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MFA Financial, Inc. Announces Second Quarter 2022 Financial Results

08/04/2022

NEW YORK, Aug. 4, 2022 /PRNewswire/ -- MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 financial results update:

  • MFA generated a GAAP loss for the second quarter of ($108.6) million, or ($1.06) per common share1. Distributable Earnings, a non-GAAP financial measure, was $47.2 million, or $0.46 per common share.
  • GAAP book value at June 30, 2022 was $16.42 per common share, while Economic book value, a non-GAAP financial measure of MFA's financial position, was $17.25 per common share at quarter-end.
  • Continued increases in interest rates and wider spreads resulted in losses on our residential whole loans that are measured at fair value through earnings of $216.4 million. This was partially offset by unrealized gains on securitized debt measured at fair value through earnings as well as gains on derivatives used for risk management purposes totaling $132.4 million.
  • Net interest income for the second quarter was $52.6 million. Interest income from residential whole loans increased 3% over the immediately prior quarter to $102.4 million. Interest expense was $13.4 million higher than the immediately prior quarter, consistent with the rising rate environment, which impacted both repurchase agreement funding and securitization execution. For the second quarter, the overall net interest spread generated by all of our interest-bearing assets, including the carrying cost associated with swaps used for economic hedging purposes, was 1.37%.
  • During the quarter, we completed two securitizations of Business Purpose loans, totaling $509.5 million, including our first securitization of approximately $250.0 million of Rehabilitation loans. We also completed another securitization of Non-QM loans totaling $540.7 million, providing longer term, non-recourse, non-mark-to-market financing. In connection with these transactions, we generated additional liquidity of $58.2 million. Subsequent to quarter end we completed two additional securitizations totaling $550.2 million, further reducing our use of recourse, mark-to-market financing.
  • Loan acquisition activity of $728.6 million included $508.5 million of funded originations (including draws on Rehabilitation loans) of Business Purpose loans (approximately $600 million maximum loan amount inclusive of undrawn amounts) and $220.1 million of Non-QM loan acquisitions.
  • On July 29, 2022, MFA paid a regular cash dividend for the second quarter of $0.44 per share of common stock.

1 For all periods presented all per share amounts and common shares outstanding have been adjusted to reflect the Company's 1-for-4 reverse stock split which was effected following the close of business on April 4, 2022.

 

Commenting on the second quarter, Craig Knutson, MFA's CEO and President said, "The second quarter of 2022 was an extremely challenging period across all financial markets.  The S&P 500 Index was down over 16% in the second quarter and posted its worst first half of the year in more than 50 years.  Bond markets continued to sell off after a difficult first quarter and bond indices are generally down over 10% year-to-date.  Mortgage spreads widened materially as did credit spreads, with high yield corporates wider by almost 300 basis points year-to-date.  Through this difficult period, our team at MFA has protected book value and preserved capital as we wait for more favorable market conditions.  Mortgage REIT book values are down substantially since the beginning of 2022, and while MFA has certainly not been immune to these forces, our book value performance has been better than most in the peer group.  We proactively addressed these market challenges beginning late last year in an effort to hedge our exposure to interest rate risk and marshal liquidity.  Our interest rate swap position, which was $900 million at the beginning of 2022, is now $3.2 billion as we actively managed our hedge position through the rate cycle, and the floating receive leg of these swaps now exceeds the fixed pay leg by over 50 basis points.  Despite difficult market conditions, we have continued to execute securitizations, which fix and term out our financing for our loan portfolio while generating more liquidity.  Lima One has been able to take advantage of market disruptions that have made it difficult for competitors who rely on loan sales to third-parties.  The current origination pipeline has a weighted average coupon of approximately 8%.  We slowed our new investment activity in Non-QM loans further in the second quarter, given the uncertainty around rates and credit spreads.

Mr. Knutson added, "During the quarter we maintained a substantial cash position and closed the quarter with nearly $400 million in unrestricted cash.  Despite ongoing declines in residential loan valuations, our strategy of maintaining an under borrowing cushion on our mark-to-market financings resulted in minimal margin call requests.  Overall leverage increased slightly, mainly due to declines in asset values, but remains relatively low at 3.3 times debt to equity. Excluding securitized debt, our recourse leverage is 1.8 times debt to equity.  We reported a GAAP loss of ($1.06) per common share in the second quarter, as earnings were negatively impacted by market value decreases in our loan portfolio held at fair value.  Our GAAP book value decreased $1.42, or 8.0%, to $16.42 per share, and our Economic book value declined $1.56 or 8.3% to $17.25 per share.  Distributable Earnings, a non-GAAP metric intended to provide a measure of earnings that primarily eliminates non-cash, unrealized gains and losses that impact our GAAP earnings, were $47.2 million or $0.46 per common share."

