MFA Financial
Internally managed mortgage REIT combining a residential credit balance sheet with an in-house origination platform.
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Profile
Internally managed mortgage REIT investing in residential whole loans and mortgage securities through a balance-sheet portfolio and Lima One, a wholly-owned business-purpose-loan origination platform. The firm targets non-QM and business-purpose credit niches, funded through securitizations and repo facilities.
Internally managed residential-mortgage REIT operating through two segments: Mortgage-Related Assets and Lima One. The Mortgage-Related Assets segment holds residential whole loans — non-QM, business-purpose, single-family rental, and transitional — plus Agency MBS, Non-Agency MBS, and credit-risk-transfer securities. Lima One, based in Greenville, SC, is a wholly-owned origination and servicing platform for business-purpose loans.
The portfolio concentrates in California, Florida, Texas, Georgia, and New York. The firm targets non-QM, business-purpose, and legacy re-performing credit niches that commercial banks and government-sponsored enterprises do not typically serve.
Funding relies on securitizations, term warehouse facilities, and repurchase agreements; business performance tracks credit quality of the whole-loan book, interest-rate spreads, and third-party servicer execution. Internal management, uncommon in the sector, aligns cost structure directly with shareholders.
Company facts
Categories
Key statistics
Year to date −7.3% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | William Blair | Target | $11 | |||
| Jun 17, 2026 | BTIG | Upgrade | Neutral | Buy | $10.50 | |
| Nov 18, 2025 | UBS | Reiterate | Buy | $10.50 | $10.25 | |
| Oct 8, 2025 | UBS | Upgrade | Neutral | Buy | ||
| Sep 3, 2025 | UBS | Reiterate | Neutral | $10.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.25 | $0.34 | +38.5% | $65.8M | $58.6M | −11.0% | −0.33% |
| May 5, 2026Q1 FY26 | $0.31 | $0.30 | −3.6% | $67.5M | $59.2M | −12.3% | +2.30% |
| Feb 18, 2026Q4 FY25 | $0.27 | $0.27 | +0.5% | $64.3M | $55.5M | −13.8% | −0.30% |
| Nov 6, 2025Q3 FY25 | $0.27 | $0.20 | −26.5% | $60.6M | $85.0M | +40.3% | +2.68% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $74.8M | $192.0M | $182.5M | $88.1M | $229.4M | $252.0M | |
| Gross profit | $74.8M | $64.2M | $77.3M | $80.7M | $218.9M | $241.4M | |
| Operating income | $0 | $163.4M | $176.7M | $191.9M | $134.7M | $186.5M | |
| Net income | $41.2M | $33.2M | $48.1M | $54.3M | −$984.0K | $46.8M | |
| Diluted EPS | $0.31 | $0.21 | $0.35 | $0.52 | −$0.01 | $0.34 | |
| Gross margin | 100.0% | 33.4% | 42.3% | 91.6% | 95.4% | 95.8% | |
| Operating margin | 0.0% | 85.1% | 96.8% | 217.8% | 58.7% | 74.0% |
Fiscal years (4-quarter sums)FY21 $337.2M · FY22 −$83.9M · FY23 $204.9M · FY24 $261.9M · FY25 $537.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $141.2M · Total debt $11.65B · Total assets $13.65B · Shareholders' equity $1.78B
Dividends
Raised for 2 straight years — most recently to $0.36 from $0.35 in Mar 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 31 | $0.36 | |
| Mar 31, 2026 | Mar 31 | Apr 30 | $0.36 | |
| Dec 31, 2025 | Dec 31 | Jan 30 | $0.36 | |
| Sep 30, 2025 | Sep 30 | Oct 31 | $0.36 | |
| Jun 30, 2025 | Jun 30 | Jul 31 | $0.36 | |
| Mar 31, 2025 | Mar 31 | Apr 30 | $0.36 | raised from $0.35 |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.35 | |
| Sep 27, 2024 | Sep 27 | Oct 31 | $0.35 |
Ownership
Shares outstanding 102.09M · Float 98.62M · 96.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.46M | 9.27% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 4.66M | 4.56% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.52M | 4.43% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 2.65M | 2.59% | 13F | Aug 12, 2026 |
| State Street Corp | 2.58M | 2.52% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2025 | Mei Lin | officer: Sr. VP & Co-Controller | −2,775 | $10.10 |
Peers
- Annaly Capital Management
Largest mREIT, contesting non-Agency whole loans and Agency MBS
- Chimera Investment
Internally managed hybrid mREIT with HomeXpress non-QM origination
- Rithm Capital
Vertically integrated originator-servicer via Newrez and Genesis
- Redwood Trust
BPL and non-QM originator via CoreVest, Aspire, and Sequoia
- TPG Mortgage Investment Trust
TPG-managed Non-Agency REIT in non-QM, home equity, and RPL/NPL credit
- Ellington Financial
Hybrid REIT in non-QM whole loans, RTL, and Non-Agency RMBS
- AGNC
Pure-play Agency MBS REIT, overlapping only on Agency MBS
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MFA Financial | $8.82 | −0.11% | $901.5M | 7.4 | 6.9 | 1.2 | −65.6% |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| Chimera Investment | $11.50 | −0.04% | $961.9M | — | 5.9 | 1.4 | −64.4% |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| Redwood Trust | $4.65 | +0.84% | $580.3M | — | 4.9 | 0.4 | +68.5% |
| TPG Mortgage Investment Trust | $6.69 | +0.15% | $212.8M | 9.0 | 5.9 | 0.4 | +43.8% |
| Ellington Financial | $13.62 | +0.37% | $1.70B | 8.3 | 7.0 | 2.5 | +184.1% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Median | 8.3 | 5.9 | 1.4 | +56.1% |