MFA Financial, Inc. MFA
MFA Financial, Inc. (NYSE: MFA) is a leading specialty finance company that invests in residential mortgage loans, residential mortgage-backed securities and other real estate assets. Through its wholly-owned subsidiary, Lima One Capital, MFA also originates and services business purpose loans for real estate investors. MFA has distributed over $5 billion in dividends to stockholders since its initial public offering in 1998. MFA is an internally-managed, publicly-traded real estate investment trust.
Snapshot
Reported FFO / Distributable earnings / leverage are from the Q1 2026 earnings release (filed 2026-05-05) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $875.24M | $176.78M | $2.20M | $690.03M | $76.25M |
| 2024 | $279.61M | $119.25M | $3.20M | $0.00 | $200.12M |
| 2023 | $234.05M | $80.16M | $4.20M | $0.00 | $108.74M |
| 2022 | $-67.62M | $-231.58M | $9.20M | $0.00 | $366.08M |
| 2021 | $337.22M | $328.87M | $61.91M | $433.02M | $120.29M |
| 2020 | $-555.87M | $-679.39M | $0.00 | $0.00 | $38.40M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-31 | 2026-06-11 | $0.36 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-30 | 2026-03-05 | $0.36 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-30 | 2025-12-11 | $0.36 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-31 | 2025-09-11 | $0.36 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-31 | 2025-06-12 | $0.36 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-30 | 2025-03-06 | $0.36 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-31 | 2024-12-11 | $0.35 | Quarterly |
| 2024-09-27 | 2024-09-27 | 2024-10-31 | 2024-09-12 | $0.35 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-31 | 2024-06-11 | $0.35 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-30 | 2024-03-07 | $0.35 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-31 | 2023-12-13 | $0.35 | Quarterly |
| 2023-09-29 | 2023-10-02 | 2023-10-31 | 2023-09-20 | $0.35 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-31 | 2023-06-15 | $0.35 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-28 | 2023-03-10 | $0.35 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-31 | 2022-12-14 | $0.35 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-31 | 2022-09-13 | $0.44 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-29 | 2022-06-15 | $0.44 | Quarterly |
| 2022-03-21 | 2022-03-22 | 2022-04-29 | 2022-03-11 | $0.11 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-31 | 2021-12-14 | $0.11 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-29 | 2021-09-15 | $0.10 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-30 | 2021-06-15 | $0.10 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-30 | 2021-03-12 | $0.07 | Quarterly |
| 2020-12-29 | 2020-12-30 | 2021-01-29 | 2020-12-17 | $0.07 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-30 | 2020-08-06 | $0.05 | Quarterly |
Coverage (payout of operating cash flow): 198.89%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.