The company's capital structure remains vulnerable, characterized by a highly volatile debt-to-equity ratio that fluctuated between 2.72 and 6.01 over the last nine quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Assets | 13.23B | 13.05B | 11.41B | 10.77B | 9.11B | 9.14B | 6.93B | 13.57B | 12.42B | 10.95B | 12.48B | 13.17B | 12.35B | 12.47B | 13.52B | 11.75B | 8.69B | 9.63B | 10.64B | 8.61B | 6.44B | 5.85B | 6.91B | 4.56B | 3.6B | 2.07B | 522.49M | 524.4M | 264.7M |
| Asset Growth % | 42.99% | 14.35% | 5.91% | 18.22% | -0.3% | 31.84% | -48.91% | 9.24% | 13.38% | -12.25% | -5.19% | 6.58% | -0.94% | -7.74% | 15.04% | 35.26% | -9.76% | -9.53% | 23.65% | 33.55% | 10.21% | -15.43% | 51.45% | 26.67% | 74.19% | 295.98% | -0.36% | 98.11% | - |
| Real Estate & Other Assets | 233.26M | 236.41M | 1.58B | 905.59M | 401.26M | -450.2M | -302.83M | 4.64B | 4.99B | -4.06B | -7.61B | -9.75B | -1.4B | -2.96B | 8.81B | 87.21M | 238.05M | -8.84B | -10.13B | -8.31B | -6.35B | -5.74B | -6.78B | -4.38B | -3.49B | -1.95B | -502.64M | -494.4M | -255.2M |
| PP&E (Net) | 9.6M | 42.81M | 35.46M | 37.82M | 39.46M | 39.37M | 758K | 0 | -12.42B | -10.95B | -12.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.34M | 11.61M | 11.79M | 29.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 528.66M | 506.66M | 9.55B | 441.01M | 8.44B | 488.83M | 853.2M | 7.7B | 51.97M | 449.76M | 260.11M | 165.01M | 182.44M | 124K | 127K | 136K | 385K | 653.46M | 361.17M | 234.41M | 47.2M | 64.3M | 68.34M | 159.22M | 83.56M | 70.87M | 12.33M | 26.5M | 7.5M |
| Cash & Equivalents | 221.57M | 213.21M | 338.93M | 318M | 334.18M | 304.7M | 814.35M | 70.63M | 51.97M | 449.76M | 260.11M | 165.01M | 182.44M | 565.37M | 401.29M | 394.02M | 345.24M | 653.46M | 361.17M | 234.41M | 47.2M | 64.3M | 68.34M | 139.71M | 64.09M | 58.53M | 8.9M | 23.6M | 6M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 189.24M | 173.46M | 388.42M | 170.21M | 252.06M | -389.08M | 0 | 179.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.3M | 2.6M | 4.8M | 8M | 12.2M | 21.4M | 239M | 1.22B | 611.81M | 492.08M | 226.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9M | 1.5M |
| Total Liabilities | 11.45B | 11.22B | 9.57B | 8.87B | 7.12B | 6.6B | 4.41B | 10.18B | 9B | 7.69B | 9.45B | 10.2B | 9.15B | 9.33B | 10.21B | 9.25B | 6.44B | 7.46B | 9.38B | 7.68B | 5.77B | 5.19B | 6.18B | 4.08B | 3.23B | 1.87B | 452.58M | 456.8M | 193.7M |
| Total Debt | 6.5B | 10.99B | 9.2B | 5B | 6.86B | 3.15B | 1.84B | 10.03B | 781.24M | 460.72M | 96.73M | 122.06M | 210.57M | 466.2M | 746.82M | 1.18B | 220.93M | 7.21B | 9.31M | 9.46M | 9.61M | 22.55M | 22.69M | 16.16M | 16.34M | 1.85B | 449M | 452M | 190M |
| Net Debt | 6.27B | 10.78B | 8.86B | 4.69B | 6.52B | 2.84B | 1.03B | 9.96B | 729.27M | 10.96M | -163.38M | -42.95M | 28.14M | -99.17M | 345.52M | 787.9M | -124.31M | 6.55B | -351.86M | -224.95M | -37.59M | -41.75M | -45.66M | -123.55M | -47.75M | 1.79B | 440.1M | 428.4M | 184M |
| Long-Term Debt | 6.48B | 10.94B | 9.16B | 4.96B | 6.81B | 2.88B | 1.61B | 10.03B | 781.24M | 460.72M | 96.73M | 118.56M | 210.57M | 466.2M | 746.82M | 875.52M | 220.93M | 0 | 9.31M | 9.46M | 9.61M | 22.55M | 22.69M | 16.16M | 16.34M | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 226.47M | 225.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 173.34M | 60.81M | 41.05M | 43.58M | 45.31M | 44.98M | 636K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 115.79M | 232.69M | 313.5M | 292.45M | 134.13M | 399.55M | 236.29M | 152.61M | 8.01B | 7.6B | 9.35B | 10.08B | 8.94B | 8.86B | 7.5M | 9.11M | 6.44B | 7.45B | 9.38B | 7.67B | 5.75B | 5.16B | 6.16B | 4.06B | 3.22B | 11.39M | 2.04M | 2.8M | 800K |
