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MFA Financial, Inc. to Report Q2, 2026 Results on Aug 05, 2026 MFA Financial, Inc. announced that they will report Q2, 2026 results Pre-Market on Aug 05, 2026 Major Estimate Revision • Jun 18
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from US$0.92 to US$1.02. Revenue forecast unchanged at US$241.5m. Net income forecast to grow 53% next year vs 29% growth forecast for Mortgage REITs industry in the US. Consensus price target of US$14.08 unchanged from last update. Share price rose 2.6% to US$9.53 over the past week. Declared Dividend • Jun 15
First quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 30th June 2026 Payment date: 31st July 2026 Dividend yield will be 15%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (164% earnings payout ratio) nor is it adequately covered by cash flows (90.4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 82% to bring the payout ratio under control. EPS is expected to grow by 89% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Anuncio • Jun 13
Mfa Financial, Inc. Announces Quarterly Cash Dividend, Payable on July 31, 2026 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.36 per share of common stock. The dividend will be paid on July 31, 2026, to common stockholders of record on June 30, 2026. Noticias en vivo • May 10
MFA Financial Reports 1.2% Economic Return Decline as Loan Resolutions and Securitizations Continue MFA Financial reported a negative economic return of 1.2% in Q1 2026, with management citing higher interest rates, wider mortgage spreads and geopolitical tensions as key pressures.
The company continued to expand its investment portfolio, completing two non-QM securitizations and originating additional business purpose loans through its Lima One platform.
Management introduced a revised distributable earnings metric that excludes realized credit losses and reported progress in resolving delinquent loans, particularly within its legacy multifamily transitional portfolio, which it expects to normalize over 2026 and 2027.
For you as an investor, the Q1 update highlights both portfolio pressure and active repositioning. The negative 1.2% economic return points to the impact of rates and spreads on book value and income, while ongoing securitizations and new originations show that MFA is still putting capital to work in non-QM and business purpose lending. The new distributable earnings metric is intended to give a clearer view of recurring cash-generating power by taking realized credit losses out of that specific figure.
The comments on delinquent loans, especially in the legacy multifamily transitional book, matter if you focus on credit risk. Management’s expectation that this portfolio will move toward more normal performance over 2026 and 2027 sets a timeframe for when you might judge whether loss issues are stabilizing. It is worth paying attention to future quarters to see how securitization activity, expense reduction efforts and credit outcomes interact with distributable earnings and economic return. Reported Earnings • May 06
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: US$0.11 loss per share (down from US$0.32 profit in 1Q 2025). Revenue: US$42.9m (down 47% from 1Q 2025). Net loss: US$11.7m (down 136% from profit in 1Q 2025). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 4.9% p.a. on average during the next 2 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 7.4%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Anuncio • Apr 21
MFA Financial, Inc., Annual General Meeting, Jun 03, 2026 MFA Financial, Inc., Annual General Meeting, Jun 03, 2026. Anuncio • Apr 15
MFA Financial, Inc. to Report Q1, 2026 Results on May 05, 2026 MFA Financial, Inc. announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on May 05, 2026 Upcoming Dividend • Mar 24
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 30 April 2026. Trailing yield: 15%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (13%). Declared Dividend • Mar 08
Fourth quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 31st March 2026 Payment date: 30th April 2026 Dividend yield will be 14%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (193% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control. EPS is expected to grow by 5.6% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • Mar 06
MFA Financial, Inc. announces Quarterly dividend, payable on April 30, 2026 MFA Financial, Inc. announced Quarterly dividend of USD 0.3600 per share payable on April 30, 2026, ex-date on March 31, 2026 and record date on March 31, 2026. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 165% Cash payout ratio: 98% Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Anuncio • Feb 18
MFA Financial, Inc. (NYSE:MFA) announces an Equity Buyback for $200 million worth of its shares. MFA Financial, Inc. (NYSE:MFA) announces a share repurchase program. Under the program, the company will repurchase up to $200 million worth of its common stock. The program will run through the end of 2028. Anuncio • Jan 21
