Total assets have expanded to $13.2 billion as of 2026Q1 while equity remains stagnant at $1.8 billion, indicating that growth is almost entirely funded by debt rather than retained earnings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Assets | 13.23B | 13.05B | 11.41B | 10.77B | 9.11B | 9.14B | 6.93B | 13.57B | 12.42B | 10.95B | 12.48B | 13.17B | 12.35B | 12.47B | 13.52B | 11.75B | 8.69B | 9.63B | 10.64B | 8.61B | 6.44B | 5.85B | 6.91B | 4.56B | 3.6B | 2.07B | 522.49M | 524.4M | 264.7M |
| Asset Growth % | 42.99% | 14.35% | 5.91% | 18.22% | -0.3% | 31.84% | -48.91% | 9.24% | 13.38% | -12.25% | -5.19% | 6.58% | -0.94% | -7.74% | 15.04% | 35.26% | -9.76% | -9.53% | 23.65% | 33.55% | 10.21% | -15.43% | 51.45% | 26.67% | 74.19% | 295.98% | -0.36% | 98.11% | - |
| Real Estate & Other Assets | 0 | 279.22M | 1.58B | 905.59M | 401.26M | -450.2M | -302.83M | 4.64B | 4.99B | -4.06B | -7.61B | -9.75B | -1.4B | -2.96B | 8.81B | 87.21M | 238.05M | -8.84B | -10.13B | -8.31B | -6.35B | -5.74B | -6.78B | -4.38B | -3.49B | -1.95B | -502.64M | -494.4M | -255.2M |
| PP&E (Net) | 0 | 0 | 35.46M | 37.82M | 39.46M | 39.37M | 758K | 0 | -12.42B | -10.95B | -12.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.34M | 11.61M | 11.79M | 29.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 221.57M | 506.66M | 9.55B | 441.01M | 8.44B | 0 | 853.2M | 7.7B | 51.97M | 449.76M | 260.11M | 165.01M | 182.44M | 124K | 127K | 136K | 385K | 653.46M | 361.17M | 234.41M | 47.2M | 64.3M | 68.34M | 159.22M | 83.56M | 70.87M | 12.33M | 26.5M | 7.5M |
| Cash & Equivalents | 221.57M | 213.21M | 338.93M | 318M | 334.18M | 304.7M | 814.35M | 70.63M | 51.97M | 449.76M | 260.11M | 165.01M | 182.44M | 565.37M | 401.29M | 394.02M | 345.24M | 653.46M | 361.17M | 234.41M | 47.2M | 64.3M | 68.34M | 139.71M | 64.09M | 58.53M | 8.9M | 23.6M | 6M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 173.46M | 388.42M | 0 | 252.06M | -389.08M | 0 | 179.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.6M | 4.8M | 8M | 12.2M | 21.4M | 239M | 1.22B | 611.81M | 492.08M | 226.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9M | 1.5M |
| Total Liabilities | 11.45B | 11.22B | 9.57B | 8.87B | 7.12B | 6.6B | 4.41B | 10.18B | 9B | 7.69B | 9.45B | 10.2B | 9.15B | 9.33B | 10.21B | 9.25B | 6.44B | 7.46B | 9.38B | 7.68B | 5.77B | 5.19B | 6.18B | 4.08B | 3.23B | 1.87B | 452.58M | 456.8M | 193.7M |
| Total Debt | 0 | 10.99B | 9.2B | 5B | 6.86B | 3.15B | 1.84B | 10.03B | 781.24M | 460.72M | 96.73M | 122.06M | 210.57M | 466.2M | 746.82M | 1.18B | 220.93M | 7.21B | 9.31M | 9.46M | 9.61M | 22.55M | 22.69M | 16.16M | 16.34M | 1.85B | 449M | 452M | 190M |
| Net Debt | -221.57M | 10.78B | 8.86B | 4.69B | 6.52B | 2.84B | 1.03B | 9.96B | 729.27M | 10.96M | -163.38M | -42.95M | 28.14M | -99.17M | 345.52M | 787.9M | -124.31M | 6.55B | -351.86M | -224.95M | -37.59M | -41.75M | -45.66M | -123.55M | -47.75M | 1.79B | 440.1M | 428.4M | 184M |
| Long-Term Debt | 0 | 10.94B | 9.16B | 4.96B | 6.81B | 2.88B | 1.61B | 10.03B | 781.24M | 460.72M | 96.73M | 118.56M | 210.57M | 466.2M | 746.82M | 875.52M | 220.93M | 0 | 9.31M | 9.46M | 9.61M | 22.55M | 22.69M | 16.16M | 16.34M | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 226.47M | 225.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 157.1M | 60.81M | 41.05M | 43.58M | 45.31M | 44.98M | 636K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 232.69M | 313.5M | 292.45M | 134.13M | 0 | 236.29M | 152.61M | 8.01B | 7.6B | 9.35B | 10.08B | 8.94B | 8.86B | 7.5M | 9.11M | 6.44B | 7.45B | 9.38B | 7.67B | 5.75B | 5.16B | 6.16B | 4.06B | 3.22B | 11.39M | 2.04M | 2.8M | 800K |
