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MFA Financial, Inc., together with its subsidiaries, operates as a real estate investment trust in the United States. It operates through two segments: Mortgage-Related Assets and Lima One. The Mortgage-Related Assets segment primarily invests in and manages a diversified portfolio of residential whole loans, including nonqualified mortgage loans, business purpose loans such as single-family rental loans, single-family and multifamily transitional loans, legacy re-performing and non-performing loans, and agency-eligible investor loans. This segment also invests in residential mortgage-backed securities, including agency MBS, non-agency MBS, and credit risk transfer securities. The Lima One segment includes a stand-alone mortgage origination and servicing business; and originates and services business purpose loans for real estate investors, and related mortgage banking activities. The company offers residential whole loans, including purchased credit deteriorated and non-performing loans; and mortgage servicing rights-related assets. The company's investment activities through a combination of securitization transactions, term loan warehouse financing and repurchase agreement financing. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. MFA Financial, Inc. was incorporated in 1997 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $299M | - | $177M | $76M | 9.7% | 18.1% | 48.2% |
| 2024 | $253M | - | $119M | $200M | 6.5% | 23.1% | 48.8% |
| 2023 | $205M | - | $80M | $109M | 4.2% | - | - |
| 2022 | $-85M | - | $-232M | $355M | -11.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | -84.58 | 205.46 | 252.85 | 298.59 |
| Pretax Income | -232.43 | 80.44 | 119.69 | 176.05 |
| Tax Provision | -0.85 | 0.28 | 0.44 | -0.73 |
| Net Income | -231.58 | 80.16 | 119.25 | 176.78 |
| Net Income Common Stockholders | -265.08 | 47.29 | 85.92 | 135.68 |
| Interest Expense | 258.84 | 429.12 | 521.23 | 513.98 |
| Interest Income | 482.42 | 605.60 | 723.97 | 745.06 |
| Selling General And Administration | 112.72 | 129.67 | 131.91 | 119.41 |
| Normalized Income | -256.83 | 70.80 | 116.12 | 182.12 |
| Basic EPS | -2.57 | 0.46 | 0.83 | 1.31 |
| Diluted EPS | -2.57 | 0.46 | 0.82 | 1.30 |
| Tax Effect Of Unusual Items | 0.13 | 0.03 | 0.01 | -1.42 |
| Tax Rate For Calcs | 0.01 | 0 | 0 | 0.21 |
| Total Unusual Items | 25.38 | 9.39 | 3.14 | -6.76 |
| Total Unusual Items Excluding Goodwill | 25.38 | 9.39 | 3.14 | -6.76 |
| Net Income From Continuing Operation Net Minority Interest | -231.58 | 80.16 | 119.25 | 176.78 |
| Reconciled Depreciation | 9.20 | 4.20 | 3.20 | 2.20 |
| Net Interest Income | 223.58 | 176.48 | 202.73 | 231.08 |
| Net Income From Continuing And Discontinued Operation | -231.58 | 80.16 | 119.25 | 176.78 |
| Diluted Average Shares | 102.90 | 103.58 | 105.34 | 103.98 |
| Basic Average Shares | 102.90 | 102.22 | 104.07 | 103.55 |
| Diluted NI Availto Com Stockholders | -265.08 | 47.29 | 85.92 | 135.68 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 0.63 | 0 | 0.45 | 0.78 |
| Preferred Stock Dividends | 32.88 | 32.88 | 32.88 | 40.32 |
| Net Income Including Noncontrolling Interests | -231.58 | 80.16 | 119.25 | 176.78 |
| Net Income Continuous Operations | -231.58 | 80.16 | 119.25 | 176.78 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 520.75 | -89.60 | 2.82 | -29.22 |
| Depreciation Amortization Depletion Income Statement | 9.20 | 4.20 | 3.20 | 2.20 |
| Depreciation And Amortization In Income Statement | 9.20 | 4.20 | 3.20 | 2.20 |
| Amortization | 9.20 | 4.20 | 3.20 | 2.20 |
| Amortization Of Intangibles Income Statement | 9.20 | 4.20 | 3.20 | 2.20 |
| General And Administrative Expense | 112.72 | 129.67 | 131.91 | 119.41 |
| Other Gand A | 35.99 | 43.87 | 44.25 | 41.74 |
| Salaries And Wages | 76.73 | 85.80 | 87.65 | 77.67 |
| Operating Revenue | -84.58 | 205.46 | 252.85 | 298.59 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MFA Financial, Inc.this co. | MFA | $1.0B | 7.82↓ discount | 0.57 | 9.7% | - |
| Centerspace | CSR | $1.1B | 63.46 | 1.55 | 2.4% | 11.64 |
| Safehold Inc. | SAFE | $1.1B | 10.03 | 0.48 | 4.8% | 16.77 |
| Easterly Government Properties, Inc. | DEA | $1.1B | 83.84 | 0.82 | 1.0% | 13.54 |
| Chimera Investment Corporation | CIM | $1.1B |
| 7.88 |
| 0.44 |
| 9.0% |
| - |
| Adamas Trust, Inc. | ADAM | $1.1B | 4.83 | 0.81 | 16.8% | - |
| Piedmont Realty Trust, Inc. | PDM | $1.0B | - | 0.68 | -5.6% | 12.43 |
| Chiron Real Estate Inc. | XRN | $972M | - | 1.20 | -1.1% | 13.76 |
| Service Properties Trust | SVC | $968M | - | 0.39 | -31.3% | 10.54 |
| Peer Median | - | 10.03 | 0.75 | 1.7% | 12.98 | |