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MFA Financial, Inc. Announces Second Quarter 2023 Financial Results

MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 financial results update:

  • MFA generated a GAAP net loss for the second quarter of $34.1 million, or $0.34 per basic and diluted common share. Distributable earnings, a non-GAAP financial measure, were $40.4 million, or $0.40 per common share. MFA paid a regular cash dividend for the quarter of $0.35 per share on July 31, 2023.
  • GAAP book value at June 30, 2023 was $14.42 per common share. Economic book value, a non-GAAP financial measure, was $15.12 per common share.
  • Net interest spread rose to 2.14%, a 40 bps increase from the first quarter.
  • MFA generated a total economic return of (3.4)% for the second quarter.
  • MFA closed the quarter with unrestricted cash of $329.4 million.

Commenting on the quarter, Craig Knutson, MFA’s CEO and President said: “We are pleased to deliver distributable earnings in excess of our dividend during what was another challenging and volatile quarter for fixed-income investors. Although higher interest rates negatively impacted our book value, we took advantage of market conditions to acquire approximately $1 billion of loans and securities at attractive levels. Our net interest spread rose 40 bps during the quarter to 2.14%, further evidence that we are delivering on our mission to add higher-yielding assets while keeping our cost of funds relatively stable.”

Mr. Knutson continued: “Our Lima One subsidiary originated $584 million of new business purpose loans during the quarter, a 50% increase over the first quarter. We also acquired $345 million of Non-QM loans and again added to our Agency RMBS position. Our emphasis on disciplined underwriting and strong risk management continues to bear fruit. Delinquencies declined in each of our credit-sensitive asset classes, and loan-to-value (LTV) ratios remain quite low. Finally, we again benefited from our $3 billion interest rate swap position, which generated a net positive carry of $26 million during the quarter.”

Q2 2023 Portfolio Activity

  • Loan acquisitions were $867.7 million, including $523.2 million of funded originations of business purpose loans (including draws on Transitional loans) and $344.5 million of Non-QM loan acquisitions, bringing MFA’s residential whole loan balance to $8.1 billion.
  • Lima One funded $390.3 million of new business purpose loans with a maximum loan amount of $583.9 million. Further, $132.9 million of draws were funded on previously originated Transitional loans. Lima One generated $11.5 million of origination, servicing, and other fee income.
  • MFA added $108.8 million of Agency MBS during the quarter, bringing its total Securities portfolio to $594.3 million.
  • MFA continued to reduce its REO portfolio, selling 95 properties in the second quarter for aggregate proceeds of $31.7 million and generating $4.0 million of gains.
  • 60+ day delinquencies (measured as a percentage of UPB) for Purchased Performing Loans declined to 2.8% from 3.1% in the first quarter. Combined Purchased Credit Deteriorated and Purchased Non-Performing 60+ day delinquencies declined to 27.4% from 30.6% in the first quarter.
  • MFA completed one loan securitization during the quarter, collateralized by $371.6 million of unpaid principal balance (UPB) of Non-QM loans, bringing its securitized debt to approximately $4 billion.
  • MFA maintained its position in interest rate swaps at a notional amount of approximately $3.0 billion. At June 30, 2023, these swaps had a weighted average fixed pay interest rate of 1.58% and a weighted average variable receive interest rate of 5.09%.
  • MFA estimates the net effective duration of its investment portfolio at June 30, 2023 was 1.19.
  • MFA’s Debt/Net Equity Ratio was 3.9x and recourse leverage was 1.9x at June 30, 2023.

Webcast

MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Thursday, August 3, 2023, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2023 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com through the “Webcasts & Presentations” link on MFA’s home page. Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.

About MFA Financial, Inc.

MFA Financial, Inc. (NYSE: MFA) is a leading specialty finance company that invests in residential mortgage loans, residential mortgage-backed securities and other real estate assets. Through its wholly-owned subsidiary, Lima One Capital, MFA also originates and services business purpose loans for real estate investors. MFA has distributed over $4.6 billion in dividends to stockholders since its initial public offering in 1998. MFA is an internally-managed, publicly-traded real estate investment trust.

The following table presents MFA’s asset allocation as of June 30, 2023, and the second quarter 2023 yield on average interest-earning assets, average cost of funds and net interest rate spread for the various asset types.

Table 1 - Asset Allocation

At June 30, 2023

 

Purchased

Performing

Loans (1)

 

Purchased

Credit

Deteriorated

Loans (2)

 

Purchased

Non-

Performing

Loans

 

Securities,

at fair value

 

Real Estate

Owned

 

Other,

net (3)

 

Total

(Dollars in Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value/Carrying Value

 

$

6,972

 

 

$

428

 

 

$

740

 

 

$

594

 

 

$

120

 

 

$

690

 

 

$

9,544

 

Receivable/(Payable) for Unsettled Transactions

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

 

 

 

 

 

 

(31

)

Financing Agreements with Non-mark-to-market Collateral Provisions

 

 

(968

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(968

)

Financing Agreements with Mark-to-market Collateral Provisions

 

 

(1,548

)

 

 

(131

)

 

 

(230

)

 

 

(464

)

 

 

(29

)

 

 

 

 

 

(2,402

)

Securitized Debt

 

 

(3,416

)

 

 

(237

)

 

 

(304

)

 

 

 

 

 