| Accounts Payable | 0 | 36.37M | 0 | 30.83M | 0 | 9.62M | 11.12M | 0 | 16.28M | 12.26M | 14.13M | 16.95M | 13.1M | 14.73M | 16.1M | 9.11M | 8.01M | 13.27M | 23.87M | 20.21M | 23.16M | 54.16M | 28.35M | 7.24M | 14.3M | 11.39M | 2.04M | 2.78M | 800K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.25B | -6.64B | -8.69B | -9.39B | -8.33B | -28.22M | 33.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 11.45B | 0 | 63.09M | 0 | 132.03M | -2.92B | 0 | 0 | 0 | 0 | 0 | -118.56M | 0 | -466.2M | -746.82M | -875.52M | -220.93M | 0 | -9.31M | -9.46M | -9.61M | -22.55M | -22.69M | -16.16M | -16.34M | 0 | 0 | 0 | 0 |
| Total Equity | 1.78B | 1.83B | 1.84B | 1.9B | 1.99B | 2.54B | 6.04B | 3.38B | 11.99B | 10.38B | 12.01B | 2.97B | 3.2B | 3.14B | 3.31B | 2.5B | 2.25B | 2.17B | 1.26B | 927.26M | 678.56M | 661.1M | 728.83M | 484.96M | 371.2M | 203.62M | 69.91M | 67.6M | 71M |
| Equity Growth % | -10.36% | -0.77% | -3.06% | -4.47% | -21.79% | -57.91% | 78.52% | -71.77% | 15.51% | -13.59% | 304.75% | -7.37% | 1.94% | -5.1% | 32.56% | 10.99% | 3.79% | 72.48% | 35.57% | 36.65% | 2.64% | -9.29% | 50.29% | 30.65% | 82.3% | 191.26% | 3.42% | -4.79% | - |
| Shareholders Equity | 1.78B | 1.83B | 1.84B | 1.9B | 1.99B | 2.54B | 2.52B | 3.38B | 3.42B | 3.26B | 3.03B | 2.97B | 3.2B | 3.14B | 3.31B | 2.5B | 2.25B | 2.17B | 1.26B | 927.26M | 678.56M | 661.1M | 728.83M | 484.96M | 371.2M | 203.62M | 69.91M | 67.6M | 70.9M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 3.52B | 0 | 8.57B | 7.12B | 8.98B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Common Stock | 1.02M | 1.02M | 1.02M | 1.02M | 1.02M | 1.08M | 4.52M | 4.52M | 4.5M | 3.98M | 3.72M | 3.71M | 3.7M | 3.65M | 3.58M | 3.56M | 2.81M | 2.8M | 2.19M | 1.23M | 807K | 801K | 820K | 632K | 463K | 283K | 86.93K | 100K | 0 |
| Additional Paid-in Capital | 0 | 3.72B | 3.71B | 3.7B | 3.68B | 3.78B | 3.85B | 3.64B | 3.62B | 3.23B | 3.03B | 3.02B | 3.01B | 2.97B | 2.81B | 2.8B | 2.18B | 2.18B | 1.78B | 1.09B | 776.74M | 770.79M | 780.41M | 512.2M | 359.36M | 212.54M | 74.36M | 75.83M | 0 |
| Retained Earnings | -1.94B | -1.9B | -1.88B | -1.82B | -1.72B | -1.28B | -1.41B | -631.04M | -632.04M | -578.95M | -572.64M | -572.33M | -568.6M | -571.54M | -260.31M | -243.06M | -191.57M | -202.19M | -210.81M | -89.26M | -68.64M | -52.31M | -17.33M | -15.76M | -12.42M | -13.7M | -440.08K | -2.9M | -4.3M |
| Preferred Stock | 82K | 81K | 190K | 190K | 190K | 190K | 190K | 80K | 80K | 80K | 80K | 80K | 80K | 80K | 38K | 38K | 38K | 38K | 38K | 38K | 38K | 38K | 38K | 12.11M | 0 | 0 | 4.1M | 5.4M | 0 |
| Return on Assets (ROA) | 1.08% | 1.45% | 1.08% | 0.81% | -2.54% | 4.09% | -6.63% | 2.91% | 2.58% | 2.75% | 2.44% | 2.45% | 2.53% | 2.33% | 2.43% | 3.1% | 2.95% | 2.65% | 0.48% | 0.4% | 0.14% | 0.11% | 1.36% | 1.42% | 1.98% | 0.29% | 1.5% | 1.93% | 1.1% |
| Return on Equity (ROE) | 7.43% | 9.64% | 6.37% | 4.12% | -10.22% | 7.66% | -14.42% | 4.92% | 2.7% | 2.88% | 4.18% | 10.15% | 9.88% | 9.38% | 10.56% | 13.33% | 12.21% | 15.66% | 4.19% | 3.76% | 1.31% | 0.97% | 12.86% | 13.51% | 19.52% | 2.77% | 11.44% | 10.97% | 4.08% |
| Debt / Assets | 0% | 84.26% | 80.6% | 46.44% | 75.25% | 34.45% | 26.54% | 73.93% | 6.29% | 4.21% | 0.77% | 0.93% | 1.7% | 3.74% | 5.52% | 10.06% | 2.54% | 74.84% | 0.09% | 0.11% | 0.15% | 0.39% | 0.33% | 0.35% | 0.45% | 89.22% | 85.93% | 86.19% | 71.78% |
| Debt / Equity | 0.00x | 6.01x | 4.99x | 2.63x | 3.45x | 1.24x | 0.30x | 2.96x | 0.07x | 0.04x | 0.01x | 0.04x | 0.07x | 0.15x | 0.23x | 0.47x | 0.10x | 3.32x | 0.01x | 0.01x | 0.01x | 0.03x | 0.03x | 0.03x | 0.04x | 9.07x | 6.42x | 6.69x | 2.68x |
