MFA
Investor Presentation
November 2024
MFA Overview
3
Financial Metrics
MFA currently trades at a discount to book value and offers a compelling dividend yield
MFA stock price1
$11.08
per common share
Recourse leverage5
1.8x
as of 9/30/24
Q3 Economic book value2
$14.46
per common share
Unrestricted cash
$306M
as of 9/30/24
Q3 GAAP
Q3 Distributable
net income3
earnings4
$0.38
$0.37
per common share
per common share
Q3 Dividend
Dividend yield
$0.35
12.6%
per common share
as of 11/18/24
See page 12 for end notes
4
Asset Summary
Investment Portfolio at Sept. 306
Other
$0.4B
Agency MBS
$1.0B
Legacy
RPL/NPL
$1.1B
Non-QM Loans
$1.1B
$4.2B
Multifamily
Transitional Loans
$1.1B
Single-family
Transitional
Loans
SFR Loans
$1.2B
$1.5B
Average Coupon on Loan
Acquisitions
10%
8%
6%
4%
2%
0%
2021
2022
2023 YTD 2024
5
Q3 2024 Highlights
6
Portfolio
Credit
Metrics
LTV by Loan Product Type8
68%
67%
67%
58%
56%
51%
Non-QM Loans
SFR Loans
Single-family
Multifamily
Legacy RPL/NPL
Total
Transitional Loans
Transitional Loans
Loans
LTV Distribution8
$5B
$4B
$3B
$2B
$1B
-
<60%
60-70%
70-80%
80-90%
90-100%
>100 %
Portfolio 60+ Delinquency Rate
7.8%
6.6%
6.4%
6.6%
6.9%
6.5%
6.7%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2023
2023
2023
2023
2024
2024
2024
Origination Year
2024
Prior to
14%
2021
23%
2023
21%
2021
24%
2022
18%
State Concentration9
CA
28%
Other
42%
FL 13%
GA NY TX
5% 5% 7%
7
Prudent
Liability
Management
$10.0
$9.0
$8.0
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
Liabilities ($B) as of Sept. 30
Agency Repo
MTM
WarehouseMTM $2.8B
WarehouseLine MTM
Lines
Other
Non-MTM
Warehouse
Non-MTM
Lines
Warehouse
Line
Non-MTM
Securitized $6.5B
Non-MTM Non-
Debt
Securitized MTM
Debt
Other
8
Appendix
James Casebere, Landscape with Houses (Dutchess County, NY) #2, 2010 (detail)
Select Financial Metrics
Asset Yield
7.00%
6.35%
6.46%
6.58%
6.79%
6.71%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Effective Cost of Funds
5.00%
4.52%
4.63%
4.53%
4.33%
4.18%
4.00%
3.00%
2.00%
1.00%
0.00%
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
Net Interest Spread
Distributable Earnings vs. Dividend
2.13%
2.06%
2.16%
2.18%
$0.50
2.17%
$0.40
$0.30
$0.20
$0.10
$-
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Net Interest Margin
Distributable Earnings
Dividend
GAAP vs. Economic Book Value
2.96%
2.88%
3.01%
3.00%
$16
3.02%
$12
$8
$4
$-
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
GAAP Book Value
Economic Book Value
10
Disclaimer
MFA Financial Inc. published this content on November 20, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 20, 2024 at 21:22:57.982.