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MFA Financial
MFA Financial (MFA) investor relations material
MFA Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
2025 marked a positive turnaround for fixed income, with favorable macro conditions and supportive government policy for the mortgage market.
Achieved GAAP net income of $0.42 per share and distributable earnings of $0.27 per share in Q4 2025, with a quarterly dividend of $0.36 per share and a dividend yield of 14.6% as of February 13, 2026.
Investment portfolio grew to $12.3 billion, driven by $1.2 billion in Agency MBS, $443 million in Non-QM loans, and $226 million in business purpose loans originated in Q4.
Over $100 million of excess cash deployed into target assets, and $150–$154 million of delinquent loans resolved in Q4.
Continued preferred stock issuance and common share repurchases, with a new $200 million stock repurchase program authorized through 2028.
Financial highlights
Total economic return was 3.1% for Q4 and 9% for the full year 2025; total shareholder return for the year was 6%.
GAAP book value at year-end was $13.20 per share; economic book value was $13.75 per share, both up modestly from Q3.
Q4 GAAP earnings were $54.3 million ($0.42 per share); net interest income was $55.5 million, with full-year net interest income at $231.1 million.
Distributable earnings for Q4 were $27.8 million ($0.27 per share), up from $0.20 per share in Q3.
G&A expenses for 2025 were $119–$119.4 million, down from $132 million in 2024, a 9.5% reduction.
Outlook and guidance
Expectation for further rate cuts in 2026 and continued supportive government policy for the mortgage market.
Anticipate distributable earnings to reconverge with the common dividend in the back half of 2026.
Growth at Lima One, including new channels and multifamily lending, expected to materially contribute to earnings in 2026.
Several securitization deals could be called in 2026, unlocking $50–$100 million of capital for redeployment.
Management expects the investment portfolio to deliver strong returns moving forward, despite credit losses on legacy business purpose loans.
Capital allocation from securitization calls
Lima One's 2026 product mix and growth
Legacy multifamily portfolio's DE impact
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Next MFA Financial earnings date
Q1 20265 May, 2026
MFA Financial
Next MFA Financial earnings date
Q1 20265 May, 2026
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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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