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Sep 30, 2020
MFA Financial Q3 2020 Earnings Report
MFA Financial's third quarter results reflected a recovery with strong housing metrics and tightening credit spreads, leading to earnings and book value growth. The company also repaid a $500 million loan and announced a $250 million stock repurchase program.
Key Takeaways
MFA Financial reported improved third quarter results driven by strong housing metrics and tighter credit spreads. The company made progress on initiatives including securitizations and paying off a senior secured term loan. A common stock dividend of $0.05 was paid on October 30th.
Economic book value increased by over 10% during the quarter.
Dividends on Series B and Series C Preferred Stock were reinstated and normal dividend payments resumed.
Two Non-QM securitizations aggregating over $960 million were completed, lowering financing costs.
The $500 million senior secured term loan was fully paid off.
Forward Guidance
MFA Financial expects positive impacts on results in Q4 2020 and into 2021 from completed initiatives.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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