8-K Announcements
6Material company update
Jun 4, 2026·SEC
Material company update
May 5, 2026·SEC
Material company update
Feb 18, 2026·SEC
MFA Financial, Inc. 8.875% Senior Notes(MFAN)Earnings, Financials & Key Ratios
MFAN•NYSE•REIT / Real Estate
$25.32
15.1× P/E·Price updated Jul 7, 2026
AboutMFA Financial, Inc. is a real estate investment trust engaged in the business of investment, on a leveraged basis, in residential mortgage assets including agency mortgage-backed securities, non-agency mortgage-backed securities, and residential whole loans. It operates through the Mortgage-Related Assets and Lima One segments. The Mortgage-Related Assets segment is involved with the remainder of the company’s investments. The Lima One segment refers to the stand-alone mortgage origination and servicing business of Lima One. The company was founded by Stewart Zimmerman on July 24, 1997, and is headquartered in New York, NY.Show more
- Revenue$875M+213.0%
- FFO$179M+46.2%
- FFO/Share1.70+45.9%
- FFO Payout105.32%-10.4%
- FFO per Share1.70+45.9%
- NOI Margin96.18%+10.1%
- FFO Margin20.45%-53.3%
- ROE9.64%+51.2%
- ROA1.45%+34.5%
MFAN Price & Volume
MFA Financial, Inc. 8.875% Senior Notes (MFAN) stock price & volume — 10-year historical chart
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Operational Volatility Masks Underlying Credit Risk Exposure
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Earnings volatility and leverage
Key Thesis Takeaways
- MFA Financial faces significant headwinds as its transition to an active mortgage origination model has resulted in extreme earnings instability, evidenced by FFO per share swinging from $0.84 in 2023Q4 to -$0.01 in 2026Q1.
- The firm's reliance on mark-to-market accounting creates a disconnect between reported revenue growth and actual cash-generating capacity, complicating the assessment of long-term dividend sustainability.
- Investors should remain cautious given the erratic debt-to-equity ratio, which peaked at 6.01 in 2025Q4, suggesting a lack of disciplined leverage management in the current interest rate environment.
Verdict Logic
the firm's inability to maintain positive FFO, which fell to -$684,000 in 2026Q1, combined with extreme earnings volatility, presents significant risks to the stability of the 8.875% Senior Notes.
MFAN Growth Metrics
MFA Financial, Inc. 8.875% Senior Notes (MFAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years9.41%
5 Years-
3 Years-
TTM161.78%
Profit CAGR
10 Years-5.56%
5 Years-
3 Years-
TTM-1.89%
EPS CAGR
10 Years-6.24%
5 Years-
3 Years-
TTM9.26%
Return on Capital
10 Years3.53%
5 Years1.85%
3 Years2.51%
Last Year5.77%
MFAN Recent Earnings
MFA Financial, Inc. 8.875% Senior Notes (MFAN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/5 qtrs (80%)●Beat Revenue 3/5 qtrs (75%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$0.01-103.1%
$0.31
Rev
—
$67M
Q1 2026
Feb 18, 2026Metric
Actual
Est
EPS
$0.27+0.5%
$0.27
Rev
$55M-13.8%
$64M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.46+66.4%
$0.27
Rev
$223M+230.0%
$68M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.31+6.1%
$0.30
Rev
$170M+167.5%
$64M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $0.01vs $0.31-103.1% | —vs $67M |
| Q1 2026 | Feb 18, 2026 | $0.27vs $0.27+0.5% | $55Mvs $64M-13.8% |
| Q4 2025 | Nov 6, 2025 | $0.46vs $0.27+66.4% | $223Mvs $68M+230.0% |
| Q3 2025 | Aug 6, 2025 | $0.31vs $0.30+6.1% | $170Mvs $64M+167.5% |
Based on last 5 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for MFA Financial, Inc. 8.875% Senior Notes (MFAN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $25.32 | $2.59B | 15.07 | 213.02% | 20.2% | 9.64% | 7.07% | |
| $9.36 | $955.6M | 5.57 | 213.02% | 20.7% | 7.43% | — | |
| $7.71 | $244.68M | 8.57 | 14.4% | 6.82% | 6.11% | — | |
| $1.44 | $69M | -1.24 | 187.77% | -30.49% | -7.1% | — | |
| $17.15 | $2.89B | 26.80 | -13.96% | 6.75% | 2.93% | — | |
| $1.68 | $277.57M | -1.17 | 1725.96% | -290.69% | -29.57% | — |
Compare MFAN vs Peers
MFA Financial, Inc. 8.875% Senior Notes (MFAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MFAN SEC Filings & Documents
MFA Financial, Inc. 8.875% Senior Notes (MFAN) SEC filings — annual & quarterly reports (10-K, 10-Q)
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MFAN Frequently Asked Questions
MFA Financial, Inc. 8.875% Senior Notes (MFAN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is MFA Financial, Inc. 8.875% Senior Notes's revenue?
MFA Financial, Inc. 8.875% Senior Notes (MFAN) reported $716.0M in revenue for fiscal year 2025. This represents a 15466% increase from $4.6M in 1998.
How fast is MFA Financial, Inc. 8.875% Senior Notes growing?
MFA Financial, Inc. 8.875% Senior Notes (MFAN) grew revenue by 213.0% over the past year. This is strong growth.
Is MFAN profitable?
Yes, MFA Financial, Inc. 8.875% Senior Notes (MFAN) is profitable, generating $134.6M in net income for fiscal year 2025 (20.2% net margin).
Dividend & Returns
Does MFAN pay dividends?
Yes, MFA Financial, Inc. 8.875% Senior Notes (MFAN) pays a dividend with a yield of 7.07%. This makes it attractive for income-focused investors.
What is MFAN's return on equity?
MFA Financial, Inc. 8.875% Senior Notes (MFAN) has a return on equity (ROE) of 9.6%. This is below average, suggesting room for improvement.
Industry Metrics
What is MFA Financial, Inc. 8.875% Senior Notes's FFO?
MFA Financial, Inc. 8.875% Senior Notes (MFAN) generated Funds From Operations (FFO) of $136.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is MFAN a good dividend stock?
MFA Financial, Inc. 8.875% Senior Notes (MFAN) offers a 7.07% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.