M1.49B
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)-1000K1000K1000K-1000K1000K1000K1000K1000K1000K
Share Repurchases000-50.84M-85.59M-102.31M-7K-1.57M-15.31M
Other Financing30.43M1.06M-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 Effect000000000
Cash at Beginning260.11M463.74M88.71M134.66M821.52M404.45M494.08M488.21M601.31M
Cash at End449.76M88.71M134.66M821.52M404.45M494.08M488.21M601.31M386.67M
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

Metric2016201720182019202020212022202320242025
FFO per Share5.725.735.913.26-6.013.3-2.510.811.131.68
FFO Payout Ratio56.01%55.32%52.9%94.79%-16.71%39.96%-71.08%169.63%120.65%106.63%
NOI Margin79.27%74.76%67.45%100%100%88.89%163.43%85.41%87.37%96.18%
Net Debt / EBITDA-0.52x0.04x0.85x--7.28x-63.86x79.37x15.62x
Debt / Assets0.77%4.21%6.29%73.93%26.54%34.45%75.25%46.44%80.6%84.26%
Interest Coverage1.62x1.64x1.30x--3.54x-0.87x-0.01x0.21x1.34x
Book Value / Share129.11106.69113.6928.9453.4621.4619.2818.3417.5217.36
Revenue Growth0.78%3.98%-6.75%24.57%-228.28%160.67%-120.05%446.11%19.47%213.02%

MFAN SEC Filings & Documents

MFA Financial, Inc. 8.875% Senior Notes (MFAN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 18, 2026·SEC

Material company update

Nov 6, 2025·SEC

Material company update

Oct 30, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 20, 2025·SEC

10-Q Quarterly Reports

5
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 6, 2025·SEC

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 7.14%. 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 7.14% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More MFAN

MFA Financial, Inc. 8.875% Senior Notes (MFAN) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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