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MFA Financial, Inc. reported a small net loss for the three months ended March 31, 2026, as fair value declines offset steady interest income. Net interest income rose to $59.2 million from $57.5 million, but large unrealized losses on residential whole loans and securities drove a net loss of $0.98 million versus net income of $41.2 million a year earlier.
Losses included a $34.8 million net loss on residential whole loans at fair value and a $38.3 million loss on securities and other portfolio investments, partly offset by a $30.7 million gain on derivatives and a $19.8 million gain on securitized debt. After $10.4 million in preferred dividends, net loss available to common shareholders was $11.4 million, or $(0.11) per diluted share, compared with $0.31 per share in the prior year period.
Total assets were $13.23 billion, largely in $8.78 billion of residential whole loans and $3.59 billion of securities. Stockholders’ equity decreased to $1.78 billion from $1.83 billion at year-end, reflecting the quarterly loss, common and preferred dividends, and modest share repurchases.
MFA Financial, Inc. reported a small net loss for the three months ended March 31, 2026, as fair value declines offset steady interest income. Net interest income rose to $59.2 million from $57.5 million, but large unrealized losses on residential whole loans and securities drove a net loss of $0.98 million versus net income of $41.2 million a year earlier.
Losses included a $34.8 million net loss on residential whole loans at fair value and a $38.3 million loss on securities and other portfolio investments, partly offset by a $30.7 million gain on derivatives and a $19.8 million gain on securitized debt. After $10.4 million in preferred dividends, net loss available to common shareholders was $11.4 million, or $(0.11) per diluted share, compared with $0.31 per share in the prior year period.
Total assets were $13.23 billion, largely in $8.78 billion of residential whole loans and $3.59 billion of securities. Stockholders’ equity decreased to $1.78 billion from $1.83 billion at year-end, reflecting the quarterly loss, common and preferred dividends, and modest share repurchases.
MFA Financial, Inc. reported first quarter 2026 results showing a GAAP net loss available to common stock and participating securities of $(11.4) million, or $(0.11) per share, driven largely by fair value losses on loans and securities.
Non-GAAP Distributable earnings were $31.1 million, or $0.30 per basic share, and Distributable earnings prior to realized credit losses were $35.5 million, or $0.34 per share. MFA paid a common dividend of $0.36 per share and reported GAAP book value of $12.70 and economic book value of $13.22 per common share at March 31, 2026, producing a total economic return of (1.2)% for the quarter.
The residential investment portfolio increased to $12.5 billion, supported by acquisitions of $392.8 million of Agency MBS, $470.6 million of Non-QM loans, and $219 million of new business purpose loans through Lima One. MFA completed two Non-QM securitizations totaling $757.2 million UPB, maintained a debt/net equity ratio of 6.3x and recourse leverage of 2.7x, and ended the quarter with $221.6 million of unrestricted cash and $174.8 million of unpledged Agency MBS.
MFA Financial, Inc. reported first quarter 2026 results showing a GAAP net loss available to common stock and participating securities of $(11.4) million, or $(0.11) per share, driven largely by fair value losses on loans and securities.
Non-GAAP Distributable earnings were $31.1 million, or $0.30 per basic share, and Distributable earnings prior to realized credit losses were $35.5 million, or $0.34 per share. MFA paid a common dividend of $0.36 per share and reported GAAP book value of $12.70 and economic book value of $13.22 per common share at March 31, 2026, producing a total economic return of (1.2)% for the quarter.
The residential investment portfolio increased to $12.5 billion, supported by acquisitions of $392.8 million of Agency MBS, $470.6 million of Non-QM loans, and $219 million of new business purpose loans through Lima One. MFA completed two Non-QM securitizations totaling $757.2 million UPB, maintained a debt/net equity ratio of 6.3x and recourse leverage of 2.7x, and ended the quarter with $221.6 million of unrestricted cash and $174.8 million of unpledged Agency MBS.