MFA Financial, Inc. to Report Q4, 2025 Results on Feb 18, 2026 MFA Financial, Inc. announced that they will report Q4, 2025 results on Feb 18, 2026 Recent Insider Transactions Derivative • Jan 13
CEO & Director exercised options and sold US$1.2m worth of stock On the 8th of January, Craig Knutson exercised options to acquire 123k shares at no cost and sold these for an average price of US$9.57 per share. This trade did not impact their existing holding. For the year to December 2019, Craig's total compensation was 10% salary and 90% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2025, Craig has owned 625.60k shares directly. Company insiders have collectively sold US$2.2m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Dec 15
Third quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 31st December 2025 Payment date: 30th January 2026 Dividend yield will be 15%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (165% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 83% to bring the payout ratio under control. EPS is expected to grow by 41% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • Dec 12
MFA Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on January 30, 2026 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.36 per share of common stock. The dividend will be paid on January 30, 2026, to common stockholders of record on December 31, 2025. Major Estimate Revision • Nov 19
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS estimate fell from US$1.29 to US$1.11. Revenue forecast reaffirmed at US$234.4m. Net income forecast to grow 38% next year vs 55% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$14.45. Share price fell 3.7% to US$9.00 over the past week. New Risk • Nov 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 32% Last year net profit margin: 46% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 165% Cash payout ratio: 98% Minor Risk Profit margins are more than 30% lower than last year (32% net profit margin). Reported Earnings • Nov 07
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$0.36 (down from US$0.39 in 3Q 2024). Revenue: US$87.5m (down 3.3% from 3Q 2024). Net income: US$37.3m (down 6.5% from 3Q 2024). Profit margin: 43% (down from 44% in 3Q 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is expected to decline by 2.5% p.a. on average during the next 2 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 23%. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 10
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from US$1.06 to US$1.30. Revenues were reaffirmed at US$234.8m. Net income forecast to grow 48% next year vs 48% growth forecast for Mortgage REITs industry in the US. Consensus price target of US$14.42 unchanged from last update. Share price was steady at US$9.11 over the past week. Anuncio • Oct 08
MFA Financial, Inc. to Report Q3, 2025 Results on Nov 06, 2025 MFA Financial, Inc. announced that they will report Q3, 2025 results on Nov 06, 2025 Declared Dividend • Sep 15
Second quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 30th September 2025 Payment date: 31st October 2025 Dividend yield will be 14%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (159% earnings payout ratio) nor is it covered by cash flows (119% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 77% to bring the payout ratio under control. EPS is expected to grow by 96% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Anuncio • Sep 12
MFA Financial, Inc. Announces Quarterly Dividend, Payable on October 31, 2025 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.36 per share of common stock. The dividend will be paid on October 31, 2025, to common stockholders of record on September 30, 2025. Reported Earnings • Aug 06
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.22 (down from US$0.33 in 2Q 2024). Revenue: US$72.7m (down 7.8% from 2Q 2024). Net income: US$22.6m (down 33% from 2Q 2024). Profit margin: 31% (down from 43% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is expected to decline by 6.9% p.a. on average during the next 2 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 26%. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 11
Consensus EPS estimates increase by 26%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$238.6m to US$232.9m. EPS estimate rose from US$0.882 to US$1.12. Net income forecast to grow 12% next year vs 36% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$14.50. Share price fell 3.9% to US$9.36 over the past week. Anuncio • Jul 10
MFA Financial, Inc. to Report Q2, 2025 Results on Aug 06, 2025 MFA Financial, Inc. announced that they will report Q2, 2025 results on Aug 06, 2025 Declared Dividend • Jun 15
First quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 30th June 2025 Payment date: 31st July 2025 Dividend yield will be 15%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (141% earnings payout ratio) nor is it covered by cash flows (112% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 56% to bring the payout ratio under control. EPS is expected to grow by 70% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Anuncio • Jun 12
