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MFA Financial (MFA) investor relations material
MFA Financial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Delivered a total economic return of 1.5% for Q2 2025, with GAAP net income of $22.6M ($0.22/share) and distributable earnings of $24.7M ($0.24/share); portfolio grew to $10.8B after acquiring $876M in loans and securities.
Paid a $0.36 per share dividend, yielding 15.8% as of August 1, 2025; economic book value per share was $13.69 and GAAP book value was $13.12, both down 1% from March.
Lima One originated $217M in business purpose loans, launched a new customer portal, and hired 15 new loan officers to drive origination growth.
60+ day delinquency rate declined to 7.3% from 7.5% in Q1; net interest spread increased to 1.98% and net interest margin to 2.73%.
Issued 18th Non-QM securitization in May, collateralized by $318M UPB; sold $38M of SFR loans and $24M of delinquent transitional loans.
Financial highlights
Net interest income for Q2 2025 was $61.3M, up from $53.5M in Q2 2024; total interest income was $188.3M, with $154.6M from residential whole loans.
Net interest spread (including swap carry) was 1.98% and net interest margin was 2.73% for Q2 2025.
Operating and other expenses for Q2 2025 were $39.3M, down from $41.6M in Q1 2025; G&A expenses declined to $29.9M, including $1.2M in severance.
Unrestricted cash stood at $275.7M as of June 30, 2025.
Return on average total assets was 1.14% and return on average equity was 7.21% for Q2 2025.
Outlook and guidance
Management expects to utilize additional loan sales in H2 to accelerate resolution of underperforming assets and redeploy capital at mid to high teen ROEs.
Short-term pressure on distributable earnings anticipated, but confidence in portfolio earnings power and dividend level remains; DE expected to reconverge with the common dividend level in 2026.
Current rate environment offers opportunities to add new assets at attractive yields; incremental ROE for new investments expected in the mid-teens.
Management continues to monitor interest rate volatility, inflation, and macroeconomic developments, with a focus on maintaining liquidity and asset performance.
No material impact is anticipated from recent tax legislation (OBBBA) on financial statements.
Assess economic return drivers beyond dividend.
Where are the best ROEs for capital allocation?
How will a steepener impact Lima One originations?
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Next MFA Financial earnings date
Q3 20256 Nov, 2025
Next MFA Financial earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
MFA Financial Inc is a real estate investment trust that invests in residential mortgage assets. The company’s portfolio includes mortgage-backed securities, residential whole loans, and related financial instruments. It focuses on assets that generate income and are supported by real estate collateral. MFA Financial Inc is headquartered in New York, New York, and its shares are listed on the NYSE.
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