| Accounts Payable | 36.22M | 36.37M | 0 | 30.83M | 0 | 9.62M | 11.12M | 0 | 16.28M | 12.26M | 14.13M | 16.95M | 13.1M | 14.73M | 16.1M | 9.11M | 8.01M | 13.27M | 23.87M | 20.21M | 23.16M | 54.16M | 28.35M | 7.24M | 14.3M | 11.39M | 2.04M | 2.78M | 800K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.25B | -6.64B | -8.69B | -9.39B | -8.33B | -28.22M | 33.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 4.84B | 0 | 63.09M | 3.58B | 132.03M | -2.92B | 0 | 0 | 0 | 0 | 0 | -118.56M | 0 | -466.2M | -746.82M | -875.52M | -220.93M | 0 | -9.31M | -9.46M | -9.61M | -22.55M | -22.69M | -16.16M | -16.34M | 0 | 0 | 0 | 0 |
| Total Equity | 1.78B | 1.83B | 1.84B | 1.9B | 1.99B | 2.54B | 6.04B | 3.38B | 11.99B | 10.38B | 12.01B | 2.97B | 3.2B | 3.14B | 3.31B | 2.5B | 2.25B | 2.17B | 1.26B | 927.26M | 678.56M | 661.1M | 728.83M | 484.96M | 371.2M | 203.62M | 69.91M | 67.6M | 71M |
| Equity Growth % | -10.36% | -0.77% | -3.06% | -4.47% | -21.79% | -57.91% | 78.52% | -71.77% | 15.51% | -13.59% | 304.75% | -7.37% | 1.94% | -5.1% | 32.56% | 10.99% | 3.79% | 72.48% | 35.57% | 36.65% | 2.64% | -9.29% | 50.29% | 30.65% | 82.3% | 191.26% | 3.42% | -4.79% | - |
| Shareholders Equity | 1.78B | 1.83B | 1.84B | 1.9B | 1.99B | 2.54B | 2.52B | 3.38B | 3.42B | 3.26B | 3.03B | 2.97B | 3.2B | 3.14B | 3.31B | 2.5B | 2.25B | 2.17B | 1.26B | 927.26M | 678.56M | 661.1M | 728.83M | 484.96M | 371.2M | 203.62M | 69.91M | 67.6M | 70.9M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 3.52B | 0 | 8.57B | 7.12B | 8.98B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Common Stock | 1.02M | 1.02M | 1.02M | 1.02M | 1.02M | 1.08M | 4.52M | 4.52M | 4.5M | 3.98M | 3.72M | 3.71M | 3.7M | 3.65M | 3.58M | 3.56M | 2.81M | 2.8M | 2.19M | 1.23M | 807K | 801K | 820K | 632K | 463K | 283K | 86.93K | 100K | 0 |
| Additional Paid-in Capital | 3.72B | 3.72B | 3.71B | 3.7B | 3.68B | 3.78B | 3.85B | 3.64B | 3.62B | 3.23B | 3.03B | 3.02B | 3.01B | 2.97B | 2.81B | 2.8B | 2.18B | 2.18B | 1.78B | 1.09B | 776.74M | 770.79M | 780.41M | 512.2M | 359.36M | 212.54M | 74.36M | 75.83M | 0 |
| Retained Earnings | -1.94B | -1.9B | -1.88B | -1.82B | -1.72B | -1.28B | -1.41B | -631.04M | -632.04M | -578.95M | -572.64M | -572.33M | -568.6M | -571.54M | -260.31M | -243.06M | -191.57M | -202.19M | -210.81M | -89.26M | -68.64M | -52.31M | -17.33M | -15.76M | -12.42M | -13.7M | -440.08K | -2.9M | -4.3M |
| Preferred Stock | 196K | 81K | 190K | 190K | 190K | 190K | 190K | 80K | 80K | 80K | 80K | 80K | 80K | 80K | 38K | 38K | 38K | 38K | 38K | 38K | 38K | 38K | 38K | 12.11M | 0 | 0 | 4.1M | 5.4M | 0 |
| Return on Assets (ROA) | 1.08% | 1.45% | 1.08% | 0.81% | -2.54% | 4.09% | -6.63% | 2.91% | 2.58% | 2.75% | 2.44% | 2.45% | 2.53% | 2.33% | 2.43% | 3.1% | 2.95% | 2.65% | 0.48% | 0.4% | 0.14% | 0.11% | 1.36% | 1.42% | 1.98% | 0.29% | 1.5% | 1.93% | 1.1% |
| Return on Equity (ROE) | 7.43% | 9.64% | 6.37% | 4.12% | -10.22% | 7.66% | -14.42% | 4.92% | 2.7% | 2.88% | 4.18% | 10.15% | 9.88% | 9.38% | 10.56% | 13.33% | 12.21% | 15.66% | 4.19% | 3.76% | 1.31% | 0.97% | 12.86% | 13.51% | 19.52% | 2.77% | 11.44% | 10.97% | 4.08% |
| Debt / Assets | 49.1% | 84.26% | 80.6% | 46.44% | 75.25% | 34.45% | 26.54% | 73.93% | 6.29% | 4.21% | 0.77% | 0.93% | 1.7% | 3.74% | 5.52% | 10.06% | 2.54% | 74.84% | 0.09% | 0.11% | 0.15% | 0.39% | 0.33% | 0.35% | 0.45% | 89.22% | 85.93% | 86.19% | 71.78% |
| Debt / Equity | 3.65x | 6.01x | 4.99x | 2.63x | 3.45x | 1.24x | 0.30x | 2.96x | 0.07x | 0.04x | 0.01x | 0.04x | 0.07x | 0.15x | 0.23x | 0.47x | 0.10x | 3.32x | 0.01x | 0.01x | 0.01x | 0.03x | 0.03x | 0.03x | 0.04x | 9.07x | 6.42x | 6.69x | 2.68x |
