MFA Financial : First Quarter 2026 Earnings Conference Call

Published: 2026-05-05 08:55:16 ET MFA

Published on 05/05/2026 at 08:55 am EDT

Earnings Presentation

FIRST QUARTER 2026

Financial Metrics

Key Metrics

Hybrid mortgage REIT with extensive experience in managing residential mortgage assets through economic cycles

GAAP Book Value

$12.70

Economic Book Value1

$13.22

Total Economic Return2

(1.2)%

Recourse Leverage3

2.7x

per common share

Q1 2026

as of March 31, 2026

GAAP Net Income4

$(0.11)

Distributable Earnings5

$0.30

Distributable earnings prior to realized credit losses6

$0.34

Dividend Yield

13.9%

per common share

as of May 1, 2026

Agency MBS

$693M

acquired in Q17

Non-QM Loans

$471M

acquired in Q1

Business Purpose Loans

$219M

originated in Q18

Liquidity9

$396M

as of March 31, 2026

Portfolio Highlights

See page 21 for endnotes

Q1 Strategic Actions Update

Initiative

Progress

Higher Capital Deployment

Grew investment portfolio to $12.5B

Re-securitized $413M of seasoned Non-QM loans, unlocking approximately $40M of capital and additional financing capacity

Growth of Lima One

Origination pipeline reached its highest level since 2024

Wholesale channel and multifamily lending relaunch underway

Resolution of Non-Performing Loans

Resolved $163M of previously delinquent loans in Q1, unlocking additional capital

Introduced new non-GAAP measure to provide clarity into operating earnings prior to impact of realized credit losses

Expense Reductions

Signed office lease to relocate corporate headquarters

Relocation is expected to reduce run-rate G&A expenses by approximately $4M per year

Share Repurchases

Repurchased over 500,000 common shares at significant discount to Economic Book Value

Funded primarily by ATM issuance of Series B and C preferred stock

Q1 Portfolio Activity

Acquired $1.1B of residential mortgage assets, growing investment portfolio to $12.5B from $12.3B

Added $393M of Agency MBS and $300M TBA position

Purchased $471M of Non-QM loans

Lima One originated $219M8 of new business purpose loans

Principal repayments and asset sales of $779M

Sold $81M of newly-originated SFR loans

Liquidated $18M of REO properties

Current rate environment continues to provide opportunities to add new assets at attractive yields

Average coupon on all loans acquired in Q1 was 7.7%

Incremental ROE for new investments expected to be mid-teens

Loan portfolio 60+ day delinquency rate was 7.8%

Subsequent to quarter-end, delinquencies declined to 7.3%

Investment Portfolio at March 3110

Multifamily Transitional Loans

$0.4B

Single-family Transitional Loans

$0.7B

Legacy RPL/NPL

$0.9B

Single-family Rental Loans

$1.2B

Agency MBS

$3.5B

Non-QM Loans

$5.5B

Q1 Liability Highlights

24%

52%

84%

91%

98%

68%

42%

15%

Liability Activity

Loan Portfolio Financing Sources

All Liabilities ($B)

Recourse leverage3 rose to 2.7x from 2.5x

Increase driven by higher allocation toward Agency MBS

Continued emphasis on non-mark-to-market (non-MTM)11 borrowing against our loan portfolio

Issued two Non-QM securitizations in March

Securitized $345M of newly originated loans

Re-securitized $413M of seasoned loans after calling two prior issuances, unlocking nearly $40M of capital and additional financing capacity while reducing MTM borrowing by $64M

$5.2B interest rate derivatives position at March 31

Net addition of $685M of new hedges expiring in 3-10 years

Generated net positive carry of $11M

Net portfolio duration estimated to be 0.96 at March 31

$12.0

$11.0

$10.0

$9.0

$8.0

$7.0

$6.0

$5.0

$4.0

$3.0

$2.0

Agency Repo

MTM

Financing

Non-MTM Financing

Securitized Debt

$1.0

$0.0

Other

Single-family Transitional

New Construction Loans New Rehab Loans New Bridge Loans Average Coupon

$90M $39M $16M 9.7%

for Q1 originations

Total Origination Volume8

$219M

Single-family Rental

Rental Loans Originated Rental Loans Sold Gain-on-sale Income Average Coupon

$74M $81M $2.7M 6.6%

for Q1 originations

Other Highlights

Monthly submissions and origination pipeline reached the highest levels since 2024

