Key Highlights

  • The forward Dividend Yield is 21.79%, with a third-quarter common dividend of USD 0.36 per share paid on October 30.
  • GAAP Book Value per common share was USD 11.12 at September 30, compared with USD 12.71 at June 30, 2026.
  • Management said distributable Earnings were USD 0.26 per share, and USD 0.44 per share prior to realized Credit losses.
  • GAAP net loss was USD 1.19 per common share for the quarter, versus income of USD 0.36 per share.

MFA Financial, Inc. (NYSE:MFA) carries a forward dividend yield of 21.79%. The company declared its third-quarter 2026 common dividend of USD 0.36 per share on September 23 and paid it on October 30, 2026. Management said distributable earnings were USD 0.26 per share for the quarter, and GAAP book value was USD 11.12 per common share.

Dividend Program and Shareholder Returns

On September 23, 2026, the company declared its third-quarter 2026 dividend on common stock of USD 0.36 per share. On October 30, 2026, it paid the dividend, which totaled USD 37.5 million, including dividend equivalents of USD 1.1 million.

Management said the company again declared a USD 0.36 dividend in the second quarter and delivered a total economic return of positive 2.6% for that quarter, compared with negative 10.6% for the third quarter. The trailing twelve month dividend yield is 21.79%, shown for information.

The preferred Stock Dividend requirement was USD 10.7 million for the quarter, compared with USD 10.8 million a year earlier, and USD 31.7 million for the nine months, compared with USD 29.6 million.

About the Company

MFA Financial, Inc. is a Mortgage REIT listed on the New York Stock Exchange that invests in residential whole loans and securities, and whose Lima One Subsidiary originates Business purpose loans. Total Assets were USD 13,541.3 million at September 30, 2026, compared with USD 13,046.4 million at December 31, 2025. Financing agreements were USD 11,520.1 million, compared with USD 10,940.0 million.

Whole-Loan Fair Value Marks Drive a Quarterly Loss

MFA reported a net loss of USD 111.7 million for the third quarter, compared with Net Income of USD 48.1 million in the third quarter of 2025. Net loss available to common stock and participating securities was USD 122.4 million, or USD 1.19 per basic and diluted common share, compared with income of USD 0.36 per basic share and USD 0.35 per diluted share.

Net loss on residential whole loans measured at fair value through earnings was USD 204.0 million in the quarter. For the nine months, net loss was USD 65.9 million, compared with net income of USD 122.5 million, and the loss per common share was USD 0.95, compared with earnings of USD 0.89 per basic share.

Management said the quarterly loss was driven by net mark-to-market declines of USD 153 million across fair value assets, liabilities and hedges as rates rose and mortgage spreads widened.

Net Interest Income and Distributable Earnings

Net interest income was USD 61.4 million for the quarter, compared with USD 57.0 million in the third quarter of 2025, and USD 180.2 million for the nine months, compared with USD 176.9 million. Interest expense was USD 142.5 million, compared with USD 129.0 million.

Management said distributable earnings, a non-GAAP measure, were USD 26.4 million, or USD 0.26 per share, compared with USD 0.12 per share in the second quarter. Distributable earnings prior to realized credit losses were USD 45.3 million, or USD 0.44 per share, and included USD 0.05 per share of nonrecurring benefits.

Book Value and Credit Metrics

GAAP book value per common share was USD 11.12 at September 30, compared with USD 12.71 at June 30. Economic book value per common share, a non-GAAP measure, was USD 11.44 at September 30.

Management said the overall portfolio 60-plus day delinquency rate improved to 6.7%, and that the legacy multifamily portfolio declined to under USD 300 million of unpaid principal balance and USD 263 million of fair value.

Outlook

MFA's 21.79% forward dividend yield and the USD 0.36 per share third-quarter dividend are the dividend facts on record. Distributable earnings per share, GAAP and economic book value per share, delinquency rates, and mark-to-market movements are the relevant considerations.