MFA Financial, Inc Declares Regular Quarterly Cash Dividend, Payable on July 31, 2025 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.36 per share of common stock. The dividend will be paid on July 31, 2025, to common stockholders of record on June 30, 2025. Major Estimate Revision • May 29
Consensus EPS estimates increase by 65%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$244.1m to US$238.6m. EPS estimate rose from US$0.535 to US$0.882. Net income forecast to shrink 2.6% next year vs 35% growth forecast for Mortgage REITs industry in the US . Consensus price target down from US$15.08 to US$14.75. Share price was steady at US$9.47 over the past week. Major Estimate Revision • May 15
Consensus EPS estimates increase by 68% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from US$0.713 to US$1.20. Revenues were reaffirmed at US$190.3m. Net income forecast to grow 24% next year vs 36% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$14.42. Share price rose 3.8% to US$9.83 over the past week. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.32 (up from US$0.14 in 1Q 2024). Revenue: US$81.9m (up 19% from 1Q 2024). Net income: US$33.0m (up 122% from 1Q 2024). Profit margin: 40% (up from 22% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) also surpassed analyst estimates by 150%. Revenue is expected to decline by 6.4% p.a. on average during the next 2 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 20%. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Anuncio • Apr 21
MFA Financial, Inc., Annual General Meeting, Jun 03, 2025 MFA Financial, Inc., Annual General Meeting, Jun 03, 2025. Anuncio • Apr 17
MFA Financial, Inc. to Report Q1, 2025 Results on May 06, 2025 MFA Financial, Inc. announced that they will report Q1, 2025 results on May 06, 2025 Major Estimate Revision • Apr 16
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$200.7m to US$190.3m. EPS estimate also fell from US$1.05 per share to US$0.713 per share. Net income forecast to grow 98% next year vs 23% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$14.42. Share price fell 6.2% to US$8.63 over the past week. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$8.56, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Mortgage REITs industry in the US. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Mar 24
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 30 April 2025. Trailing yield: 13%. Within top quartile of American dividend payers (4.7%). In line with average of industry peers (12%). Declared Dividend • Mar 10
Fourth quarter dividend increased to US$0.36 Dividend of US$0.36 is 2.9% higher than last year. Ex-date: 31st March 2025 Payment date: 30th April 2025 Dividend yield will be 13%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (169% earnings payout ratio). However, it is covered by cash flows (72% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 87% to bring the payout ratio under control. EPS is expected to grow by 58% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • Mar 06
MFA Financial, Inc. Announces Quarterly Dividend, Payable on April 30, 2025 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.36 per share of common stock, an increase from the prior quarter’s dividend of $0.35 per share. The dividend will be paid on April 30, 2025, to common stockholders of record on March 31, 2025. Anuncio • Mar 04
MFA Financial, Inc. Elects Christopher Small to Board of Directors and Audit Committee and Compensation Committee of the Board MFA Financial, Inc. announced that its Board of Directors has elected Christopher Small to its Board effective immediately. Mr. Small, 47, has, since October 2022, served as Chief Executive Officer of Black Owl Managing, LLC, a family investment office. From 2010 to 2022 Mr. Small worked in investment banking at Wells Fargo Securities, where he served in various roles of increasing responsibility, including most recently as Managing Director and Head of Diversified Financials for FIG Corporate and Investment Banking from 2019 to 2022 and Managing Director and Head of Financial Institutions Group Investment Banking from 2018 to 2019. While at Wells Fargo, Mr. Small had coverage responsibilities for several companies across the mortgage finance industry, including mortgage REITs, origination platforms and mortgage servicers. Prior to his tenure at Wells Fargo, Mr. Small served as an investment professional at American Capital Ltd., an alternative investment platform, from 2007 to 2009. Mr. Small began his career in investment banking at JMP Securities LLC, where he worked from 2003 to 2007. Mr. Small received an A.B. degree from Princeton University. In connection with his election to the Board, Mr. Small will also serve on the Audit Committee and Compensation Committee of the Board. Major Estimate Revision • Feb 27