Mortgage banking income rose to $7.7M, up 34% from Q4

Wholesale channel and multifamily lending relaunch underway

Other 40%

CA 31%

4% NY

FL 15%

4% 6%

Q1 Loan Portfolio Credit Metrics

LTV by Loan Product Type12

LTV Distribution12

State Concentration13

2026

2025

23%

Prior to 2021

19%

2021

19%

2024

12%

2023

10%

2022

13%

60+ Day Delinquency Rate

Coupon Distribution

Origination Year

Non-QM Loans:

Acquired $471M of new loans with average LTV of 68% and average coupon of 7.0%

Issued two securitizations and called two prior issuances

Single-family Rental Loans:

Lima One originated $74M of loans with average LTV of 67% and average coupon of 6.6%

Sold $81M of newly-originated loans

Single-family Transitional Loans:

Lima One originated $145M of new loans8

$176M of principal repayments

Multifamily Transitional Loans:

$71M of principal repayments

Resolved $20M of previously delinquent loans in Q1 and additional $82M since quarter-end

Legacy RPL/NPL Loans:

96% of loans purchased between 2014-2019 are performing, paid in full, REO or liquidated

Portfolio LTV has declined to 49% due to home price appreciation and principal amortization

Q1 2026 Highlights

Non-QM Loans

Single-family Rental Loans

Single-family Transitional Loans

Multifamily Transitional Loans

Legacy RPL/NPL Loans

Total14

Portfolio Statistics

as of March 31, 2026

UPB

$5.5B

$1.2B

$674M

$458M

$1.1B

$9.0B

Average loan balance

$516K

$226K

$420K

$3.6M

$187K

$380K

Gross coupon

6.86%

6.35%

10.25%

10.23%

5.09%

7.01%

Quarterly yield

5.90%

6.31%

8.85%

6.70%

7.93%

6.42%

LTV12

60%

59%

68%

83%

49%

61%

Original FICO score

739

740

751

748

646

730

Loan age (months)

237

3-month prepayment rate15

16 CPR

10 CPR

65 CPR

44 CPR

6 CPR

9 CPR

60+ days delinquent

4.1%

2.6%

15.8%

30.0%

19.0%

7.8%

REO properties16

$12M

$13M

$37M

$30M

$47M

$139M

Additional Statistics

as of March 31, 2026

Unfunded Commitments17

$277M

$20M

$297M

First lien position

99%

100%

99%

Fixed rate

88%

77%

100%

84%

87%

Hybrid ARMs

12%

23%

16%

13%

Purchase

52%

16%

45%

68%

34%

45%

Cash-out refinance

37%

70%

16%

12%

33%

38%

Extended UPB18

27%

77%

Bank-Originated 10%

Other 30%

High LTV 60%

Q1 Agency MBS Highlights

Acquired $393M of Agency MBS and $300M TBA position

Purchases primarily consisted of low pay-up (premium to TBA price) specified pools

Opportunistically established $300M notional TBA position in late March to acquire additional securities at local wide spreads

Complementary to our less liquid, more credit-sensitive assets

Expected levered returns in the mid-teens

Highlights

Portfolio Statistics

as of March 31, 2026

Current face

$3.52B

Fair value

$3.53B

TBA position (notional)

$300M

Average coupon

5.37%

Quarterly yield

5.36%

Loan age (months)

3-month CPR

11.5%

Purchase price

100.1%

Agency MBS Spread19

Monthly CPR

Coupon Distribution

Specified Pool Type

Other

Spread as of 5/1/2026

6.0%

Coupon

5.0% Coupon

5.5% Coupon

Appendix

James Casebere, Landscape with

Houses 11

(Dutchess County, NY) #2, 2010 (detail)

MFA Overview

MFA Financial, Inc. (NYSE: MFA) is an internally managed real estate investment trust (REIT) that invests in U.S. residential mortgage loans and mortgage-backed securities