MFA Financial Inc reports that Vanguard Capital Management reported beneficial ownership of 5,286,600 shares of Common Stock, representing 5.17% of the class as of 03/31/2026. The filing shows Vanguard has sole dispositive power over 5,286,600 shares and sole voting power for 748,269 shares. The Schedule 13G was signed on 04/30/2026 by Ashley Grim.
MFA Financial Inc reports that Vanguard Capital Management reported beneficial ownership of 5,286,600 shares of Common Stock, representing 5.17% of the class as of 03/31/2026. The filing shows Vanguard has sole dispositive power over 5,286,600 shares and sole voting power for 748,269 shares. The Schedule 13G was signed on 04/30/2026 by Ashley Grim.
MFA Financial, Inc. is an internally managed REIT focused on residential mortgage assets, mainly residential whole loans and mortgage-backed securities. It aims to generate distributable income and credit-driven returns while maintaining REIT and Investment Company Act compliance.
In 2025, MFA acquired approximately $2.7 billion of residential whole loans, including $0.9 billion originated by its Lima One subsidiary. As of December 31, 2025, total investment-related assets included $8.8 billion of residential whole loans, $3.4 billion of residential mortgage securities, and $301.2 million of other investment-related assets.
Key risks center on credit performance of whole loans and MBS, leverage and margin calls, interest rate and prepayment volatility, regulatory changes, geographic concentration (notably California, Florida, Texas, Georgia and New York), and operational risks tied to third-party servicers and Lima One. On June 30, 2025, non-affiliate market value of common stock was $966 million, with 102,093,862 shares outstanding on February 17, 2026.
MFA Financial, Inc. is an internally managed REIT focused on residential mortgage assets, mainly residential whole loans and mortgage-backed securities. It aims to generate distributable income and credit-driven returns while maintaining REIT and Investment Company Act compliance.
In 2025, MFA acquired approximately $2.7 billion of residential whole loans, including $0.9 billion originated by its Lima One subsidiary. As of December 31, 2025, total investment-related assets included $8.8 billion of residential whole loans, $3.4 billion of residential mortgage securities, and $301.2 million of other investment-related assets.
Key risks center on credit performance of whole loans and MBS, leverage and margin calls, interest rate and prepayment volatility, regulatory changes, geographic concentration (notably California, Florida, Texas, Georgia and New York), and operational risks tied to third-party servicers and Lima One. On June 30, 2025, non-affiliate market value of common stock was $966 million, with 102,093,862 shares outstanding on February 17, 2026.
MFA Financial reported much stronger results for the quarter and year ended December 31, 2025 and announced a new stock repurchase plan. Q4 net income was $54.3 million, up sharply from $5.9 million a year earlier, with full-year net income of $176.8 million versus $119.3 million in 2024. Q4 distributable earnings were $27.8 million, or $0.27 per basic share. Economic book value per share was $13.75, slightly above the prior year’s $13.93 despite a higher-rate environment that compressed net interest spreads to 1.69% on the total balance sheet. Total assets grew to $13.0 billion, led by $8.8 billion of residential whole loans and $3.36 billion of securities.
The board authorized a new $200 million common stock repurchase program effective through the end of 2028, replacing the prior plan that expired in 2025. Management highlighted 2025 investments of about $4.8 billion in target assets, continued cost reductions, and total economic returns of 3.1% for Q4 and 9.0% for the year.
MFA Financial reported much stronger results for the quarter and year ended December 31, 2025 and announced a new stock repurchase plan. Q4 net income was $54.3 million, up sharply from $5.9 million a year earlier, with full-year net income of $176.8 million versus $119.3 million in 2024. Q4 distributable earnings were $27.8 million, or $0.27 per basic share. Economic book value per share was $13.75, slightly above the prior year’s $13.93 despite a higher-rate environment that compressed net interest spreads to 1.69% on the total balance sheet. Total assets grew to $13.0 billion, led by $8.8 billion of residential whole loans and $3.36 billion of securities.