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$249.6m to US$210.0m. EPS estimate fell from US$1.34 to US$0.979 per share. Net income forecast to grow 82% next year vs 32% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$14.54. Share price rose 2.0% to US$10.53 over the past week. New Risk • Feb 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 155% Dividend yield: 14% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.0% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 155% Reported Earnings • Feb 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.83 (up from US$0.46 in FY 2023). Revenue: US$290.1m (up 24% from FY 2023). Net income: US$119.3m (up 152% from FY 2023). Profit margin: 41% (up from 20% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Jan 13
CEO & Director exercised options and sold US$1.4m worth of stock On the 7th of January, Craig Knutson exercised options to acquire 137k shares at no cost and sold these for an average price of US$10.05 per share. This trade did not impact their existing holding. For the year to December 2018, Craig's total compensation was 12% salary and 88% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Craig has owned 610.67k shares directly. Company insiders have collectively sold US$2.3m more than they bought, via options and on-market transactions in the last 12 months. Board Change • Jan 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Sheila Stamps was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Dec 15
Third quarter dividend of US$0.35 announced Dividend of US$0.35 is the same as last year. Ex-date: 31st December 2024 Payment date: 31st January 2025 Dividend yield will be 13%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is covered by earnings (85% earnings payout ratio) but not covered by cash flows (155% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 4.7% over the next 2 years. A fall of 5.5% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. Anuncio • Dec 14
MFA Financial, Inc. Announces the Demise of Independent Board Member Francis J. Oelerich III MFA Financial, Inc. Chief Executive Officer Craig Knutson announced the passing of MFA independent Board member Francis J. Oelerich III: Among Mr. Oelerich’s various Board duty assignments, he most recently served as Chair of the Audit Committee of the MFA Board, and he was also a member of the Compensation Committee of the Board. Mr. Oelerich enjoyed a long career in investment banking and was most recently a Managing Director of XMS Capital Partners, a global, independent financial services firm providing investment banking, asset management and merchant banking services. Prior thereto, Mr. Oelerich had a long tenure as a Managing Director in the Mergers & Acquisitions Department of Deutsche Bank Securities, Inc.Mr. Oelerich also worked in investment banking for Morgan Stanley & Co. Incorporated for almost 25 years, rising to the level of Managing Director. Mr. Oelerich received an M.B.A. from Harvard University, where he was elected a George F. Baker Scholar and named a Loeb, Rhoades Fellow, and a B.B.A. (with high honors) from the University of Notre Dame. Anuncio • Dec 12
MFA Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on January 31, 2025 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 per share of common stock. The dividend will be paid on January 31, 2025, to common stockholders of record on December 31, 2024. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (100% cash payout ratio). Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.38 (up from US$0.64 loss in 3Q 2023). Net income: US$40.0m (up US$104.7m from 3Q 2023). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 5.4%. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 30%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Anuncio • Oct 17
MFA Financial, Inc. to Report Q3, 2024 Results on Nov 06, 2024 MFA Financial, Inc. announced that they will report Q3, 2024 results on Nov 06, 2024 Declared Dividend • Sep 16
Second quarter dividend of US$0.35 announced Dividend of US$0.35 is the same as last year. Ex-date: 27th September 2024 Payment date: 31st October 2024 Dividend yield will be 11%, which is lower than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (220% earnings payout ratio) nor is it adequately covered by cash flows (100% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 145% to bring the payout ratio under control. EPS is expected to grow by 128% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • Sep 13
MFA Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on October 31, 2024 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 per share of common stock. The dividend will be paid on October 31, 2024, to common stockholders of record on September 27, 2024. Anuncio • Aug 22
