MFA Financial reported strong results for Q1 2023, maintaining a stable cost of funds and growing book value despite market volatility. The company benefited from favorable market conditions to price three securitizations and added to its Agency RMBS position. Lima One subsidiary originated $379 million in new business-purpose loans while maintaining underwriting standards.
Maintained stable cost of funds despite a 100 basis point increase in the Fed Funds Rate.
Shifted toward more durable, non-mark-to-market forms of financing through securitizations.
Weathered the banking crisis in March without any impact on borrowing capacity and prioritized liquidity.
Lima One originated $379 million of new business-purpose loans, maintaining high underwriting standards.
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