(12

)

 

 

 

 

 

(3,969

)

Convertible Senior Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(229

)

 

 

(229

)

Net Equity Allocated

 

$

1,040

 

 

$

60

 

 

$

206

 

 

$

99

 

 

$

79

 

 

$

461

 

 

$

1,945

 

Debt/Net Equity Ratio (4)

 

5.7 x

 

6.1 x

 

2.6 x

 

5.0 x

 

0.5 x

 

 

 

3.9 x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended June 30, 2023

 

 

 

 

 

 

 

 

Yield on Average Interest Earning Assets (5)

 

 

5.66

%

 

 

7.09

%

 

 

10.11

%

 

 

7.67

%

 

 

N/A

 

 

 

 

 

6.10

%

Less Average Cost of Funds (6)

 

 

(3.97

)

 

 

(1.98

)

 

 

(3.53

)

 

 

(4.29

)

 

 

(5.09

)

 

 

 

 

(3.96

)

Net Interest Rate Spread

 

 

1.69

%

 

 

5.11

%

 

 

6.58

%

 

 

3.38

%

 

 

(5.09

)%

 

 

 

 

2.14

%

(1)

Includes $3.6 billion of Non-QM loans, $1.7 billion of Transitional loans, $1.5 billion of Single-family rental loans, $75.3 million of Seasoned performing loans, and $58.1 million of Agency eligible investor loans. At June 30, 2023, the total fair value of these loans is estimated to be $6.9 billion.

(2)

At June 30, 2023, the total fair value of these loans is estimated to be $447.5 million.

(3)

Includes $329.4 million of cash and cash equivalents, $174.0 million of restricted cash, and $27.4 million of capital contributions made to loan origination partners, as well as other assets and other liabilities.

(4)

Total Debt/Net Equity ratio represents the sum of borrowings under our financing agreements as a multiple of net equity allocated.

(5)

Yields reported on our interest earning assets are calculated based on the interest income recorded and the average amortized cost for the quarter of the respective asset. At June 30, 2023, the amortized cost of our Securities, at fair value, was $583.0 million. In addition, the yield for residential whole loans was 6.08%, net of two basis points of servicing fee expense incurred during the quarter. For GAAP reporting purposes, such expenses are included in Loan servicing and other related operating expenses in our statement of operations.

(6)

Average cost of funds includes interest on financing agreements, Convertible Senior Notes and securitized debt. Cost of funding also includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our interest rate swap agreements (or Swaps). While we have not elected hedge accounting treatment for Swaps and accordingly net carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net carry to the cost of funding to reflect the economic impact of our Swaps on the funding costs shown in the table above. For the quarter ended June 30, 2023, this decreased the overall funding cost by 138 basis points for our overall portfolio, 144 basis points for our Residential whole loans, 145 basis points for our Purchased Performing Loans, 206 basis points for our Purchased Credit Deteriorated Loans, 87 basis points for our Purchased Non-Performing Loans and 138 basis points for our Securities, at fair value.

 

The following table presents the activity for our residential mortgage asset portfolio for the three months ended June 30, 2023:

Table 2 - Investment Portfolio Activity Q2 2023

(In Millions)

 

March 31, 2023

 

Runoff (1)

 

Acquisitions (2)

 

Other (3)

 

June 30, 2023

 

Change

Residential whole loans and REO

 

$

7,915

 

$

(394

)

 

$

868

 

$

(129

)

 

$

8,260

 

$

345

Securities, at fair value

 

 

505

 

 

(10

)

 

 

109

 

 

(10

)

 

 

594

 

 

89

Totals

 

$

8,420

 

$

(404

)

 

$

977

 

$

(139

)

 

$

8,854

 

$

434

(1)

Primarily includes principal repayments and sales of REO.

(2)

Includes draws on previously originated Transitional loans.

(3)

Primarily includes changes in fair value and changes in the allowance for credit losses.

 

The following tables present information on our investments in residential whole loans.

Table 3 - Portfolio composition

 

 

Held at Carrying Value

 

Held at Fair Value

 

Total

(Dollars in Thousands)

 

June 30, 2023

 

December 31,

2022

 

June 30, 2023

 

December 31,

2022

 

June 30, 2023

 

December 31,

2022

Purchased Performing Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Non-QM loans

 

$

912,826

 

 

$

987,282

 

 

$

2,696,293

 

$

2,372,548

 

$

3,609,119

 

 

$

3,359,830

 

Transitional loans (1)

 

 

42,427

 

 

 

75,188

 

 

 

1,705,830

 

 

1,342,032

 

 

1,748,257

 

 

 

1,417,220

 

Single-family rental loans

 

 

191,780

 

 

 

210,833

 

 

 

1,300,130

 

 

1,165,741

 

 

1,491,910

 

 

 

1,376,574

 

Seasoned performing loans

 

 

75,389

 

 

 

82,932

 

 

 

 

 

 

 

75,389

 

 

 

82,932

 

Agency eligible investor loans

 

 

 

 

 

 

 

 

58,068

 

 

51,094

 

 

58,068

 

 

 

51,094

 

Total Purchased Performing Loans

 

$

1,222,422

 

 

$

1,356,235

 

 

$

5,760,321

 

$

4,931,415

 

$

6,982,743

 

 

$

6,287,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Credit Deteriorated Loans