MFA Financial, Inc. Announces Executive Changes MFA Financial, Inc. announced that Bryan Wulfsohn, MFA’s Co-Chief Investment Officer, will assume the additional role of President of the Company effective September 3, 2024. Mr. Wulfsohn is a 14-year veteran of MFA with extensive experience managing the selection, oversight and funding of the Company’s investment portfolio. He will assume the role of President from Craig L. Knutson, the Company’s Chief Executive Officer, who will remain in such role. The Company also named Lori Samuels as MFA’s Chief Loan Operations Officer, where she will be responsible for overseeing MFA’s asset management, underwriting, contract finance and other loan-related operations. Ms. Samuels has worked at MFA since 2010, where she most recently served as Senior Vice President with responsibility for various loan operations. Mr. Wulfsohn joined MFA in 2010 and has served as a Senior Vice President since 2015 and Co-Chief Investment Officer since 2019. Prior to MFA, Mr. Wulfsohn was a Senior Financial Analyst at Inland Western Real Estate Trust, Inc., where he focused on corporate strategy. From 2005 to 2007, Mr. Wulfsohn was an associate at CBA Commercial, LLC, an acquirer and securitizer of small balance commercial mortgages where he worked in the capital markets group. Ms. Samuels has held various asset management positions since her joining MFA in 2010, and she has been a Senior Vice President of the Company since 2016. Ms. Samuels began her career at Fitch Ratings, Inc. focusing on residential credit, and her experience also includes working at BNY Mellon. In conjunction with today’s announcement, MFA also announced that Gudmundur Kristjansson will be stepping down from his roles as Senior Vice President and Co-Chief Investment Officer and leaving the Company, effective November 22, 2024. Upon Mr. Kristjansson’s departure, Mr. Wulfsohn will serve as sole Chief Investment Officer of the Company. New Risk • Aug 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 220% Cash payout ratio: 100% Dividend yield: 12% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 220% Cash payout ratio: 100% Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: US$0.33 (up from US$0.34 loss in 2Q 2023). Revenue: US$84.4m (up US$73.5m from 2Q 2023). Net income: US$33.7m (up US$68.0m from 2Q 2023). Profit margin: 40% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to stay flat during the next 2 years compared to a 44% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Anuncio • Jul 17
MFA Financial, Inc. to Report Q2, 2024 Results on Aug 08, 2024 MFA Financial, Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Declared Dividend • Jun 14
First quarter dividend of US$0.35 announced Dividend of US$0.35 is the same as last year. Ex-date: 28th June 2024 Payment date: 31st July 2024 Dividend yield will be 13%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (84% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Anuncio • Apr 23
MFA Financial, Inc., Annual General Meeting, Jun 04, 2024 MFA Financial, Inc., Annual General Meeting, Jun 04, 2024, at 14:00 US Eastern Standard Time. Agenda: To consider and vote on the election of the three (3) nominees named in the proxy statement to serve on MFA’s Board of Directors (the “Board”) until our 2027 Annual Meeting of Stockholders and until their successors are duly elected and qualify; to consider and vote upon the ratification of the appointment of KPMG LLP as MFA’s independent registered public accounting firm for the fiscal year ending December 31, 2024; to consider and vote upon an advisory (non-binding) resolution to approve MFA’s executive compensation as disclosed in the proxy statement; and to consider to transact such other business as may properly come before the Annual Meeting or any postponement or adjournment thereof. Major Estimate Revision • Apr 16
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$199.8m to US$210.0m. EPS estimate increased from US$1.34 to US$1.48 per share. Net income forecast to grow 198% next year vs 36% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$15.50. Share price fell 9.0% to US$10.23 over the past week. Upcoming Dividend • Mar 20
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 30 April 2024. Trailing yield: 12%. Within top quartile of American dividend payers (4.8%). In line with average of industry peers (12%). Declared Dividend • Mar 11
Fourth quarter dividend of US$0.35 announced Dividend of US$0.35 is the same as last year. Ex-date: 27th March 2024 Payment date: 30th April 2024 Dividend yield will be 13%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (303% earnings payout ratio) nor is it covered by cash flows (131% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 236% to bring the payout ratio under control. EPS is expected to grow by 149% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • Mar 08
MFA Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on April 30, 2024 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 per share of common stock. The dividend will be paid on April 30, 2024, to common stockholders of record on March 28, 2024. Anuncio • Mar 01
MFA Financial, Inc. has filed a Follow-on Equity Offering in the amount of $300 million. MFA Financial, Inc. has filed a Follow-on Equity Offering in the amount of $300 million.