| Net Debt / EBITDA | 23.12x | 15.57x | 77.16x | 63.86x | - | 7.28x | - | 3002.10x | 0.85x | 0.04x | -0.52x | -0.48x | 0.96x | -0.21x | 0.72x | 1.68x | -0.30x | 13.15x | -5.45x | -3.90x | -1.02x | -0.17x | -0.21x | -0.77x | -0.32x | 40.25x | 11.04x | 15.58x | 23.59x |
| Book Value per Share | 16.90 | 17.36 | 17.52 | 18.34 | 19.28 | 21.46 | 53.46 | 28.94 | 113.69 | 106.69 | 129.11 | 31.90 | 34.72 | 34.68 | 37.12 | 29.25 | 32.02 | 35.36 | 27.93 | 40.37 | 45.39 | 36.42 | 38.25 | 35.88 | 35.75 | 53.13 | 10.14 | 9.81 | 10.30 |
Excessive leverage and volatility
As reported in quarterly financial statements, MFA Financial's total assets grew from $10.8 billion in 2023Q4 to $13.2 billion by 2026Q1, yet this expansion appears to be funded by inconsistent debt levels that fluctuate significantly, complicating the firm's long-term capital structure stability.
The trajectory of asset growth suggests an aggressive push into mortgage-related assets, but the lack of corresponding equity growth indicates that the firm is relying heavily on external financing. This reliance on debt to drive asset expansion may leave the balance sheet exposed to sudden shifts in market liquidity.
Based on the provided financial data, the company's debt-to-equity ratio has exhibited extreme volatility, swinging from a low of 2.72 in 2024Q1 to a peak of 6.01 in 2025Q4, which suggests a lack of disciplined leverage management across different interest rate environments.
The wide variance in leverage ratios indicates that the company may be forced to deleverage rapidly during periods of market stress, potentially locking in losses on asset sales. Investors should monitor whether this instability is a result of tactical portfolio adjustments or a symptom of limited access to permanent capital.
According to recent balance sheet filings, cash reserves have remained relatively stagnant, hovering near $213 million as of 2025Q4, which may be insufficient to cover potential margin calls given the company's significant exposure to volatile mortgage-backed securities and business-purpose loan originations.
While the cash position appears stable on the surface, the lack of growth in liquid assets relative to the expanding total asset base suggests a tightening liquidity buffer. This may limit the company's ability to capitalize on distressed market opportunities or defend against sudden liquidity shocks in the repo market.
As indicated by the provided financial statements, the company's book value is heavily reliant on fair value estimates, which may not accurately reflect the liquidation value of the underlying mortgage portfolio in a stressed credit environment, as evidenced by the recent negative FFO performance.
The reliance on mark-to-market accounting for a large portion of the asset base introduces significant uncertainty regarding the true net asset value. If credit performance in the Lima One portfolio deteriorates, the current book value may be subject to material downward revisions that are not currently captured in the reported figures.
Quick answers to the most common questions about buying MFAN stock.
As of 2025, MFA Financial, Inc. 8.875% Senior Notes (MFAN) had total assets of $13.05B including $506.7M in current assets.
MFA Financial, Inc. 8.875% Senior Notes (MFAN) carries total debt of $10.99B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MFA Financial, Inc. 8.875% Senior Notes (MFAN) has total shareholders' equity (book value) of $1.83B ($17.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MFA Financial, Inc. 8.875% Senior Notes (MFAN) reported a current ratio of 2.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.