Key Highlights

  • MFA Financial's $0.36 quarterly dividend trades ex-dividend October 5, 2026, with payment on October 30 to shareholders of record.
  • Second-quarter GAAP net income to common was $36.2 million, or $0.35 per basic share, compared with $22.6 million, or $0.22.
  • Distributable earnings (non-GAAP) were $12.2 million, or $0.12 per share, and $36.7 million, or $0.35, before realized credit losses.
  • GAAP book value was $12.71 per share and economic book value (non-GAAP) was $13.20, with a $13.0 billion residential portfolio.

MFA Financial, Inc. (NYSE:MFA) announced a quarterly dividend of $0.36 per share, a yield of 18.60%, payable October 30 to shareholders of record on October 5, 2026. Second-quarter GAAP net income to common stockholders was $36.2 million, and distributable earnings, a non-GAAP measure, were $12.2 million, or $0.12 per share.

Dividend Program and Shareholder Returns

MFA Financial announced the quarterly dividend of $0.36 per share on September 21, 2026, payable October 30 to shareholders of record on October 5. The shares trade ex-dividend on October 5.

The second-quarter dividend of $0.36 per share was paid on July 31. For the second quarter, the company reported distributable earnings of $0.12 per share and distributable earnings before realized credit losses of $0.35 per share, both non-GAAP measures, and GAAP net income to common stockholders of $0.35 per basic share and $0.34 per diluted share. Each dividend remains subject to board approval.

About the Company

MFA Financial, Inc. is a real estate investment trust that invests in residential mortgage assets, including Non-QM loans and Agency MBS. It reports business purpose loan originations through Lima One. At June 30, 2026, the company reported total assets of $13.65 billion, stockholders' equity of $1.78 billion, and a $13.0 billion residential portfolio that included $4.1 billion of Agency MBS.

Interest Income, Book Value and Distributable Earnings

MFA reported second-quarter GAAP net income to common stockholders of $36.2 million, or $0.35 per basic share and $0.34 per diluted share, compared with $22.6 million, or $0.22 per basic share, a year earlier. Total GAAP net income was $46.8 million. Interest income was $196.8 million, interest expense was $138.2 million, and net interest income was $58.6 million.

Distributable earnings, a non-GAAP measure, were $12.2 million, or $0.12 per share. Distributable earnings before realized credit losses, also a non-GAAP measure, were $36.7 million, or $0.35 per share. Realized credit losses were $24.5 million. GAAP book value was $12.71 per share, and economic book value, a non-GAAP measure, was $13.20.

The company reported $141.2 million of unrestricted cash and $294.1 million of unpledged Agency MBS. Its debt-to-net-equity ratio was 6.6x, recourse leverage was 3.0x, and net effective duration was 0.94 years. On the total balance sheet, the company reported a net interest spread of 1.56%, a cost of funds of 4.77% and a net yield of 5.96%.

Portfolio Composition, Acquisitions and Credit Trends Reported by MFA

MFA reported a residential portfolio of Non-QM loans of $5.7 billion, business purpose loans of $2.1 billion and seasoned RPL and NPL loans of $920 million, with a portfolio weighted average coupon of 6.85%. The company reported that it acquired more than $1.6 billion of residential mortgage assets in the quarter, including $462.3 million of Non-QM loans, that Lima One originations rose 44% to $316 million compared with the prior-year period, and that securitizations were $817.4 million. MFA reported that 60-plus day delinquencies decreased to 7.0% at June 30, 2026 from 7.8% at March 31, 2026, and that it resolved nearly $200 million of previously delinquent loans, while management stated that distributable earnings were weighed down by realized losses on legacy multifamily loans.

Outlook

MFA Financial's $0.36 quarterly dividend is payable October 30 to shareholders of record on October 5, 2026. Distributable earnings (non-GAAP) relative to the dividend, realized credit losses of $24.5 million, and the trend in 60-plus day delinquencies are the relevant considerations.