 

$

448,366

 

 

$

470,294

 

 

$

 

$

 

$

448,366

 

 

$

470,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

(31,035

)

 

$

(35,314

)

 

$

 

$

 

$

(31,035

)

 

$

(35,314

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Non-Performing Loans

 

$

 

 

$

 

 

$

739,712

 

$

796,109

 

$

739,712

 

 

$

796,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Residential Whole Loans

 

$

1,639,753

 

 

$

1,791,215

 

 

$

6,500,033

 

$

5,727,524

 

$

8,139,786

 

 

$

7,518,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of loans

 

 

6,682

 

 

 

7,126

 

 

 

18,074

 

 

16,717

 

 

24,756

 

 

 

23,843

 

(1)

As of June 30, 2023 includes $926.7 million of loans collateralized by one-to-four family residential properties and $821.5 million of loans collateralized by multi-family properties. As of December 31, 2022 includes $784.9 million of loans collateralized by one-to-four family residential properties and $632.3 million of loans collateralized by multi-family properties.

 

Table 4 - Yields and average balances

 

 

For the Three-Month Period Ended

(Dollars in Thousands)

 

June 30, 2023

 

March 31, 2023

 

June 30, 2022

 

 

Interest

 

Average

Balance

 

Average

Yield

 

Interest

 

Average

Balance

 

Average

Yield

 

Interest

 

Average

Balance

 

Average

Yield

Purchased Performing Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-QM loans

 

$

45,518

 

$

3,879,175

 

4.69

%

 

$

44,089

 

$

3,803,154

 

4.64

%

 

$

34,512

 

$

3,766,691

 

3.66

%

Transitional loans

 

 

32,621

 

 

1,654,585

 

7.89

%

 

 

28,227

 

 

1,473,420

 

7.66

%

 

 

15,188

 

 

953,320

 

6.37

%

Single-family rental loans

 

 

23,141

 

 

1,587,636

 

5.83

%

 

 

21,313

 

 

1,518,741

 

5.61

%

 

 

16,413

 

 

1,263,966

 

5.19

%

Seasoned performing loans

 

 

1,127

 

 

77,843

 

5.79

%

 

 

1,090

 

 

81,388

 

5.36

%

 

 

1,155

 

 

95,650

 

4.83

%

Agency eligible investor loans

 

 

518

 

 

72,875

 

2.84

%

 

 

2,857

 

 

380,763

 

3.00

%

 

 

7,604

 

 

1,051,737

 

2.89

%

Total Purchased Performing Loans

 

 

102,925

 

 

7,272,114

 

5.66

%

 

 

97,576

 

 

7,257,466

 

5.38

%

 

 

74,872

 

 

7,131,364

 

4.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Credit Deteriorated Loans

 

 

8,087

 

 

455,993

 

7.09

%

 

 

7,138

 

 

466,123

 

6.13

%

 

 

8,672

 

 

506,653

 

6.85

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Non-Performing Loans

 

 

17,036

 

 

674,200

 

10.11

%

 

 

14,796

 

 

699,730

 

8.46

%

 

 

18,810

 

 

800,102

 

9.40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Residential Whole Loans

 

$

128,048

 

$

8,402,307

 

6.10

%

 

$

119,510

 

$

8,423,319

 

5.68

%

 

$

102,354

 

$

8,438,119

 

4.85

%

 

Table 5 - Net Interest Spread

 

 

For the Three-Month Period Ended

 

 

June 30, 2023

 

March 31, 2023

 

June 30, 2022

Purchased Performing Loans

 

 

 

 

 

 

Net Yield (1)

 

5.66

%

 

5.38

%

 

4.20

%

Cost of Funding (2)

 

3.97

%

 

3.95

%

 

3.28

%

Net Interest Spread

 

1.69

%

 

1.43

%

 

0.92

%

 

 

 

 

 

 

 

Purchased Credit Deteriorated Loans

 

 

 

 

 

 

Net Yield (1)

 

7.09

%

 

6.13

%

 

6.85

%

Cost of Funding (2)

 

1.98

%

 

2.23

%

 

3.17

%

Net Interest Spread

 

5.11

%

 

3.90

%

 

3.68

%

 

 

 

 

 

 

 

Purchased Non-Performing Loans

 

 

 

 

 

 

Net Yield (1)

 

10.11

%

 

8.46

%

 

9.40

%

Cost of Funding (2)

 

3.53

%

 

3.53

%

 

3.34

%

Net Interest Spread

 

6.58

%

 

4.93

%

 

6.06

%

 

 

 

 

 

 

 

Total Residential Whole Loans

 

 

 

 

 

 

Net Yield (1)

 

6.10

%

 

5.68

%

 

4.85

%

Cost of Funding (2)

 

3.83

%

 

3.82

%

 

3.28

%

Net Interest Spread

 

2.27

%

 

1.86

%

 

1.57

%

(1)

Reflects annualized interest income on Residential whole loans divided by average amortized cost of Residential whole loans. Excludes servicing costs.