The board authorized a new $200 million common stock repurchase program effective through the end of 2028, replacing the prior plan that expired in 2025. Management highlighted 2025 investments of about $4.8 billion in target assets, continued cost reductions, and total economic returns of 3.1% for Q4 and 9.0% for the year.
MFA Financial President and Chief Investment Officer Bryan Wulfsohn reported multiple equity award transactions dated January 8, 2026. He acquired 67,914 shares of common stock from the settlement of time-based restricted stock units and 232,090 shares tied to performance-based restricted stock units, all at an exercise price of $0 per share as they are phantom share awards.
The filing shows share surrenders of 35,432 and 13,339 common shares at $9.57 per share to satisfy tax obligations arising from these settlements. The performance-based units were granted in January 2023, vesting based on total stockholder return over the three years ended December 31, 2025, with vested PRSUs and related dividend-equivalent units scheduled to settle in common stock in January 2027. The number of shares beneficially owned was also reduced to reflect liquidation of 819 shares previously held in the company’s 401(k) plan after MFA stock was removed as an investment option.
MFA Financial President and Chief Investment Officer Bryan Wulfsohn reported multiple equity award transactions dated January 8, 2026. He acquired 67,914 shares of common stock from the settlement of time-based restricted stock units and 232,090 shares tied to performance-based restricted stock units, all at an exercise price of $0 per share as they are phantom share awards.
The filing shows share surrenders of 35,432 and 13,339 common shares at $9.57 per share to satisfy tax obligations arising from these settlements. The performance-based units were granted in January 2023, vesting based on total stockholder return over the three years ended December 31, 2025, with vested PRSUs and related dividend-equivalent units scheduled to settle in common stock in January 2027. The number of shares beneficially owned was also reduced to reflect liquidation of 819 shares previously held in the company’s 401(k) plan after MFA stock was removed as an investment option.
MFA Financial, Inc. senior vice president and co-controller Natasha Seemungal reported multiple equity award transactions on common stock and phantom share units. On January 8, 2026, time-based restricted stock units converted into 4,922 shares of common stock, and performance-based restricted stock units tied to three-year total shareholder return contributed an additional 16,823 shares, increasing her directly held common stock to 33,826 shares before tax withholding.
To cover tax obligations from these settlements, she surrendered 2,266 shares and 1,470 shares of common stock at a price of $9.57 per share, leaving 30,090 shares of common stock held directly. Corresponding phantom share awards in the form of TRSUs and PRSUs were reduced by 4,922 and 9,434 phantom shares, with vested PRSUs, including dividend-equivalent units, scheduled to settle in common stock in January 2027.
MFA Financial, Inc. senior vice president and co-controller Natasha Seemungal reported multiple equity award transactions on common stock and phantom share units. On January 8, 2026, time-based restricted stock units converted into 4,922 shares of common stock, and performance-based restricted stock units tied to three-year total shareholder return contributed an additional 16,823 shares, increasing her directly held common stock to 33,826 shares before tax withholding.
To cover tax obligations from these settlements, she surrendered 2,266 shares and 1,470 shares of common stock at a price of $9.57 per share, leaving 30,090 shares of common stock held directly. Corresponding phantom share awards in the form of TRSUs and PRSUs were reduced by 4,922 and 9,434 phantom shares, with vested PRSUs, including dividend-equivalent units, scheduled to settle in common stock in January 2027.
MFA Financial, Inc. insider Harold E. Schwartz, a Senior Vice President, reported equity compensation activity on January 8, 2026. He acquired 26,575 shares of common stock from the settlement of time-based restricted stock units (TRSUs) and an additional 90,821 shares of common stock tied to performance-based restricted stock units (PRSUs), both economically equivalent to common shares.
To cover tax obligations from these settlements, Schwartz surrendered 15,465 shares and 5,582 shares of common stock at a price of $9.57 per share. Following these transactions, he beneficially owned 159,518 shares of MFA common stock. The PRSUs, including 28,420 units from dividend equivalents, are scheduled to settle in January 2027 as one share of common stock for each vested phantom share, based on MFA’s total stockholder return over the three years ended December 31, 2025.
