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MFA Financial
MFA Financial (MFA) investor relations material
MFA Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Reported GAAP net income to common stockholders of $37.3 million ($0.36 per share) for Q3 2025, with distributable earnings of $21.0 million ($0.20 per share) and a total economic return of 2.6%.
GAAP book value per share was $13.13 and economic book value was $13.69, both stable from Q2.
Portfolio grew to $11.2 billion, with $1.2 billion in new residential mortgage asset acquisitions and significant growth in business purpose loans.
Paid a $0.36 per share dividend and repurchased nearly 500,000 shares at a discount to book value.
Strategic initiatives include higher capital deployment, cost reductions, and capital structure optimization to drive earnings and ROE growth into 2026.
Financial highlights
Net interest income was $56.8 million for Q3 2025, with a net interest margin of 2.57%–2.76%.
Distributable earnings were $21.0 million ($0.20 per share), impacted by credit losses; excluding credit losses, DE was $0.32 per share.
Quarterly G&A expenses declined to $29 million, with year-to-date G&A down 11% to $92.4 million.
Total interest income for Q3 2025 was $185.8 million, with $153.3 million from residential whole loans.
Dividend payout ratio was 1.00 for Q3 2025.
Outlook and guidance
Management expects distributable earnings to grow and reconverge with the common dividend by mid-2026 as strategic initiatives take effect.
Plans to deploy approximately $100 million of excess cash into target assets and resume multifamily lending at Lima One in early 2026.
Expanded product offerings and origination channels are expected to support mortgage banking income growth into 2026.
Anticipate further G&A savings in the back half of 2026.
Focus on growing residential whole loan portfolio and business purpose loan originations.
ROE uplift from capital redeployment?
Describe the revised multifamily lending credit box
Capital efficiency of SOFR futures?
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Next MFA Financial earnings date
Q4 202518 Feb, 2026
MFA Financial
Next MFA Financial earnings date
Q4 202518 Feb, 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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