(2)

Reflects annualized interest expense divided by average balance of agreements with mark-to-market collateral provisions (repurchase agreements), agreements with non-mark-to-market collateral provisions, and securitized debt. Cost of funding shown in the table above includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our Swaps. While we have not elected hedge accounting treatment for Swaps, and, accordingly, net carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net carry to the cost of funding to reflect the economic impact of our Swaps on the funding costs shown in the table above. For the quarter ended June 30, 2023, this decreased the overall funding cost by 144 basis points for our Residential whole loans, 145 basis points for our Purchased Performing Loans, 206 basis points for our Purchased Credit Deteriorated Loans, and 87 basis points for our Purchased Non-Performing Loans. For the quarter ended March 31, 2023, this decreased the overall funding cost by 127 basis points for our Residential whole loans, 129 basis points for our Purchased Performing Loans, 171 basis points for our Purchased Credit Deteriorated Loans, and 77 basis points for our Purchased Non-Performing Loans. For the quarter ended June 30, 2022, this increased the overall funding cost by 25 basis points for our Residential whole loans, 23 basis points for our Purchased Performing Loans, 43 basis points for our Purchased Credit Deteriorated Loans, and 29 basis points for our Purchased Non-Performing Loans.

 

Table 6 - Credit related metrics/Residential Whole Loans

June 30, 2023

 

 

 

Fair

Value /

Carrying

Value

 

Unpaid

Principal

Balance

(“UPB”)

 

Weighted

Average

Coupon (2)

 

Weighted

Average

Term to

Maturity

(Months)

 

Weighted

Average

LTV

Ratio (3)

 

Weighted

Average

Original

FICO (4)

 

Aging by UPB

 

60+

DQ %

 

60+

LTV (3)

 

 

 

 

 

 

 

 

 

 

Past Due Days

 

 

(Dollars In Thousands)

 

 

 

 

 

 

 

Current

 

30-59

 

60-89

 

90+

 

 

Purchased Performing Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-QM loans

 

$

3,602,412

 

$

3,917,542

 

5.48

%

 

348

 

64

%

 

735

 

$

3,749,468

 

$

72,290

 

$

24,934

 

$

70,850

 

2.4

%

 

66.3

%

Transitional loans (1)

 

 

1,745,417

 

 

1,759,641

 

8.45

 

 

11

 

65

 

 

744

 

 

1,675,104

 

 

12,749

 

 

8,188

 

 

63,600

 

4.1

 

 

67.2

 

Single-family rental loans

 

 

1,490,673

 

 

1,604,083

 

6.01

 

 

321

 

68

 

 

737

 

 

1,555,427

 

 

10,893

 

 

3,766

 

 

33,997

 

2.4

 

 

71.9

 

Seasoned performing loans

 

 

75,347

 

 

82,695

 

4.01

 

 

147

 

29

 

 

726

 

 

78,138

 

 

1,378

 

 

43

 

 

3,136

 

3.8

 

 

37.5

 

Agency eligible investor loans

 

 

58,068

 

 

70,075

 

3.44

 

 

338

 

67

 

 

757

 

 

69,082

 

 

 

 

765

 

 

228

 

1.4

 

 

73.0

 

Total Purchased Performing Loans

 

$

6,971,917

 

$

7,434,036

 

6.26

%

 

260

 

 

 

 

 

 

 

 

 

 

 

 

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Credit Deteriorated Loans

 

$

428,157

 

$

528,843

 

4.75

%

 

272

 

62

%

 

N/A

 

$

394,413

 

$

45,891

 

$

13,721

 

$

74,818

 

16.7

%

 

72.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Non-Performing Loans

 

$

739,712

 

$

825,289

 

5.12

%

 

274

 

67

%

 

N/A

 

$

448,977

 

$

93,267

 

$

32,569

 

$

250,476

 

34.3

%

 

76.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential whole loans, total or weighted average

 

$

8,139,786

 

$

8,788,168

 

5.81

%

 

256

 

 

 

 

 

 

 

 

 

 

 

 

 

6.6

%

 

 

(1)

As of June 30, 2023 Transitional loans includes $821.5 million of loans collateralized by multi-family properties with a weighted average term to maturity of 15 months and a weighted average LTV ratio of 73%.

(2)

Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees.

(3)

LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Transitional loans, totaling $296.1 million at June 30, 2023, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 69% at June 30, 2023. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. 60+ LTV has been calculated on a consistent basis.

(4)

Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.

 

Table 7 - Shock Table

The information presented in the following “Shock Table” projects the potential impact of sudden parallel changes in interest rates on the value of our portfolio, including the impact of Swaps and securitized debt, based on the assets in our investment portfolio at June 30, 2023. Changes in portfolio value are measured as the percentage change when comparing the projected portfolio value to the base interest rate scenario at June 30, 2023.

Change in Interest Rates

 

Percentage Change

in Portfolio Value

 

Percentage Change

in Equity

 

 

 

 

 

+100 Basis Point Increase

 

(1.45

)%

 

(7.09

)%

+ 50 Basis Point Increase

 

(0.67

)%

 

(3.25

)%

Actual at June 30, 2023

 

%

 

%

- 50 Basis Point Decrease

 

0.55

%

 

2.66

%

-100 Basis Point Decrease

 

0.97

%

 

4.73

%

 

MFA FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS

 
(In Thousands, Except Per Share Amounts)

 

June 30,

2023

 

December 31,

2022

 

 

(unaudited)

 

 

Assets:

 

 

 

 

Residential whole loans, net ($6,500,033 and $5,727,524 held at fair value, respectively) (1)

 