MFA focuses primarily on mortgage subsectors in which it tries to avoid direct competition with banks and government-sponsored enterprises

MFA owns and actively manages a diversified portfolio of non-qualified mortgage (Non-QM) loans, business purpose loans (BPLs), re-performing/non-performing loans (Legacy RPL/NPLs) and agency mortgage-backed securities (MBS)

In 2021, MFA acquired Lima One Capital, a leading nationwide BPL originator and servicer with over $11B8 in originations since its formation in 2010

MFA originates BPLs directly through Lima One and acquires Non-QM loans through flow and mini-bulk arrangements with a select group of originators with which it holds strong relationships

MFA operates a leading residential credit securitization platform with over $13B of issuance since inception

MFA has deep expertise in residential credit as well as a long history of investing in new asset classes when compelling opportunities arise

Since its IPO in 1998, MFA has distributed over $5B of dividends to its stockholders

Lima One: Leading Nationwide BPL Originator and Servicer

Fully Integrated BPL Platform

Product Offerings

Lima One is an industry-leading business purpose lender wholly-owned by MFA and headquartered in Greenville, S.C.

Lima operates an efficient and scalable platform with over 200 employees, including in-house sales, underwriting, servicing and construction management teams

Lima provides MFA with access to organically-created, high-yielding loans, substantially below the cost to purchase from third-party lenders

Origination Volume Since MFA's Acquisition

Lima has originated over $8B since MFA's acquisition in 2021 and over $11B since its formation in 20108

Lima One offers a diverse selection of both short-term and long-term financing solutions to experienced real estate investors across the U.S.

Products include rehab loans, construction loans, bridge loans, single-family rental loans and multifamily loans

Geographic and Borrower Diversity

No state concentration above 15% and no borrower concentration above 2%

Concentration

10% to 15%

5% to 10%

Below 5% No loans

Select Financial Metrics

Asset Yield and Effective Cost of Funds

Net Interest Income

GAAP and Economic Book Value1 (per share)

$12.70

$13.12 $13.69

$13.13 $13.69

$13.20 $13.75 $13.22

Net Interest Spread

Net Interest Margin

Distributable Earnings5,6 (per share)

1.98%

1.86%

1.69% 1.64%

MFA Securitizations Outstanding

Securitization Name

Loan Product Type

Settlement Date

Original Collateral UPB ($M)20

Current Collateral UPB ($M)20

Bonds Sold ($M)

Original UPB Sold (%)21

Outstanding Balance of Bonds Sold ($M)

