MFA Financial reports Q2 distributable EPS 24c, consensus 30c

Reports Q2 net interest income $61.28M, vs. $53.5M last year. Reports non-GAAP book value per share $13.69 vs. $13.84 last year. Total Q2 economic return was 1.5%. MFA closed the quarter with unrestricted cash of $275.7M. “We grew our investment portfolio to $10.8 billion during the second quarter,” said Craig Knutson, MFA’s CEO. “We acquired $876 million of residential loans and securities in our target asset classes, including $503 million of Non-QM loans and $131 million of Agency MBS. Lima One originated $217 million of new Business purpose loans, including $167 million of Single-family Transitional loans with an average coupon of 10.2%. We issued our 18th Non-QM securitization in May collateralized by $318 million UPB of loans. We also sold $38 million of newly-originated rental loans and $24 million of delinquent Transitional loans.”