MFA Financial, Inc. insider Harold E. Schwartz, a Senior Vice President, reported equity compensation activity on January 8, 2026. He acquired 26,575 shares of common stock from the settlement of time-based restricted stock units (TRSUs) and an additional 90,821 shares of common stock tied to performance-based restricted stock units (PRSUs), both economically equivalent to common shares.
To cover tax obligations from these settlements, Schwartz surrendered 15,465 shares and 5,582 shares of common stock at a price of $9.57 per share. Following these transactions, he beneficially owned 159,518 shares of MFA common stock. The PRSUs, including 28,420 units from dividend equivalents, are scheduled to settle in January 2027 as one share of common stock for each vested phantom share, based on MFA’s total stockholder return over the three years ended December 31, 2025.
MFA Financial, Inc. executive Lori R. Samuels, SVP & Chief Loan Operations Officer, reported equity award activity involving company stock and phantom shares. On January 8, 2026, 15,749 time-based restricted stock units (TRSUs) settled into the same number of common shares, and performance-based RSUs (PRSUs) granted in January 2023 vested, representing 53,827 common shares, including 16,848 units tied to dividend equivalents. The vested PRSUs are scheduled to settle in January 2027, with each phantom share converting into one common share. To cover tax obligations from these settlements, 9,479 and 3,461 common shares were surrendered at a price of $9.57 per share. Following these transactions, Samuels continues to hold common stock and phantom share balances as reflected in the tables.
MFA Financial, Inc. executive Lori R. Samuels, SVP & Chief Loan Operations Officer, reported equity award activity involving company stock and phantom shares. On January 8, 2026, 15,749 time-based restricted stock units (TRSUs) settled into the same number of common shares, and performance-based RSUs (PRSUs) granted in January 2023 vested, representing 53,827 common shares, including 16,848 units tied to dividend equivalents. The vested PRSUs are scheduled to settle in January 2027, with each phantom share converting into one common share. To cover tax obligations from these settlements, 9,479 and 3,461 common shares were surrendered at a price of $9.57 per share. Following these transactions, Samuels continues to hold common stock and phantom share balances as reflected in the tables.
MFA Financial senior vice president and chief financial officer Michael C. Roper reported multiple equity award settlements and related tax share surrenders on January 8, 2026. Time-based restricted stock units (TRSUs), structured as phantom shares granted in January 2023, settled into 15,749 shares of common stock at $0 per share. Performance-based restricted stock units (PRSUs) granted at the same time vested into 53,827 shares, including additional PRSUs credited for dividend equivalents over the three-year performance period ended December 31, 2025.
To cover tax obligations from these settlements, Roper surrendered 8,810 shares and 3,217 shares of common stock at $9.57 per share. Following the reported transactions, he held 88,138 shares of MFA common stock directly, along with substantial remaining phantom share balances. A prior change to MFA’s 401(k) plan eliminated MFA stock as an investment option, reducing his beneficial ownership by 1,000 shares previously held in that plan.
MFA Financial senior vice president and chief financial officer Michael C. Roper reported multiple equity award settlements and related tax share surrenders on January 8, 2026. Time-based restricted stock units (TRSUs), structured as phantom shares granted in January 2023, settled into 15,749 shares of common stock at $0 per share. Performance-based restricted stock units (PRSUs) granted at the same time vested into 53,827 shares, including additional PRSUs credited for dividend equivalents over the three-year performance period ended December 31, 2025.
To cover tax obligations from these settlements, Roper surrendered 8,810 shares and 3,217 shares of common stock at $9.57 per share. Following the reported transactions, he held 88,138 shares of MFA common stock directly, along with substantial remaining phantom share balances. A prior change to MFA’s 401(k) plan eliminated MFA stock as an investment option, reducing his beneficial ownership by 1,000 shares previously held in that plan.