Weighted Average Coupon (WAC) of Outstanding Bonds Sold

WAC of Underlying Loans

Callable Date

MFRA 2020-NQM1

Non-QM

Sep-20

391

373

95%

3.25%

6.62%

Currently Callable

MFRA 2020-NQM2

Non-QM

Oct-20

570

112

535

94%

2.70%

6.75%

Currently Callable

MFRA 2020-NQM3

Non-QM

Dec-20

381

359

94%

2.19%

6.22%

Currently Callable

MFRA 2021-INV1

SFR

Feb-21

217

198

91%

2.06%

7.26%

Currently Callable

MFRA 2021-NQM1

Non-QM

Apr-21

394

106

371

94%

1.92%

6.29%

Currently Callable

MFRA 2021-RPL1

RPL

Jun-21

473

242

435

92%

190

1.52%

5.10%

20% Clean-up Call

MFRA 2021-NQM2

Non-QM

Aug-21

289

116

277

96%

104

1.45%

5.25%

Currently Callable

MFRA 2021-AEINV1

Agency Eligible

Oct-21

312

243

297

95%

N/A

1.43%

3.27%

N/A

MFRA 2021-INV2

SFR

Nov-21

284

179

260

92%

155

2.26%

5.12%

Currently Callable

MFRA 2021-AEINV2

Agency Eligible

Dec-21

340

270

323

95%

N/A

1.52%

3.46%

N/A

MFRA 2022-CHM1

Non-QM

Mar-22

237

142

204

86%

109

4.85%

5.14%

Currently Callable

MFRA 2022-NQM1

Non-QM

Mar-22

333

204

310

93%

181

4.16%

4.59%

Currently Callable

MFRA 2022-INV1

SFR

Apr-22

258

171

224

87%

139

4.05%

4.80%

Currently Callable

MFRA 2022-NQM2

Non-QM

Jun-22

541

390

398

74%

268

4.00%

4.27%

Currently Callable

MFRA 2022-RPL1

RPL

Jul-22

336

205

307

91%

187

3.43%

4.97%

Currently Callable

MFRA 2022-INV2

SFR

Jul-22

214

157

169

79%

112

4.95%

5.61%

Currently Callable

MFRA 2022-INV3

SFR

Oct-22

235

172

160

68%

111

6.00%

6.57%

Currently Callable

MFRA 2023-INV1

SFR

Feb-23

204

137

154

75%

6.10%

6.82%

Currently Callable

MFRA 2023-NQM2

Non-QM

May-23

372

268

309

83%

205

4.66%

5.27%

May-26

MFRA 2023-INV2

SFR

Sep-23

215

171

191

89%

148

7.08%

8.00%

Sep-26

MFRA 2023-NQM3

Non-QM

Sep-23

387

235

343

89%

192

6.76%

7.72%

Aug-26

MFRA 2023-NQM4

Non-QM

Dec-23

295

180

268

91%

154

6.38%

7.90%

Dec-26

MFRA 2024-NQM1

Non-QM

Apr-24

365

220

331

91%

186

6.74%

8.03%

Apr-27

MFRA 2024-RTL2

Transitional

May-24

205

164

80%

164

7.25%

10.42%

May-26

MFRA 2024-RPL1

RPL

Jul-24

303

245

259

85%

220

4.26%

5.06%

30% Clean-up Call

MFRA 2024-NQM2

Non-QM

Sep-24

340

199

321

94%

179

5.43%

8.35%

Aug-27

MFRA 2024-NPL1

NPL

Oct-24

424

308

306

72%

253

6.33%

5.26%

Currently Callable

MFRA 2024-RTL3

Transitional

Nov-24

250

202

81%

202

5.97%

10.36%

Oct-26

MFRA 2024-NQM3

Non-QM

Dec-24

380

299

354

93%

273

5.90%

7.85%

Dec-27

MFRA 2025-NQM1

Non-QM

Mar-25

305

250

283

93%

229

5.60%

7.44%

Feb-28

MFRA 2025-NQM2

Non-QM

May-25

318

262

291

92%

238

5.77%

7.50%

May-28

MFRA 2025-NQM3

Non-QM

Aug-25

350

327

322

92%

299

5.43%

7.54%

Jul-28

MFRA 2025-NQM4

Non-QM

Sep-25

371

350

351

95%

329

5.32%

7.56%

Sep-28

MFRA 2025-NQM5

Non-QM

Dec-25

446

426

424

95%

404

5.25%

7.31%

Nov-28

MFRA 2026-NQM1

Non-QM

Mar-26

345

344

326

94%

326

5.12%

7.07%

Feb-29

MFRA 2026-NQMR1

Non-QM

Mar-26

413

412

385

93%

385

5.51%

5.84%

Mar-29

Total

12,093

8,000

10,784

89%

6,333

5.03%

6.45%

Supplemental Loan Portfolio Data

Non-QM Loans

Product Type

Single-family Rental Loans

Origination Year

Single-family Transitional Loans

Product Type

Multifamily Transitional Loans

Origination Year

Legacy RPL/NPL

Resolution Status22

Asset Depletion 4%

Full Doc 11%

Other 16%

Bank Statement 42%

Non-Performing

Bridge Loans 23%

Ground-up Construction Loans

45%

Rehab Loans 32%

2024-2025

3% 2026

2023

16%

Prior to 2022

36%

2022

40%

2024

12%

2021

15%

2023

40%

2022

33%

DSCR 27%

60+ Day Delinquency by Asset Class (% and UPB)

