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Mar 31, 2025
MFA Financial Q1 2025 Earnings Report
MFA Financial, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting a total economic return of 1.9% and an increased regular cash dividend of $0.36 per common share.
Key Takeaways
MFA Financial, Inc. reported a total economic return of 1.9% for the first quarter of 2025. The company generated GAAP net income of $33.0 million, or $0.32 per basic common share, and distributable earnings of $30.6 million, or $0.29 per basic common share. The company also increased its regular cash dividend to $0.36 per common share.
MFA generated GAAP net income to common stockholders and participating securities of $33.0 million, or $0.32 per basic common share.
Distributable earnings, a non-GAAP financial measure, were $30.6 million, or $0.29 per basic common share.
MFA paid an increased regular cash dividend of $0.36 per common share on April 30, 2025.
Total economic return was 1.9% for the first quarter.
Revenue by Segment
Forward Guidance
MFA Financial, Inc. believes it is well-situated to take advantage of opportunities that may arise in 2025 and beyond, despite market volatility.
Positive Outlook
- Confidence in the earnings power of the $10.7 billion investment portfolio.
- Ability to source significant residential loans and securities in target asset classes.
- Growth potential for Lima One with new business purpose loans and key hires.
- Increased Agency MBS position due to historically wide spreads.
- Successful securitization of Non-QM loans and sale of SFR loans at attractive levels.
Challenges Ahead
- Market volatility since quarter-end.
- Potential for lower forecasted cash flows due to interest rate changes.
- Credit risks underlying assets, including changes in default rates and loss severities.
- Uncertainty regarding the effectiveness of hedging transactions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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