$

8,139,786

 

 

$

7,518,739

 

Securities, at fair value

 

 

594,294

 

 

 

333,364

 

Cash and cash equivalents

 

 

329,391

 

 

 

334,183

 

Restricted cash

 

 

174,005

 

 

 

159,898

 

Other assets

 

 

498,755

 

 

 

766,221

 

Total Assets

 

$

9,736,231

 

 

$

9,112,405

 

 

 

 

 

 

Liabilities:

 

 

 

 

Financing agreements ($4,116,746 and $3,898,744 held at fair value, respectively)

 

$

7,568,177

 

 

$

6,812,086

 

Other liabilities

 

 

223,285

 

 

 

311,470

 

Total Liabilities

 

$

7,791,462

 

 

$

7,123,556

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)

 

$

80

 

 

$

80

 

Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding ($275,000 aggregate liquidation preference)

 

 

110

 

 

 

110

 

Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 101,916 and 101,802 shares issued and outstanding, respectively

 

 

1,019

 

 

 

1,018

 

Additional paid-in capital, in excess of par

 

 

3,691,233

 

 

 

3,684,291

 

Accumulated deficit

 

 

(1,761,093

)

 

 

(1,717,991

)

Accumulated other comprehensive income

 

 

13,420

 

 

 

21,341

 

Total Stockholders’ Equity

 

$

1,944,769

 

 

$

1,988,849

 

Total Liabilities and Stockholders’ Equity

 

$

9,736,231

 

 

$

9,112,405

 

(1)

Includes approximately $4.8 billion and $4.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 2023 and December 31, 2022, respectively. Such assets can be used only to settle the obligations of each respective VIE.

 

MFA FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

(In Thousands, Except Per Share Amounts)

 

2023

 

2022

 

2023

 

2022

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Interest Income:

 

 

 

 

 

 

 

 

Residential whole loans

 

$

128,048

 

 

$

102,354

 

 

$

247,558

 

 

$

201,820

 

Securities, at fair value

 

 

9,948

 

 

 

5,294

 

 

 

17,256

 

 

 

10,569

 

Other interest-earning assets

 

 

2,622

 

 

 

1,349

 

 

 

4,973

 

 

 

2,855

 

Cash and cash equivalent investments

 

 

3,732

 

 

 

324

 

 

 

6,768

 

 

 

426

 

Interest Income

 

$

144,350

 

 

$

109,321

 

 

$

276,555

 

 

$

215,670

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

Asset-backed and other collateralized financing arrangements

 

$

95,884

 

 

$

52,805

 

 

$

184,764

 

 

$

92,170

 

Other interest expense

 

 

3,961

 

 

 

3,937

 

 

 

7,917

 

 

 

7,868

 

Interest Expense

 

$

99,845

 

 

$

56,742

 

 

$

192,681

 

 

$

100,038

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

$

44,505

 

 

$

52,579

 

 

$

83,874

 

 

$

115,632

 

 

 

 

 

 

 

 

 

 

(Provision)/Reversal of Provision for Credit Losses on Residential Whole Loans

 

$

(294

)

 

$

(1,817

)

 

$

(281

)

 

$

1,694

 

Provision for Credit Losses on Other Assets

 

 

 

 

 

(28,579

)

 

 

 

 

 

(28,579

)

Net Interest Income after Provision for Credit Losses

 

$

44,211

 

 

$

22,183

 

 

$

83,593

 

 

$

88,747

 

 

 

 

 

 

 

 

 

 

Other (Loss)/Income, net:

 

 

 

 

 

 

 

 

Net loss on residential whole loans measured at fair value through earnings

 

$

(130,703

)

 

$

(218,181

)

 

$

(1,529

)

 

$

(506,116

)

Impairment and other net loss on securities and other portfolio investments

 

 

(4,569

)

 

 

(12,046

)

 

 

(1,638

)

 

 

(15,747

)

Net gain on real estate owned

 

 

2,153

 

 

 

7,185

 

 

 

6,095

 

 

 

15,917

 

Net gain on derivatives used for risk management purposes

 

 

60,451

 

 

 

47,804

 

 

 

39,243

 

 

 

141,905

 

Net gain/(loss) on securitized debt measured at fair value through earnings

 

 

27,394

 

 

 

84,573

 

 

 

(24,331

)

 

 

148,690

 

Lima One - origination, servicing and other fee income

 

 

11,477

 

 

 

10,673

 

 

 

20,453

 

 

 

25,167

 

Other, net

 

 

5,496

 

 

 

3,544

 

 

 

8,668

 

 

 

6,220

 

Other (Loss)/Income, net

 

$

(28,301

)

 

$

(76,448

)

 

$

46,961

 

 

$

(183,964

)

 

 

 

 

 

 

 

 

 

Operating and Other Expense:

 

 

 

 

 

 

 

 

Compensation and benefits

 

$

21,771

 

 

$

19,060

 

 

$

42,401

 

 

$

38,616

 

Other general and administrative expense

 

 

11,169

 

 

 

10,507

 

 

 

21,560

 

 

 

19,204

 

Loan servicing, financing and other related costs

 

 

7,598

 

 

 

13,235

 

 

 

17,137

 

 

 

23,636

 

Amortization of intangible assets

 

 

1,300

 

 

 

3,300

 

 

 

2,600

 

 