13.1% 12.8%

Performing 25%

PIF 36%

Liquidated/REO 35%

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2025

Q3 2025

Q1 2026

$195M

$209M

$222M

$224M

$50M

$40M

$31M

$32M

$116M

$103M

$84M

$106M

$63M

$47M

$88M

$137M

$239M

$217M

$214M

$203M

Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings and Distributable Earnings Prior to Realized Credit Losses

"Distributable earnings" is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removing certain unrealized gains and losses, primarily on residential mortgage investments, associated debt, and hedges that are, in each case, accounted for at fair value through earnings, certain realized gains and losses, as well as certain non-cash expenses and securitization-related transaction costs. Realized gains and losses arising from loans sold to third-parties by Lima One shortly after the origination of such loans are included in Distributable earnings. The transaction costs are primarily comprised of costs only incurred at the time of execution of our securitizations and include costs such as underwriting fees, legal fees, diligence fees, bank fees and other similar transaction related expenses. These costs are all incurred prior to or at the execution of our securitizations and do not recur. Beginning in the first quarter of 2026, losses/(gains) recognized in GAAP Net income/(loss) related to the extinguishment of debt were also included in the adjustments for Securitized debt held at fair value and Securitization-related transaction costs. Prior periods have been revised to reflect the current presentation. Recurring expenses, such as servicing fees, custodial fees, trustee fees and other similar ongoing fees are not excluded from Distributable earnings. Management believes that the adjustments made to GAAP earnings result in the removal of (i) income or expenses that are not reflective of the longer term performance of our investment portfolio, (ii) certain non-cash expenses, and (iii) expense items required to be recognized solely due to the election of the fair value option on certain related residential mortgage assets and associated liabilities. Distributable earnings is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. Accordingly, we believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results.

Beginning in the first quarter of 2026, we have also reported a Distributable earnings prior to realized credit losses metric, whereby an adjustment is made to reported Distributable Earnings to exclude realized credit losses, net of recoveries for all residential whole loans held at fair value. Prior periods have been revised to reflect the current presentation. Management believes Distributable earnings prior to realized credit losses provides users of our financial statements with meaningful information to consider in addition to Net income/(loss) and cash flows from operating activities in accordance with GAAP. Distributable earnings prior to realized credit losses is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. As the timing of a realized credit loss on a loan can differ significantly from when the initial fair value adjustment with respect to a loan is reflected in GAAP net income/(loss), management believes that adjusting Distributable earnings for the realized credit losses described above can help readers better understand the operating results of our business prior to the impact of realized credit losses, as well as evaluate and compare the performance of our Company and our peers.

Distributable earnings and Distributable earnings prior to realized credit losses should be used in conjunction with results presented in accordance with GAAP. Distributable earnings and Distributable earnings prior to realized credit losses do not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of these measures may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of GAAP net (loss)/income used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods presented.

($ in millions, except per share amounts)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

GAAP Net income/(loss) used in the calculation of basic EPS

($11.7)

$43.4

$37.0

$22.4

$32.8

Adjustments:

Unrealized and realized gains and losses on:

Residential whole loans held at fair value

34.8

(4.4)

(41.3)

(33.6)

(54.4)

Securities held at fair value

38.8

(14.9)

(17.8)

(4.0)

(20.2)

Residential whole loans and securities at carrying value

(1.4)

(0.7)

0.3

Interest rate swaps and ERIS swap futures

(20.0)

0.7

14.8

32.5

44.8

Securitized debt held at fair value

(22.9)

(1.6)

21.3

3.7

18.5

Other portfolio investments

(1.9)

0.6

0.5

(2.6)

(0.7)

Expense items:

Amortization of intangible assets

0.3

0.8

Equity based compensation

6.3

1.9

2.3

6.1

Securitization-related transaction costs

3.9

2.6

3.7

1.9

1.8

Depreciation

3.5

1.0

1.3

1.1

0.9

Total adjustments

$42.8

($15.2)

($16.0)

$2.4

($2.1)

Distributable earnings

$31.1

$28.2

$21.0

$24.8

$30.7

Adjustment - realized credit losses on Residential whole loans at fair value, net of recoveries

4.4

3.0

10.1

9.8

3.7

Distributable earnings prior to credit losses

$35.5

$31.2

$31.1

$34.6

$34.4

GAAP earnings/(loss) per basic common share

($0.11)