| Net Debt / EBITDA | -0.83x | 15.62x | 79.37x | 63.86x | - | 7.28x | - | - | 0.85x | 0.04x | -0.52x | -0.48x | 0.96x | -0.21x | 0.72x | 1.68x | -0.30x | 13.15x | -5.45x | -3.90x | -1.02x | -0.17x | -0.21x | -0.77x | -0.32x | 40.25x | 11.04x | 15.58x | 23.59x |
| Book Value per Share | 16.90 | 17.36 | 17.52 | 18.34 | 19.28 | 21.46 | 53.46 | 28.94 | 113.69 | 106.69 | 129.11 | 31.90 | 34.72 | 34.68 | 37.12 | 29.25 | 32.02 | 35.36 | 27.93 | 40.37 | 45.39 | 36.42 | 38.25 | 35.88 | 35.75 | 53.13 | 10.14 | 9.81 | 10.30 |
High Financial Leverage Exposure
According to recent financial statements, MFAO has grown total assets to $13.2 billion as of 2026Q1, yet equity remains stagnant at $1.8 billion, indicating that the firm's growth is almost entirely funded by debt rather than retained earnings or new equity issuance.
The persistent gap between asset growth and equity accumulation suggests a reliance on leverage to drive returns, which may limit the company's ability to absorb future credit shocks. This trajectory implies that management is prioritizing portfolio scale over balance sheet fortification, potentially increasing the sensitivity of book value to market volatility.
Based on reported figures, the debt-to-equity ratio reached 6.01x in 2025Q4, a level that underscores the firm's significant reliance on external financing to maintain its mortgage-related asset portfolio and support the Lima One origination platform's operational requirements.
This high leverage ratio suggests that even minor fluctuations in asset valuations could lead to significant margin calls, forcing the company to liquidate assets at inopportune times. Investors should monitor whether this leverage profile remains sustainable if interest rate volatility continues to compress net interest margins.
As reported in quarterly filings, cash balances have fluctuated between $213.2 million and $338.9 million over the last ten quarters, providing a thin liquidity buffer relative to the $11.0 billion in total debt obligations currently carried on the balance sheet.
While the cash position appears stable, the lack of significant liquid assets relative to total liabilities suggests that the company is highly dependent on the continuous availability of repo financing. Any disruption in the securitization market could rapidly exhaust these reserves, potentially limiting the firm's operational flexibility.
Data indicates that the company reports zero capital expenditures across all periods, which, as noted in previous analysis, obscures the true cost of maintaining the Lima One platform and suggests that operational maintenance costs may be buried within broader operating expenses.
The absence of explicit capex reporting warrants further investigation into whether the company is under-investing in its origination infrastructure or if these costs are being improperly capitalized. This lack of transparency makes it difficult to assess the true long-term sustainability of the Lima One business model.
Quick answers to the most common questions about buying MFAO stock.
As of 2025, MFA Financial, Inc. 9.000% Senior Notes (MFAO) had total assets of $13.05B including $506.7M in current assets.
MFA Financial, Inc. 9.000% Senior Notes (MFAO) carries total debt of $10.99B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MFA Financial, Inc. 9.000% Senior Notes (MFAO) has total shareholders' equity (book value) of $1.83B ($17.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MFA Financial, Inc. 9.000% Senior Notes (MFAO) reported a current ratio of 2.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.