 

6,600

 

Operating and Other Expense

 

$

41,838

 

 

$

46,102

 

 

$

83,698

 

 

$

88,056

 

 

 

 

 

 

 

 

 

 

Net (Loss)/Income

 

$

(25,928

)

 

$

(100,367

)

 

$

46,856

 

 

$

(183,273

)

Less Preferred Stock Dividend Requirement

 

$

8,218

 

 

$

8,219

 

 

$

16,437

 

 

$

16,438

 

Net (Loss)/Income Available to Common Stock and Participating Securities

 

$

(34,146

)

 

$

(108,586

)

 

$

30,419

 

 

$

(199,711

)

 

 

 

 

 

 

 

 

 

Basic (Loss)/Earnings per Common Share

 

$

(0.34

)

 

$

(1.06

)

 

$

0.30

 

 

$

(1.91

)

Diluted (Loss)/Earnings per Common Share

 

$

(0.34

)

 

$

(1.06

)

 

$

0.29

 

 

$

(1.91

)

 

Segment Reporting

At June 30, 2023, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured convertible senior notes, securitization issuance costs, and preferred stock dividends.

The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:

(Dollars in Thousands)

 

Mortgage-

Related Assets

 

Lima One

 

Corporate

 

Total

Three months ended June 30, 2023

 

 

 

 

 

 

 

 

Interest Income

 

$

89,912

 

 

$

51,308

 

 

$

3,130

 

 

$

144,350

 

Interest Expense

 

 

58,940

 

 

 

36,943

 

 

 

3,962

 

 

 

99,845

 

Net Interest Income/(Expense)

 

$

30,972

 

 

$

14,365

 

 

$

(832

)

 

$

44,505

 

Provision for Credit Losses on Residential Whole Loans

 

 

(294

)

 

 

 

 

 

 

 

 

(294

)

Net Interest Income/(Expense) after Provision for Credit Losses

 

$

30,678

 

 

$

14,365

 

 

$

(832

)

 

$

44,211

 

 

 

 

 

 

 

 

 

 

Net loss on residential whole loans measured at fair value through earnings

 

$

(97,459

)

 

$

(33,244

)

 

$

 

 

$

(130,703

)

Impairment and other net loss on securities and other portfolio investments

 

 

(3,697

)

 

 

 

 

 

(872

)

 

 

(4,569

)

Net gain/(loss) on real estate owned

 

 

2,493

 

 

 

(340

)

 

 

 

 

 

2,153

 

Net gain on derivatives used for risk management purposes

 

 

45,142

 

 

 

15,309

 

 

 

 

 

 

60,451

 

Net gain on securitized debt measured at fair value through earnings

 

 

18,887

 

 

 

8,507

 

 

 

 

 

 

27,394

 

Lima One - origination, servicing and other fee income

 

 

 

 

 

11,477

 

 

 

 

 

 

11,477

 

Other, net

 

 

3,812

 

 

 

1,076

 

 

 

608

 

 

 

5,496

 

Total Other (Loss)/Income, net

 

$

(30,822

)

 

$

2,785

 

 

$

(264

)

 

$

(28,301

)

 

 

 

 

 

 

 

 

 

General and administrative expenses (including compensation)

 

$

 

 

$

15,601

 

 

$

17,339

 

 

$

32,940

 

Loan servicing, financing, and other related costs

 

 

5,395

 

 

 

131

 

 

 

2,072

 

 

 

7,598

 

Amortization of intangible assets

 

 

 

 

 

1,300

 

 

 

 

 

 

1,300

 

Net (Loss)/Income

 

$

(5,539

)

 

$

118

 

 

$

(20,507

)

 

$

(25,928

)

 

 

 

 

 

 

 

 

 

Less Preferred Stock Dividend Requirement

 

$

 

 

$

 

 

$

8,218

 

 

$

8,218

 

Net (Loss)/Income Available to Common Stock and Participating Securities

 

$

(5,539

)

 

$

118

 

 

$

(28,725

)

 

$

(34,146

)

 

(Dollars in Thousands)

 

Mortgage-

Related Assets

 

Lima One

 

Corporate

 

Total

June 30, 2023

 

 

 

 

 

 

 

 

Total Assets

 

$

6,183,728

 

$

3,156,741

 

$

395,762

 

$

9,736,231

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

Total Assets

 

$

6,065,557

 

$

2,618,695

 

$

428,153

 

$

9,112,405

 

Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings

“Distributable earnings” is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removing certain unrealized gains and losses, primarily on residential mortgage investments, associated debt, and hedges that are, in each case, accounted for at fair value through earnings, certain realized gains and losses, as well as certain non-cash expenses and securitization-related transaction costs. Management believes that the adjustments made to GAAP earnings result in the removal of (i) income or expenses that are not reflective of the longer term performance of our investment portfolio, (ii) certain non-cash expenses, and (iii) expense items required to be recognized solely due to the election of the fair value option on certain related residential mortgage assets and associated liabilities. Distributable earnings is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. Accordingly, we believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results.