Security Name: Common Stock
Security Type: Common Stock
Security Features: Income Trust
Transaction Features: At the Market Offering Major Estimate Revision • Feb 29
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$1.48 to US$1.23 per share. Revenue forecast steady at US$190.5m. Net income forecast to grow 159% next year vs 31% growth forecast for Mortgage REITs industry in the US. Consensus price target of US$14.86 unchanged from last update. Share price was steady at US$10.75 over the past week. Reported Earnings • Feb 23
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$0.46 (up from US$2.57 loss in FY 2022). Net income: US$47.3m (up US$312.4m from FY 2022). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates significantly. Revenue is expected to decline by 4.3% p.a. on average during the next 2 years, while revenues in the Mortgage REITs industry in the US are expected to grow by 36%. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Anuncio • Jan 25
MFA Financial, Inc. to Report Q4, 2023 Results on Feb 22, 2024 MFA Financial, Inc. announced that they will report Q4, 2023 results on Feb 22, 2024 Recent Insider Transactions Derivative • Jan 12
President exercised options and sold US$414k worth of stock On the 8th of January, Craig Knutson exercised options to acquire 36k shares at no cost and sold these for an average price of US$11.47 per share. This trade did not impact their existing holding. For the year to December 2017, Craig's total compensation was 13% salary and 87% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Craig has owned 372.43k shares directly. Company insiders have collectively sold US$825k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Dec 21
Upcoming dividend of US$0.35 per share at 12% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 31 January 2024. Trailing yield: 12%. Within top quartile of American dividend payers (4.6%). In line with average of industry peers (11%). Anuncio • Dec 15
MFA Financial, Inc. Announces Appointment of Bryan Doran as Chief Accounting Officer MFA Financial, Inc. announced that it has appointed Bryan Doran to the position of Chief Accounting Officer. In his new role, Mr. Doran will work closely with MFA’s Chief Financial Officer, Michael Roper, to help oversee financial reporting and other accounting matters at the company. Mr. Doran, 43, has over 20 years of experience in the real estate industry, and joins MFA from Ernst & Young LLP where he was an audit partner in the Real Estate, Hospitality & Construction practice. While at Ernst & Young, Mr. Doran served as the coordinating audit partner on several publicly traded residential and commercial mortgage REITs, as well as equity REITs investing in a variety of real estate asset classes. Mr. Doran is a Certified Public Accountant in New York and Virginia and is a member of the American Institute of Certified Public Accountants. Anuncio • Dec 14
MFA Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on January 31, 2024 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 per share of common stock. The dividend will be paid on January 31, 2024, to common stockholders of record on December 29, 2023. Anuncio • Oct 12
MFA Financial, Inc. to Report Q3, 2023 Results on Nov 07, 2023 MFA Financial, Inc. announced that they will report Q3, 2023 results on Nov 07, 2023 Anuncio • Sep 21
Mfa Financial, Inc. Declares Regular Quarterly Cash Dividend on Common Stock, Payable on October 31, 2023 MFA Financial, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 per share of common stock. The dividend will be paid on October 31, 2023, to common stockholders of record on October 2, 2023. Anuncio • Sep 12
MFA Financial, Inc. Announces Appointment of Michael C. Roper as Chief Financial Officer MFA Financial, Inc. announced that its Board of Directors has appointed Michael C. Roper as Chief Financial Officer effective at the close of business on September 15, 2023. Mr. Roper succeeds Stephen D. Yarad, who is resigning as MFA’s Chief Financial Officer to become chief financial officer of another company. Mr. Roper, 36, who has held various accounting and financial reporting-related positions since joining MFA in 2014, has been Senior Vice President of MFA since January 2019 and Chief Accounting Officer of MFA since December 2021, and he will continue in these roles. Prior to joining MFA, Mr. Roper was the Assistant Controller for Apollo Residential Mortgage, Inc. Mr. Roper began his career at Ernst & Young LLP primarily focusing on providing client services to publicly traded mortgage REITs. Mr. Roper is a Certified Public Accountant and holds a B.S. from Bentley University and an M.S. from Pace University. Anuncio • Jul 21
MFA Financial, Inc. to Report Q2, 2023 Results on Aug 03, 2023 MFA Financial, Inc. announced that they will report Q2, 2023 results on Aug 03, 2023 Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Sheila Stamps was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.35 per share at 15% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 31 July 2023. Trailing yield: 15%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (12%). Anuncio • Jun 16
MFA Financial, Inc. Announces Cash Dividend for the Second Quarter of 2023, Payable on July 31, 2023 MFA Financial, Inc. announced that its Board of Directors has declared a regular cash dividend for the second quarter of 2023 of $0.35 per share of common stock. The dividend will be paid on July 31, 2023, to common stockholders of record on June 30, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.35 per share at 18% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 28 April 2023. Trailing yield: 18%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (14%). Seeking Alpha • Feb 08
MFA Financial: Don't Chase Yield After A 20% Dividend Cut Summary
MFA Financial just cut its quarterly cash dividend payout by 20% after rising Fed fund rates weighed down on net interest income.
