NYSE : MFA
MFA Financial, Inc. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 6.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 687.40M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 764.91M | 745.06M | 723.97M | 605.60M | 482.42M | 362.30M |
| Total Interest Expense | 534.88M | 513.98M | 521.23M | 429.12M | 258.84M | 120.39M |
| Net Interest Income | 230.03M | 231.08M | 202.73M | 176.48M | 223.58M | 241.92M |
| Gain (Loss) on Sale of Loans & Receivables | -25.37M | 132.81M | 46.41M | 88.61M | -866.76M | 16.24M |
| Gain (Loss) on Sale of Investments | 10.53M | 6.33M | -75.68M | -93.36M | 265.57M | 89.52M |
| Other Revenue | 87.33M | -43.88M | 104.20M | 67.87M | 335.93M | 56.51M |
| Revenue Before Loan Losses | 302.52M | 326.34M | 277.66M | 239.59M | -41.69M | 404.19M |
| Provision for Loan Losses | -304.00K | 936.00K | -1.95M | -8.85M | 25.93M | -44.86M |
| Revenue | 302.83M | 325.40M | 279.61M | 248.45M | -67.62M | 449.06M |
| Salaries & Employee Benefits | 75.42M | 77.83M | 87.69M | 86.39M | 75.59M | 54.35M |
| Cost of Services Provided | 83.58M | 75.03M | 79.52M | 77.42M | 80.02M | 59.23M |
| Other Operating Expenses | -5.50M | -5.70M | -10.50M | |||
| Total Operating Expenses | 154.69M | 149.35M | 159.91M | 168.00M | 164.81M | 120.19M |
| Operating Income | 148.14M | 176.05M | 119.69M | 80.44M | -232.43M | 328.87M |
| EBT Excluding Unusual Items | 148.14M | 176.05M | 119.69M | 80.44M | -232.43M | 328.87M |
| Pretax Income | 148.14M | 176.05M | 119.69M | 80.44M | -232.43M | 328.87M |
| Income Tax Expense | -101.00K | -735.00K | 443.00K | 278.00K | -851.00K | |
| Net Income | 148.24M | 176.78M | 119.25M | 80.16M | -231.58M | 328.87M |
| Preferred Dividends & Other Adjustments | 43.52M | 41.10M | 33.33M | 32.88M | 33.50M | 33.92M |
| Net Income to Common | 104.71M | 135.68M | 85.92M | 47.29M | -265.08M | 294.95M |
| Shares Outstanding (Basic) | 103.67M | 103.55M | 103.49M | 102.22M | 103.15M | 110.70M |
| Shares Outstanding (Diluted) | 104.17M | 103.98M | 105.10M | 103.58M | 103.15M | 118.69M |
| EPS (Basic) | 1.01 | 1.31 | 0.83 | 0.46 | -2.57 | 2.66 |
| EPS (Diluted) | 1.01 | 1.30 | 0.82 | 0.46 | -2.57 | 2.63 |
| Free Cash Flow | 252.21M | 76.25M | 200.12M | 108.74M | 355.35M | 137.80M |
| Free Cash Flow Per Share | 2.42 | 0.73 | 1.90 | 1.05 | 3.44 | 1.16 |
| Dividend Per Share | 1.44 | 1.44 | 1.40 | 1.40 | 1.67 | 1.54 |
| Operating Margin | 48.92% | 54.10% | 42.81% | 32.38% | 73.24% | |
| Profit Margin | 34.58% | 41.70% | 30.73% | 19.03% | 65.68% | |
| Free Cash Flow Margin | 83.29% | 23.43% | 71.57% | 43.77% | 30.69% | |
| Effective Tax Rate | 0.37% | 0.35% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 141.19M | 213.21M | 338.93M | 318.00M | 334.18M | 304.70M |
| Long-Term Investments | 325.67M | 252.88M | 184.59M | 56.27M | 156.25M | |
| Loans & Lease Receivables | 8.77B | 8.82B | 8.82B | 9.09B | 7.86B | 7.91B |
| Other Receivables | 115.89M | 119.99M | 126.04M | 123.01M | 92.17M | 84.38M |
| Property, Plant & Equipment | 9.36M | 42.81M | 35.46M | 37.82M | 39.46M | 39.37M |