Distributable earnings should be used in conjunction with results presented in accordance with GAAP. Distributable earnings does not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP net income/(loss) used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods below:

 

 

Quarter Ended

(In Thousands, Except Per Share Amounts)

 

June 30, 2023

 

March 31,

2023

 

December 31,

2022

 

September 30,

2022

 

June 30, 2022

GAAP Net (loss)/income used in the calculation of basic EPS

 

$

(34,265

)

 

$

64,407

 

 

$

(1,647

)

 

$

(63,410

)

 

$

(108,760

)

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Unrealized and realized gains and losses on:

 

 

 

 

 

 

 

 

 

 

Residential whole loans held at fair value

 

 

130,703

 

 

 

(129,174

)

 

 

68,828

 

 

 

291,818

 

 

 

218,181

 

Securities held at fair value

 

 

3,698

 

 

 

(2,931

)

 

 

383

 

 

 

(1,549

)

 

 

1,459

 

Interest rate swaps

 

 

(37,018

)

 

 

40,747

 

 

 

12,725

 

 

 

(108,917

)

 

 

(31,767

)

Securitized debt held at fair value

 

 

(30,908

)

 

 

48,846

 

 

 

(44,988

)

 

 

(100,767

)

 

 

(84,348

)

Investments in loan origination partners

 

 

872

 

 

 

 

 

 

8,526

 

 

 

2,031

 

 

 

39,162

 

Expense items:

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

1,300

 

 

 

1,300

 

 

 

1,300

 

 

 

1,300

 

 

 

3,300

 

Equity based compensation

 

 

3,932

 

 

 

3,020

 

 

 

2,480

 

 

 

2,673

 

 

 

3,540

 

Securitization-related transaction costs

 

 

2,071

 

 

 

4,602

 

 

 

1,744

 

 

 

5,014

 

 

 

6,399

 

Total adjustments

 

 

74,650

 

 

 

(33,590

)

 

 

50,998

 

 

 

91,603

 

 

 

155,926

 

Distributable earnings

 

$

40,385

 

 

$

30,817

 

 

$

49,351

 

 

$

28,193

 

 

$

47,166

 

 

 

 

 

 

 

 

 

 

 

 

GAAP earnings/(loss) per basic common share

 

$

(0.34

)

 

$

0.63

 

 

$

(0.02

)

 

$

(0.62

)

 

$

(1.06

)

Distributable earnings per basic common share

 

$

0.40

 

 

$

0.30

 

 

$

0.48

 

 

$

0.28

 

 

$

0.46

 

Weighted average common shares for basic earnings per share

 

 

101,915

 

 

 

101,900

 

 

 

101,800

 

 

 

101,795

 

 

 

102,515

 

 

The following table presents our non-GAAP Distributable earnings by segment for the quarterly periods below:

(Dollars in Thousands)

 

Mortgage-

Related Assets

 

Lima One

 

Corporate

 

Total

Three months ended June 30, 2023

 

 

 

 

 

 

 

 

GAAP Net (loss)/income used in the calculation of basic EPS

 

$

(5,539

)

 

$

118

 

 

$

(28,844

)

 

$

(34,265

)

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Unrealized and realized gains and losses on:

 

 

 

 

 

 

 

 

Residential whole loans held at fair value

 

 

97,459

 

 

 

33,244

 

 

 

 

 

 

130,703

 

Securities held at fair value

 

 

3,698

 

 

 

 

 

 

 

 

 

3,698

 

Interest rate swaps

 

 

(27,903

)

 

 

(9,115

)

 

 

 

 

 

(37,018

)

Securitized debt held at fair value

 

 

(21,756

)

 

 

(9,152

)

 

 

 

 

 

(30,908

)

Investments in loan origination partners

 

 

 

 

 

 

 

 

872

 

 

 

872

 

Expense items:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

1,300

 

 

 

 

 

 

1,300

 

Equity based compensation

 

 

 

 

 

130

 

 

 

3,802

 

 

 

3,932

 

Securitization-related transaction costs

 

 

 

 

 

 

 

 

2,071

 

 

 

2,071

 

Total adjustments

 

$

51,498

 

 

$

16,407

 

 

$

6,745

 

 

$

74,650

 

Distributable earnings

 

$

45,959

 

 

$

16,525

 

 

$

(22,099

)

 

$

40,385

 

 

(Dollars in Thousands)

 

Mortgage-

Related Assets

 

Lima One

 

Corporate

 

Total

Three months ended March 31, 2023

 

 

 

 

 

 

 

 

GAAP Net income/(loss) used in the calculation of basic EPS

 

$

76,153

 

 

$

20,215

 

 

$

(31,961

)

 

$

64,407

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Unrealized and realized gains and losses on:

 

 

 

 

 

 

 

 

Residential whole loans held at fair value

 

 

(95,509

)

 

 

(33,665

)

 

 

 

 

 

(129,174

)

Securities held at fair value

 

 

(2,931

)

 

 

 

 

 

 

 

 

(2,931

)

Interest rate swaps

 

 

30,870

 

 

 

9,877

 

 

 

 

 

 

40,747

 

Securitized debt held at fair value

 

 

32,580

 

 

 

16,266

 

 

 

 

 

 

48,846

 

Investments in loan origination partners

 

 

 

 

 

 

 

 

 

 

 

 

Expense items:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

1,300

 

 

 

 

 

 

1,300

 

Equity based compensation

 

 

 

 

 

127

 

 

 

2,893

 

 

 

3,020

 

Securitization-related transaction costs

 

 

 

 

 

 

 

 

4,602

 

 

