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MFA Financial (MFA)
NYSE:MFA
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.31Last Year’s EPS
0.29Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced clear operational progress and constructive market tailwinds against lingering legacy credit issues and timing uncertainty. Management reported solid returns (3.1% Q4 TER, 9% FY TER), meaningful asset redeployments ($1.9B in Q4), significant cost reductions (~9.5% FY G&A decline), and multiple strategic initiatives at Lima One and across securitizations that should unlock capital and improve ROE. Headwinds include a Q4 uptick in delinquency driven by legacy multifamily defaults (portfolio held at a $42M discount), modest near‑term proceeds from preferred issuance, and temporary NII and credit volatility. Overall, the positives — improved market backdrop, active capital deployment, expense discipline and tangible near‑term liquidity levers — outweigh the remaining legacy credit and timing drawbacks.Company Guidance
Strong Total Economic and Shareholder Returns
Total economic return (TER) of 3.1% in Q4 2025 and 9% for the full year; total shareholder return for 2025 of 6%. Management expects DE to reconverge with the dividend by back half of 2026.
Material Q4 Asset Deployment
Deployed $1.9 billion of loans and securities in Q4 2025, including $1.2 billion of Agency securities, $443 million of non‑QM loans, and $226 million of business purpose loans originated by Lima One to reduce cash drag and boost yield.
Agency Portfolio Expansion
Agency book grew by over 50% in the quarter to $3.3 billion; portfolio primarily ~5.5% coupons purchased at par or slight discount, giving potential low double‑digit ROE on levered agency investments.
Non‑QM Portfolio Scale and Acquisitions
Non‑QM whole loan portfolio remains largest asset class at $5.3 billion. Acquired $443 million of new non‑QM loans in Q4 with average coupon ~7.3% and average LTV just under 69%.
Progress and Growth Initiatives at Lima One
Lima One originated $226 million in Q4 (including $83M construction, $48M rehab, $25M bridge, $70M rental term), produced $5.7 million of mortgage banking income, sold $45M of term loans generating $1.4M gain; hired 45 new salespeople, launched wholesale channel, and plans to relaunch multifamily lending — positioning for material back‑half 2026 growth.
Expense Reductions and Improved Efficiency
Full‑year G&A fell to $119.4 million from $131.9 million in 2024 (approximately ‑9.5%). Quarterly G&A improved to $27 million in Q4 from ~$29 million in Q3 (≈‑6.9%). Management expects further run‑rate reductions in 2026.
Capital Actions to Enhance Common Returns
Used an ATM to sell preferred shares (Series C and B) and deployed proceeds to repurchase ~540,000 common shares at a weighted average ~33% discount to economic book value; buyback program reauthorized by Board to continue when windows open.
Securitization and Liquidity Opportunities
Completed 21st non‑QM securitization in December ($424 million bonds at average cost 5.26%). Management has $2.3 billion of currently callable securitized debt and expects calling/re‑issuing to unlock liquidity — management cited potential to free $50M–$100M of capital in coming quarters to redeploy at mid‑teen ROEs.
Book Value and Post‑Quarter Improvement
GAAP book value of $13.20 and economic book value of $13.75 at December 31; management estimates economic book value up ~3% since year‑end.
Favorable Macro Environment for Mortgages
2025 saw lower rates and volatility and a positively sloped yield curve: Fed cuts late 2024 and into 2025, 2‑year yields down ~77 bps, 10‑year yields down ~39 bps, 2‑10 spread (210) steepened from 32 bps to 70 bps, and MOVE index declined to under 64 — all supportive tailwinds for the mortgage market.
MFA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MFA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $9.92 | $10.08 | +1.61% |
Nov 06, 2025 | $9.26 | $8.97 | -3.13% |
Aug 06, 2025 | $8.82 | $8.84 | +0.23% |
May 06, 2025 | $9.18 | $8.69 | -5.35% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does MFA Financial (MFA) report earnings?
MFA Financial (MFA) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is MFA Financial (MFA) earnings time?
MFA Financial (MFA) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MFA EPS forecast?
MFA EPS forecast for the fiscal quarter 2026 (Q1) is 0.31.