$0.42

$0.36

$0.22

$0.32

Distributable earnings per basic common share

$0.30

$0.27

$0.20

$0.24

$0.30

Distributable earnings prior to credit losses per basic common share

$0.34

$0.30

$0.33

Weighted average common shares for basic earnings per share

104.3

103.1

103.7

103.8

Reconciliation of GAAP Book Value to Economic Book Value

"Economic book value" is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments. These adjustments are also reflected in the table below in our end of period stockholders' equity. Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for Stockholders' Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of GAAP book value per common share to our non-GAAP Economic book value per common share as of the end of each quarter since Q4 2024.

($ in millions, except per share amounts)

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

GAAP Total Stockholders' Equity

$1,779.4

$1,827.7

$1,821.5

$1,822.1

$1,838.4

Preferred Stock, liquidation preference

(489.3)

(485.3)

(479.9)

(475.0)

GAAP Stockholders' Equity for book value per common share

$1,290.1

$1,342.4

$1,341.6

$1,347.1

$1,363.4

Adjustments:

Fair value adjustment to Residential whole loans, at carrying value

7.6

10.1

8.7

1.8

(6.3)

Fair value adjustment to Securitized debt, at carrying value

45.2

45.7

48.5

57.1

63.1

Stockholders' Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)

$1,342.9

$1,398.2

$1,398.8

$1,406.0

$1,420.2

GAAP book value per common share

$12.70

$13.20

$13.13

$13.12

$13.28

Economic book value per common share

$13.22

$13.75

$13.69

$13.84

Number of shares of common stock outstanding

101.6

101.7

102.2

102.7

Book Value and Economic Book Value Rollforward

GAAP

Economic

Book value per common share as of 12/31/25

$13.20

$13.75

Net income available to common shareholders

(0.11)

Common stock dividends declared

(0.36)

Fair value changes attributable to residential mortgage securities and other

(0.03)

Change in fair value of residential whole loans reported at carrying value under GAAP

(0.03)

Change in fair value of securitized debt at carrying value under GAAP

Book value per common share as of 3/31/26

$12.70

$13.22

GAAP Segment Reporting

(Dollars in millions)

Three months ended 3/31/26

Mortgage-Related Assets

Lima One

Corporate

Total

Interest Income

$148.2

$42.1

$1.6

$191.9

Interest Expense

101.3

26.9

4.5

132.7

Net Interest Income/(Expense)

$46.9

$15.2

$(2.9)

$59.2

(Provision)/Reversal of Provision for Credit Losses on Residential Whole Loans

0.2

Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses

$47.1

$15.2

$(2.9)

$59.4

Net gain/(loss) on residential whole loans measured at fair value through earnings

(24.2)

(10.5)

(34.7)

Impairment and other net gain on securities and other portfolio investments

(38.7)

0.4

(38.3)

Net gain/(loss) on real estate owned

0.4

(3.4)

(3.0)

Net gain/(loss) on derivatives used for risk management purposes

28.1

2.7

30.8

Net gain/(loss) on securitized debt measured at fair value through earnings

16.1

3.7

19.8

Lima One mortgage banking income

7.7

Net realized gain/(loss) on residential whole loans held at carrying value

Other, net

0.9

(2.9)

3.9

1.9

Total Other Income/(Loss), net

$(17.4)

$(2.7)

$4.3

$(15.8)

Compensation and benefits

8.9

13.3

22.2

General and administrative expenses

4.3

7.8

12.1

Loan servicing, financing, and other related costs

3.6

2.4

4.0

10.0

Amortization of intangible assets

0.3

Income/(loss) before income taxes

$26.1

$(3.4)

$(23.7)

$(1.0)

Provision for/(benefit from) income taxes

Net Income/(Loss)

$26.1

$(3.4)

$(23.7)

$(1.0)

Less Preferred Stock Dividend Requirement

10.4

Net Income/(Loss) Available to Common Stock and Participating Securities

$26.1

$(3.4)

$(34.1)

$(11.4)

Disclaimer

MFA Financial Inc. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 12:54 UTC.