MODEL VERDICT
MFA Financial, Inc. 8.875% Senior Notes (MFAN)
Relative Valuation•Peer multiples, competitive benchmarking & quality-adjusted fair value
The market is pricing MFA Financial, Inc. 8.875% Senior Notes at a 27.34% premium to its peer-implied fair value.
6 curated peers matched by business model, revenue composition, and market position
| Ticker | Company | Market Cap | P/E | EV/EBITDA |
|---|---|---|---|---|
| MFA | MFA Financial, Inc. | $1B | 5.84x | 17.07x |
| MITT | TPG Mortgage Investment Trust Inc | $257M | 8.99x | 18.27x |
| GPMT | Granite Point Mortgage Trust Inc. | $68M | -1.22x | 20.63x |
| BXMT | Blackstone Mortgage Trust, Inc. | $2.94B | 27.23x | 16.1x |
| RC | Ready Capital Corporation | $294M | -1.24x | 47.74x |
| TPVG | TriplePoint Venture Growth BDC Corp. | $191M | 3.85x | 8.45x |
2 valuation metrics · peer-median based
| Multiple | Current | Peer Median | vs Peers | Implied Price |
|---|---|---|---|---|
| EV/EBITDAEnterprise value versus operating cash earnings proxy. | 19.29x | 17.67x | Premium +9.17% | $23.08 |
| Dividend YieldCash yield paid to shareholders. | 7.1% | 16.81% | Premium +136.59% | $10.65 |
How the model derives the final fair value from peer baselines and quality metrics
Premium: The stock is trading at a 37.63% premium to its quality-adjusted fair value of $18.31. The market is pricing the stock 27.34% above our model's estimate.
Quality metrics are broadly comparable to peers.
Quality adjustments are capped at ±15% (up to ±20% for financial services) to prevent runaway premiums. Based on trailing twelve months and multi-year CAGR data where available.
How current multiples rank vs 2 years of the stock’s own history
| Multiple | Current | Historical Median | Percentile | Status |
|---|---|---|---|---|
| EV/EBITDA2 years of data | 19.29x | 59.93x | 0th | Below historical norm |
| P/FFO2 years of data | 14.83x | 18.33x | 50th | Normal vs history |
| Dividend Yield2 years of data | 7.1% | 6.24% | 50th | Normal vs history |
MFA Financial, Inc. 8.875% Senior Notes trades within its historical valuation range.
Model-identified caveats to consider
MFAN looks expensive versus peers using curated peers, with relative upside of -27.3%.
Answers to common questions about MFAN's relative valuation and our methodology.
MFA Financial, Inc. 8.875% Senior Notes's fair value of $18.31 is the price at which the stock would trade if valued at the same multiples as its 6-company peer group, adjusted for differences in business quality. At $25.20, the stock trades at a -27.34% premium to fair value. This is a reference point, not a price target.
The 6 peers shown were selected based on business model similarity, revenue composition, and market position. Each peer was matched for comparable operations, not just industry label. Only companies with clean, usable financial data are included.
MFA Financial, Inc. 8.875% Senior Notes has challenges in dividend yield, and a quality score that warrants a 3.33% discount relative to its peer group. The Quality Adjustment section breaks down each driver.
No. This page provides an automated quantitative comparison of MFA Financial, Inc. 8.875% Senior Notes against its peers. It is not investment advice, a recommendation, or a solicitation. Valuation is only one factor in an investment decision — it does not account for growth catalysts, management quality, regulatory risk, or your personal financial situation.
Look at the Historical Context to see where current multiples sit versus the stock's own history. Review the Risk Factors section for model-identified caveats. Compare the Analyst Consensus to our model output for another perspective. Valuation is only one dimension — growth trajectory, competitive position, and market conditions all matter.
Valuation data is refreshed weekly based on the latest financial filings, market prices, and analyst estimates. MFA Financial, Inc. 8.875% Senior Notes's fair value, peer multiples, and quality scores will shift over time as new earnings are reported and stock prices change.
Disclaimer: This page is for informational purposes only and does not constitute financial advice. Fair value estimates are model outputs under stated assumptions and should not be relied upon as the sole basis for any investment decision.