MFA Financial, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 4, 2026, reporting a net loss of $111,690 thousand for the third quarter.

Key Highlights

  • Net loss of $111,690 thousand for the three months ended September 30, 2026, compared to net income of $48,104 thousand in the same period of 2025, according to the filing.
  • Net interest income of $61,404 thousand for Q3 2026, up from $57,001 thousand in Q3 2025, as reported in the consolidated statements of operations.
  • Total assets of $13,541,288 thousand as of September 30, 2026, compared to $13,046,449 thousand as of December 31, 2025.
  • Total stockholders' equity declined to $1,615,709 thousand at September 30, 2026, from $1,827,695 thousand at December 31, 2025.
  • Basic and diluted loss per common share of $(1.19) for Q3 2026, versus basic earnings of $0.36 and diluted earnings of $0.35 per share in Q3 2025.
  • 101,050,200 shares of common stock were outstanding as of October 31, 2026, the filing stated.

MFA Financial's Q3 2026 Results: Fair Value Losses Drive Net Loss

MFA Financial, Inc. (NYSE:MFA), a Maryland-based mortgage real estate investment trust, reported a net loss of $111,690 thousand for the three months ended September 30, 2026, according to its quarterly filing. The loss contrasts sharply with net income of $48,104 thousand in the third quarter of 2025. For the nine months ended September 30, 2026, the company disclosed a net loss of $65,876 thousand, compared to net income of $122,464 thousand for the same period in 2025.

The filing identified significant negative fair value movements as a primary contributor to the quarterly loss. Net loss on residential whole loans measured at fair value through earnings was $(203,991) thousand for Q3 2026, compared to a gain of $31,241 thousand in Q3 2025. Impairment and other net loss on securities and other portfolio investments totaled $(223,303) thousand in Q3 2026, against a gain of $18,004 thousand a year earlier. These were partially offset by a net gain on securitized debt measured at fair value of $115,540 thousand and a net gain on derivatives of $158,845 thousand, the filing disclosed.

On the balance sheet, the company reported residential whole loans of $8,683,876 thousand and securities at fair value of $3,977,565 thousand as of September 30, 2026. Financing agreements totaled $11,520,131 thousand. The accumulated deficit widened to $(2,106,827) thousand from $(1,895,541) thousand at December 31, 2025. The company also reported preferred stock dividend requirements of $10,682 thousand for Q3 2026, leaving a net loss available to common stock and participating securities of $(122,372) thousand. Lima One mortgage banking income contributed $7,418 thousand in Q3 2026, up from $5,383 thousand in Q3 2025.

What Was Disclosed

MFA Financial filed its 10-Q for the quarter ended September 30, 2026, disclosing a net loss of $111,690 thousand driven largely by fair value losses on residential whole loans and securities, partially offset by gains on derivatives and securitized debt. Total assets stood at $13,541,288 thousand at quarter end.