The new yield at nearly 12% still provides double-digit income to shareholders but also looks at risk.
Shareholders might be interested in the Series B preferreds, which currently offer a 9.3% yield on cost and more certainty.
MFA Financial (MFA) recently declared a quarterly per share cash dividend of $0.35, a 20% decline from its prior payout for a forward annualized yield of 11.88%. This is down from a retrospective yield of 14.2% and comes as still-rising Fed fund rates continue to increase the financing costs for highly leveraged companies. The business is straightforward, MFA is engaged in the business of investing on a highly leveraged basis in residential mortgages, including residential mortgage-backed securities and residential whole loans. Mortgage REITs, or mREITS, unlike their non-mortgage REIT counterparts, employ an outsized level of gearing which makes them even more sensitive to interest rate movements.
Data by YCharts
The mREIT has moved in somewhat of an inverse correlation with a Fed funds rate that is set for two further 25 basis points hikes, with inflation seemingly peaking. This sets the backdrop for the performance of MFA this year. The end of the hike cycle would lead to further stabilization of a stock price that has fallen by 35% from its 52-week high. However, MFA's investors are in the mREIT because of its income. Hence, the broader gyrations from its stock price might be noise in the long term. This is why the cut has proved so destructive, as it has been aggregated with a low stock price whilst opening up the specter of further cuts, especially against the torrid macroeconomic context.
The Economic Situation Looks Set To Normalize, But Housing Is Being Discombobulated
Freddie Mac
US home sales are set to drop by 16% in 2023 to their lowest level since 2011 as higher mortgage rates work through the economy. This is as the 30-year primary mortgage rate currently sits a 6.09%, the highest since 2008, albeit down from highs of around 7%. Fundamentally, the mix of rising Fed fund rates and a weakening economy, potentially set to avoid a soft landing for a deep recession, will continue to place pressure on MFA.
The internally managed New York-based hybrid mREIT held a portfolio with a total equity value of $2 billion as of the end of its last reported fiscal 2022 third quarter. This was for a GAAP book value of $15.31 per share, down from $19.28 in the year-ago comp. It's important to note that MFA instituted a 1-for-4 reverse stock split back in April 2022 that would see shareholders swap each four shares of MFA they owned pre-split for one share.
Data by YCharts
The mREIT's net interest income at $52.29 million was a 15.4% decline from its year-ago quarter and a miss by $610,000 on consensus estimates. Distributable earnings came in at $28.2 million, or $0.28 per share, versus a GAAP net loss of $63.2 million during the quarter. Distributable earnings are still lower than the reduced $0.35 per share dividend. MFA's management was somber during the earnings call, indicating that whilst they held cash of around $435 million as of the end of the third quarter, their previous quarterly dividend level was unsustainable from an earnings perspective. The cut was unexpected in that this was enough cash to maintain the previous payout for two and a half years. Shareholders will now be hoping that the rightsizing of the payout is in the rearview mirror, even as continued economic headwinds negatively impact the mREIT's portfolio.
Grab An 9.3% Yield With MFA's Series B Preferreds
Preferreds almost always offer a more structurally sound alternative for mREITs with a near-term history of underperformance, and MFA's is no different. MFA Financial 7.50% Series B Cumulative Preferred Stock (MFA.PB) pays out a $1.88 annual coupon for a 9.3% yield on cost. Currently trading at $20.12, they're almost five years past their April 15, 2018 redemption date and come with a number of attractive features. Anuncio • Jan 21
MFA Financial, Inc. to Report Q4, 2022 Results on Feb 23, 2023 MFA Financial, Inc. announced that they will report Q4, 2022 results on Feb 23, 2023 