 

4,602

 

Total adjustments

 

$

(34,990

)

 

$

(6,095

)

 

$

7,495

 

 

$

(33,590

)

Distributable earnings

 

$

41,163

 

 

$

14,120

 

 

$

(24,466

)

 

$

30,817

 

 

Reconciliation of GAAP Book Value per Common Share to non-GAAP Economic Book Value per Common Share

“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments. These adjustments are also reflected in the table below in our end of period stockholders’ equity. Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP book value per common share to our non-GAAP Economic book value per common share as of the quarterly periods below:

 

 

Quarter Ended:

(In Millions, Except Per Share Amounts)

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

 

September 30,

2022

 

June 30,

2022

GAAP Total Stockholders’ Equity

 

$

1,944.8

 

 

$

2,018.6

 

 

$

1,988.8

 

 

$

2,033.9

 

 

$

2,146.4

 

Preferred Stock, liquidation preference

 

 

(475.0

)

 

 

(475.0

)

 

 

(475.0

)

 

 

(475.0

)

 

 

(475.0

)

GAAP Stockholders’ Equity for book value per common share

 

 

1,469.8

 

 

 

1,543.6

 

 

 

1,513.8

 

 

 

1,558.9

 

 

 

1,671.4

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Fair value adjustment to Residential whole loans, at carrying value

 

 

(58.3

)

 

 

(33.9

)

 

 

(70.2

)

 

 

(58.2

)

 

 

9.5

 

Fair value adjustment to Securitized debt, at carrying value

 

 

129.8

 

 

 

122.4

 

 

 

139.7

 

 

 

109.6

 

 

 

75.4

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)

 

$

1,541.3

 

 

$

1,632.1

 

 

$

1,583.3

 

 

$

1,610.3

 

 

$

1,756.3

 

 

 

 

 

 

 

 

 

 

 

 

GAAP book value per common share

 

$

14.42

 

 

$

15.15

 

 

$

14.87

 

 

$

15.31

 

 

$

16.42

 

Economic book value per common share

 

$

15.12

 

 

$

16.02

 

 

$

15.55

 

 

$

15.82

 

 

$

17.25

 

Number of shares of common stock outstanding

 

 

101.9

 

 

 

101.9

 

 

 

101.8

 

 

 

101.8

 

 

 

101.8

 

 

Cautionary Note Regarding Forward-Looking Statements

When used in this press release or other written or oral communications, statements that are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” the negative of these words or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements include information about possible or assumed future results with respect to MFA’s business, financial condition, liquidity, results of operations, plans and objectives. Among the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements that we make are: general economic developments and trends and the performance of the housing, real estate, mortgage finance, broader financial markets; inflation, increases in interest rates and changes in the market (i.e., fair) value of MFA’s residential whole loans, MBS, securitized debt and other assets, as well as changes in the value of MFA’s liabilities accounted for at fair value through earnings; the effectiveness of hedging transactions; changes in the prepayment rates on residential mortgage assets, an increase of which could result in a reduction of the yield on certain investments in its portfolio and could require MFA to reinvest the proceeds received by it as a result of such prepayments in investments with lower coupons, while a decrease in which could result in an increase in the interest rate duration of certain investments in MFA’s portfolio making their valuation more sensitive to changes in interest rates and could result in lower forecasted cash flows; credit risks underlying MFA’s assets, including changes in the default rates and management’s assumptions regarding default rates on the mortgage loans in MFA’s residential whole loan portfolio; MFA’s ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowings; implementation of or changes in government regulations or programs affecting MFA’s business; MFA’s estimates regarding taxable income, the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by MFA to accrete the market discount on residential whole loans and the extent of prepayments, realized losses and changes in the composition of MFA’s residential whole loan portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals or whole loan modifications, foreclosures and liquidations; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA’s Board of Directors and will depend on, among other things, MFA’s taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as MFA’s Board of Directors deems relevant; MFA’s ability to maintain its qualification as a REIT for federal income tax purposes; MFA’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the “Investment Company Act”), including statements regarding the concept release issued by the Securities and Exchange Commission (“SEC”) relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are engaged in the business of acquiring mortgages and mortgage-related interests; MFA’s ability to continue growing its residential whole loan portfolio, which is dependent on, among other things, the supply of loans offered for sale in the market; targeted or expected returns on our investments in recently-originated mortgage loans, the performance of which is, similar to our other mortgage loan investments, subject to, among other things, differences in prepayment risk, credit risk and financing costs associated with such investments; risks associated with the ongoing operation of Lima One Holdings, LLC (including, without limitation, unanticipated expenditures relating to or liabilities arising from its operation (including, among other things, a failure to realize management’s assumptions regarding expected growth in business purpose loan (BPL) origination volumes and credit risks underlying BPLs, including changes in the default rates and management’s assumptions regarding default rates on the BPLs originated by Lima One)); expected returns on MFA’s investments in nonperforming residential whole loans (“NPLs”), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; risks associated with our investments in MSR-related assets, including servicing, regulatory and economic risks; risks associated with our investments in loan originators; risks associated with investing in real estate assets generally, including changes in business conditions and the general economy; and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that we file with the SEC. These forward-looking statements are based on beliefs, assumptions and expectations of MFA’s future performance, taking into account information currently available. Readers and listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Category: Earnings

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