MFA FINANCIAL, INC. MFA

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 6.66 2026-10-23
Market cap $673.2M 2026-06-30 share count
52-week range 6.38 - 10.43

Valuation FY2025 figures against the last close

P/S0.9x
P/E5.1x
P/FCF8.8x
EV/EBITDA—
Dividend yield22.0%
Diluted EPS1.30

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.310.830.46-2.572.66-6.283.210.680.79—
EPS, diluted 1.300.820.46-2.572.63-6.283.170.680.790.80
Shares, diluted (wtd. avg.) 104.0M105.1M103.6M103.2M118.7M113.0M116.9M418.9M388.4M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B -500M 0 500M 1B Revenue, FY2016: 457.4M Net income, FY2016: 312.7M Revenue, FY2017: 433.4M Net income, FY2017: 322.4M Revenue, FY2018: 455.7M Net income, FY2018: 301.8M Revenue, FY2019: 695.9M Net income, FY2019: 378.1M Revenue, FY2020: 432.8M Net income, FY2020: -679.4M Revenue, FY2021: 362.3M Net income, FY2021: 328.9M Revenue, FY2022: 482.4M Net income, FY2022: -231.6M Revenue, FY2023: 605.6M Net income, FY2023: 80.2M Revenue, FY2024: 724M Net income, FY2024: 119.3M Revenue, FY2025: 745.1M Net income, FY2025: 176.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $457.4M $433.4M $455.7M $695.9M $432.8M $362.3M $482.4M $605.6M $724.0M $745.1M
Gross profit — — — — — — — — — —
Net income $312.7M $322.4M $301.8M $378.1M -$679.4M $328.9M -$231.6M $80.2M $119.3M $176.8M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Benefit plan trading suspension Employees temporarily cannot trade the shares inside a company plan. Item 5.04
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6798

TickerCompanyMarket capP/ERevenue growth
WELL WELLTOWER INC. $167.53B 170.7x 40.2%
PLD Prologis, Inc. $117.89B 35.5x 7.2%
EQIX EQUINIX INC $94.23B 69.4x 5.4%
AMT AMERICAN TOWER CORP /MA/ $88.04B 35.0x 20.8%
SPG SIMON PROPERTY GROUP INC. $68.57B 14.9x 6.7%
DLR DIGITAL REALTY TRUST, INC. $60.57B 48.1x 10.0%
PSA Public Storage $54.42B 34.4x 2.7%
O REALTY INCOME CORP $53.83B 48.6x 9.1%