| Goodwill | 61.08M | 61.08M | 61.08M | 61.08M | 61.08M | 61.08M |
| Other Intangible Assets | 2.00M | 2.60M | 4.80M | 8.00M | 12.20M | 21.40M |
| Restricted Cash | 169.03M | 173.46M | 262.38M | 170.21M | 159.90M | 99.75M |
| Other Long-Term Assets | 4.06B | 3.36B | 1.58B | 905.59M | 401.26M | 616.01M |
| Total Assets | 13.65B | 13.05B | 11.41B | 10.77B | 9.11B | 9.14B |
| Accrued Expenses | 171.77M | 188.17M | 272.19M | 153.01M | 98.36M | 125.33M |
| Current Portion of Leases | 1.28M | 7.38M | ||||
| Long-Term Debt | 11.65B | 10.94B | 9.16B | 8.54B | 6.81B | 6.38B |
| Long-Term Leases | 13.10M | 46.05M | 41.05M | 43.58M | 45.31M | 44.98M |
| Other Current Liabilities | 37.57M | 37.14M | 36.02M | 35.79M | 35.77M | 47.75M |
| Other Long-Term Liabilities | 63.09M | 103.65M | 132.03M | |||
| Total Liabilities | 11.88B | 11.22B | 9.57B | 8.87B | 7.12B | 6.60B |
| Common Stock | 1.01M | 1.02M | 1.02M | 1.02M | 1.02M | 1.08M |
| Additional Paid-In Capital | 3.72B | 3.72B | 3.71B | 3.70B | 3.68B | 3.78B |
| Retained Earnings | -1.95B | -1.90B | -1.88B | -1.82B | -1.72B | -1.28B |
| Comprehensive Income & Other | 2.15M | 3.67M | 9.48M | 17.70M | 21.34M | 45.58M |
| Total Common Equity | 1.78B | 1.83B | 1.84B | 1.90B | 1.99B | 2.54B |
| Shareholders' Equity | 1.78B | 1.83B | 1.84B | 1.90B | 1.99B | 2.54B |
| Total Liabilities & Equity | 13.65B | 13.05B | 11.41B | 10.77B | 9.11B | 9.14B |
| Total Debt | 11.67B | 10.99B | 9.20B | 8.58B | 6.86B | 6.42B |
| Net Cash (Debt) | -11.53B | -10.78B | -8.86B | -8.26B | -6.52B | -6.12B |
| Net Cash Per Share | -110.66 | -103.68 | -84.28 | -79.77 | -63.24 | -51.55 |
| Filing Date Shares Outstanding | 101.09M | 102.09M | 102.52M | 102.08M | 101.91M | 106.26M |
| Total Common Shares Outstanding | 101.09M | 101.66M | 102.08M | 101.92M | 101.80M | 108.14M |
| Working Capital | 8.99B | 9.09B | 9.24B | 9.52B | 8.31B | 8.23B |
| Book Value Per Share | 17.57 | 17.98 | 18.04 | 18.64 | 19.53 | 23.51 |
| Tangible Book Value | 1.71B | 1.76B | 1.78B | 1.83B | 1.92B | 2.46B |
| Tangible Book Value Per Share | 16.94 | 17.35 | 17.39 | 17.96 | 18.81 | 22.75 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 148.24M | 176.78M | 119.25M | 80.16M | -231.58M | 328.87M |
| Depreciation & Amortization | 1.40M | 2.40M | 3.40M | 8.40M | 6.20M | |
| Other Amortization | 1.20M | 800.00K | 800.00K | 800.00K | 800.00K | 400.00K |
| Gain on Sale of Loans & Receivables | 24.87M | -137.61M | -59.72M | -106.35M | 839.45M | -72.36M |
| Loss (Gain) From Sale of Investments | -53.06M | 4.07M | 6.71M | 86.77M | -222.83M | -76.70M |
| Provision for Credit Losses | -304.00K | 936.00K | -1.95M | -6.84M | 25.93M | -48.35M |
| Change in Other Net Operating Assets | 46.35M | 11.85M | 16.59M | -17.97M | 13.37M | 7.57M |
| Other Operating Activities | 77.95M | 11.13M | 118.77M | 78.28M | -53.72M | 10.94M |
| Operating Cash Flow | 252.21M | 76.25M | 200.12M | 108.74M | 355.35M | 137.80M |
| Cash Acquisitions | 6.12M | |||||
| Investment in Securities | -2.32B | -1.83B | -739.51M | -530.00M | 68.78M | 157.30M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -90.53M | 23.17M | 106.95M | -1.12B | -1.33B | -2.50B |
| Other Investing Activities | -108.87M | -78.85M | 121.82M | -11.12M | 9.45M | -30.90M |
| Investing Cash Flow | -2.42B | -1.79B | -424.60M | -1.55B | -1.12B | -2.18B |
| Long-Term Debt Issued | 6.32B | 6.07B | 6.55B | 6.31B | 5.71B | |
| Long-Term Debt Repaid | -4.60B | -5.52B | -4.93B | -5.12B | -3.81B | |
| Net Debt Issued (Repaid) | 2.16B | 1.73B | 550.88M | 1.62B | 1.18B | 1.91B |
| Issuance of Preferred Stock | 14.57M | 9.31M | ||||
| Issuance of Common Stock | 1.18M | 1.82M | ||||
| Repurchase of Common Stock | -24.28M | -15.31M | -1.49M | -102.31M | -85.59M | |
| Common Dividends Paid | -151.46M | -148.18M | -143.87M | -143.10M | -184.03M | -156.14M |
| Preferred Dividends Paid | -42.52M | -40.32M | -32.88M | -32.88M | -32.88M | -32.88M |
| Total Dividends Paid | -193.98M | -188.50M | -176.75M | -175.98M | -216.91M | -189.01M |
| Other Financing Activities | -31.26M | -38.24M | -35.07M | -12.60M | -16.39M | -7.14M |
| Financing Cash Flow | 1.93B | 1.49B | 337.58M | 1.43B | 850.21M | 1.63B |
| Net Cash Flow | -234.73M | -214.64M | 113.10M | -5.87M | 89.63M | -417.07M |
| Free Cash Flow | 252.21M | 76.25M | 200.12M | 108.74M | 355.35M | 137.80M |
| Free Cash Flow Margin | 83.29% | 23.43% | 71.57% | 43.77% | 30.69% | |
| Free Cash Flow Per Share | 2.42 | 0.73 | 1.90 | 1.05 | 3.44 | 1.16 |
| Cash Interest Paid | 527.04M | 508.31M | 516.22M | 418.13M | 239.19M | 116.97M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 677.29M | 951.44M | 1.04B | 1.15B | 1.00B | 2.01B |
| PE Ratio | 6.66 | 7.01 | 12.11 | 24.29 | 6.82 | |
| PS Ratio | 2.22 | 2.92 | 3.72 | 4.62 | -14.83 | 4.48 |
| PB Ratio | 0.38 | 0.52 | 0.56 | 0.60 | 0.50 | 0.79 |
| P/FCF Ratio | 2.67 | 12.48 | 5.20 | 10.56 | 2.82 | 14.59 |
| P/OCF Ratio | 2.67 | 12.48 | 5.20 | 10.56 | 2.82 | 14.59 |
| Debt / Equity Ratio | 6.57 | 6.01 | 4.99 | 4.52 | 3.45 | 2.53 |
| Debt / FCF Ratio | 46.26 | 144.19 | 45.95 | 78.91 | 19.30 | 46.62 |
| Net Debt / Equity Ratio | 6.49 | 5.90 | 4.81 | 4.35 | 3.28 | 2.41 |
| Net Debt / FCF Ratio | 45.70 | 141.39 | 44.26 | 75.98 | 18.36 | 44.40 |
| Quick Ratio | 42.87 | 39.32 | 30.12 | 50.50 | 61.75 | 47.97 |
| Current Ratio | 43.67 | 40.07 | 30.97 | 51.40 | 62.94 | 48.54 |
| Asset Turnover | 0.02 | 0.03 | 0.03 | 0.03 | 0.06 | |
| Return on Equity (ROE) | 8.24% | 9.63% | 6.37% | 4.12% | -10.22% | 12.98% |
| Return on Assets (ROA) | 1.17% | 1.45% | 1.07% | 0.81% | -2.54% | 4.09% |
| Return on Invested Capital (ROIC) | 1.12% | 1.48% | 1.11% | 0.83% | -2.61% | 4.15% |
| Earnings Yield | 15.01% | 18.58% | 11.46% | 6.98% | -23.10% | 16.36% |
| FCF Yield | 37.46% | 8.01% | 19.24% | 9.47% | 35.44% | 6.85% |
| Dividend Yield | 21.40% | 15.39% | 13.74% | 12.42% | 16.96% | 8.28% |
| Payout Ratio | 143.23% | 106.63% | 148.21% | 219.52% | 57.47% | |
| Buyback Yield / Dilution | 1.04% | 1.07% | -1.47% | -0.41% | 13.09% | -5.03% |
| Total Shareholder Return | 22.66% | 16.45% | 12.27% | 12.01% | 30.05% | 3.25% |