MFA FINANCIAL, INC. MFA
We are a specialty finance company that invests in and finances residential mortgage assets. Our targeted investments include principally the following:
•Residential whole loans, including Non-QM loans, Business purpose loans, and Legacy RPL/NPL loans, which we acquire and hold through certain trusts that are consolidated on our balance sheet for financial reporting purposes. Through our wholly-owned subsidiary, Lima One Capital, LLC (together with its parent company, Lima One Holdings, LLC, "Lima One"), a leading nationwide originator and servicer of Business purpose loans (or BPLs), which we acquired on July 1, 2021, we originate and service BPLs for real estate investors. We also own real estate (or REO), which is typically acquired as a result of the foreclosure or other liquidation of delinquent whole loans in connection with our loan investment activities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $745.1M | $724.0M | $605.6M | $482.4M | $362.3M | $432.8M | $695.9M | $455.7M | $433.4M | $457.4M |
| SG&A | — | — | — | $112.5M | $85.5M | — | — | — | — | — |
| Total operating expenses | $155.1M | $170.4M | $168.0M | $164.8M | $120.2M | $141.5M | $94.5M | $78.9M | $71.9M | $60.0M |
| Interest expense | $231.1M | $202.7M | $176.5M | $223.6M | $120.4M | $268.8M | $332.4M | $232.2M | $197.1M | $193.4M |
| Pre-tax income | $176.0M | $119.7M | $80.4M | -$232.4M | $331.5M | -$677.4M | $378.6M | $301.8M | $322.4M | $312.7M |
| Income tax | $735.0K | $443.0K | $278.0K | $851.0K | $2.7M | $2.0M | $499.0K | $0 | $0 | $0 |
| Net income | $176.8M | $119.3M | $80.2M | -$231.6M | $328.9M | -$679.4M | $378.1M | $301.8M | $322.4M | $312.7M |
| EPS, basic | 1.31 | 0.83 | 0.46 | -2.57 | 2.66 | -6.28 | 3.21 | 0.68 | 0.79 | — |
| EPS, diluted | 1.30 | 0.82 | 0.46 | -2.57 | 2.63 | -6.28 | 3.17 | 0.68 | 0.79 | 0.80 |
| Shares, diluted (wtd. avg.) | $104.0M | $105.1M | $103.6M | $103.2M | $118.7M | $113.0M | $116.9M | $418.9M | $388.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $213.2M | $338.9M | $488.2M | $494.1M | $404.4M | $821.5M | $134.7M | $88.7M | $463.7M | $318.6M |
| Goodwill | $61.1M | $61.1M | $61.1M | $61.1M | $61.1M | $0 | — | $7.2M | $7.2M | $7.2M |
| Other intangibles | $2.6M | $4.8M | $8.0M | $12.2M | $21.4M | $0 | — | — | — | — |
| Total assets | $13.05B | $11.41B | $10.77B | $9.11B | $9.14B | $6.93B | $13.57B | $12.42B | $10.95B | $12.48B |
| Total liabilities | $11.22B | $9.57B | $8.87B | $7.12B | $6.60B | $4.41B | $10.18B | $9.00B | $7.69B | $9.45B |
| Retained earnings | -$1.90B | -$1.88B | -$1.82B | -$1.72B | -$1.28B | -$1.41B | -$631.0M | -$632.0M | -$579.0M | -$572.6M |
| Total equity | $1.83B | $1.84B | $1.90B | $1.99B | $2.54B | $2.52B | $3.38B | $3.42B | $3.26B | $3.03B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $76.2M | $200.1M | $108.7M | $355.3M | $137.8M | $38.4M | $215.8M | $147.9M | $176.5M | $179.4M |
| Stock-based compensation | — | — | — | — | — | — | $9.2M | $8.0M | $8.0M | $9.2M |
| Capital expenditure | — | — | — | $300.0K | $12.0M | $4.9M | $1.9M | $1.1M | $872.0K | $708.0K |
| Investing cash flow | -$1.79B | -$424.6M | -$1.55B | -$1.12B | -$2.18B | $6.38B | -$1.13B | -$2.16B | $1.82B | $934.6M |
| Financing cash flow | $1.49B | $337.6M | $1.43B | $850.2M | $1.63B | -$5.74B | $964.9M | $1.63B | -$1.85B | -$1.03B |
| Dividends paid | $148.2M | $143.9M | $143.1M | $184.0M | $156.1M | $113.5M | $361.6M | $329.8M | $308.6M | $297.9M |
| Buybacks | $15.3M | $1.5M | $0 | $102.3M | $85.6M | $50.8M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015388.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |