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MFA Financial Inc

MFA Financial, Inc. is a real estate investment trust based in New York, New York, incorporated in 1997. It operates through two segments: Mortgage-Related Assets and Lima One. The Mortgage-Related Assets segment invests in and manages a diversified portfolio of residential whole loans and residential mortgage-backed securities, including agency MBS, non-agency MBS, and credit risk transfer securities. The Lima One segment is a stand-alone mortgage origination and servicing business that originates and services business purpose loans for real estate investors. The company qualifies as a REIT for federal income tax purposes and generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to stockholders.

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MFA Financial Reports Stable Book Value and Accelerated Loan Resolutions

MFA Financial reported second quarter 2026 results with economic book value essentially unchanged at $13.20 per share and a total economic return of 2.6%. The company resolved approximately $200 million of previously delinquent loans, reducing its 60-plus day delinquency rate from 7.8% to 7.0%, while GAAP net income was $46.8 million or $0.35 per basic common share. Distributable earnings were $12.2 million or $0.12 per share, impacted by $24.5 million of realized credit losses on fair value loans, though distributable earnings prior to realized credit losses rose to $36.7 million or $0.35 per share. Lima One origination volume increased 44% to $316 million, and the investment portfolio grew to approximately $13 billion from $12.5 billion at March 31. The company repurchased over 500,000 common shares and expects run-rate G&A expenses to average $26 million to $27 million per quarter for the rest of the year.
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MFA Financial Q2 Book Value Stable, Credit Losses Weigh on Earnings

MFA Financial reported stable book value and portfolio growth in the second quarter, while realized credit losses continued to pressure distributable earnings. GAAP book value was $12.71 per share and economic book value was $13.20 per share, both essentially unchanged from the prior quarter. Distributable earnings fell to $0.12 per share, reflecting $24.5 million in realized credit losses tied to resolving roughly $200 million of delinquent assets. The investment portfolio grew to approximately $13 billion, and Lima One originations surged 44% sequentially to $316 million. Management expects credit losses to remain elevated in the third quarter before declining toward year-end and into early 2027.
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MFA Financial Added to Multiple Russell Growth and Small-Cap Indexes

MFA Financial was added to several Russell indexes in late June 2026, including the Russell 2000 Growth-Defensive, Russell 3000E Growth, Russell Small Cap Comp Growth, Russell 2000 Growth, Russell 3000 Growth, and Russell 2500 Growth Benchmarks. The broad inclusion across growth and small-cap benchmarks may increase the company's visibility with institutional investors and index-tracking funds, potentially influencing trading volumes and liquidity. However, the index additions do not directly change immediate earnings pressure from recent credit losses or the key risk that the dividend remains poorly covered by earnings and cash flows. MFA Financial continued to pay a US$0.36 quarterly common dividend alongside the new index inclusions, despite posting a small net loss in Q1 2026.
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