Q2 2022 Portfolio Activity

MFA's residential mortgage investment portfolio decreased by $85.0 million during the second quarter.  Loan acquisitions of $728.6 million, including $508.5 million of funded originations (including draws on Rehabilitation loans) of Business Purpose loans and $220.1 million of Non-QM loan acquisitions, were largely offset by portfolio run-off and asset valuation declines.

At June 30, 2022, our investments in residential whole loans totaled $8.2 billion.  Of this amount, $6.8 billion are Purchased Performing Loans, $474.9 million are Purchased Credit Deteriorated Loans and $922.1 million are Purchased Non-performing Loans.  During the quarter, we recognized approximately $102.4 million of Interest Income on residential whole loans in our consolidated statements of operations, representing a yield of 4.85%.  Purchased Performing Loans generated a yield of 4.20%, Purchased Credit Deteriorated Loans generated a yield of 6.85% and Purchased Non-performing Loans generated a yield of 9.40%.  Interest income from our residential whole loan portfolio increased on a sequential quarter basis by almost 3% and overall delinquency rates across all loan products in our Purchased Performing Loan portfolio were lower than the prior quarter. In addition, the amount of Purchased Credit Deteriorated Loans that were 90 or more days delinquent, measured as a percentage of the unpaid principal balance, decreased from 18.3% at March 31, 2022 to 17.7%  at June 30, 2022.  The percentage amount of Purchased Non-performing Loans that were 90 or more days delinquent decreased to 41.8% at June 30, 2022 from 43.0% at March 31, 2022.

Lima One had another strong quarter, funding more than $425.2 million of business purpose loans with a maximum loan amount of approximately $600 million, and generating approximately $10.7 million of origination, servicing, and other fee income.

For the second quarter, a provision for credit losses of $1.8 million was recorded on residential whole loans held at carrying value, primarily reflecting adjustments to lower future estimates of prepayment speeds given recent and expected future increases in market interest rates, partially offset by the run-off of loans held at carrying value.  The total allowance for credit losses recorded on residential whole loans held at carrying value at June 30, 2022 was $36.9 million.  In addition, we recorded an impairment charge in earnings of $28.6 million against the carrying value of our investment in one loan origination partner, bringing the net carrying value of our investment to zero at June 30, 2022.

During the second quarter we increased our position in interest rate swaps to a notional amount of $3.2 billion.  At June 30, 2022, these swaps had a weighted average fixed pay interest rate of 1.69% and a weighted average variable receive interest rate of 1.50%.  After including the impact of these swaps and other derivatives that have been entered into for economic hedging purposes, as well as the effect of securitized and other fixed rate debt, we estimate that the net effective duration of our investment portfolio at June 30, 2022 was 0.93.

Our Purchased Non-performing Loans and certain of our Purchased Performing Loans are measured at fair value as a result of the election of the fair value option at acquisition, with changes in the fair value and other non-interest related income from these loans recorded in Other income, net each period.  For the second quarter, net losses of $216.4 million were recorded, primarily reflecting unrealized fair value changes in the underlying loans.  These losses were partially offset by $47.8 million of gains on derivatives used for risk management purposes, as well as $84.6 million of mark-to-market gains on securitized debt held at fair value through earnings.

We also continued to take advantage of a strong housing market to reduce our REO portfolio, selling 124 properties in the second quarter for aggregate proceeds of $39.6 million and generating $7.3 million of gains.  Our REO portfolio was $135.8 million at June 30, 2022, a 34% decrease since June 30, 2021.

At the end of the second quarter, MFA held $245.6 million of Securities, at fair value, including $152.9 million of MSR-related assets and $92.7 million of CRT securities.

General and Administrative and other expenses

For the three months ended June 30, 2022, MFA's costs for compensation and benefits and other general and administrative expenses were $29.6 million.  Expenses this quarter include $13.0 million of compensation and other general and administrative expenses recorded at Lima One.

Segment reporting

Included in this press release for the first time is information on our reportable segments, including GAAP Net Income and Distributable Earnings for each segment for the three month periods ended March 31 and June 30, 2022 and segment assets of December 31, 2021 and June 30, 2022.

The following table presents MFA's asset allocation as of June 30, 2022, and the second quarter 2022 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, 2022


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


$   6,794



$       475



$      922



$      246



$      136



$          705



$   9,278


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


(589)



(115)



(192)





(9)





(905)


Financing Agreements with Mark-to-
  market Collateral Provisions


(2,223)



(99)



(129)



(158)



(16)





(2,625)


Less Securitized Debt


(2,904)



(177)



(275)





(19)





(3,375)


Less Convertible Senior Notes












(227)



(227)


Net Equity Allocated


$   1,078



$         84



$      326



$        88



$        92



$          478



$   2,146


Debt/Net Equity Ratio (4)


5.3

x


4.7

x


1.8

x


1.8

x


0.5

x





3.3

x























For the Quarter Ended June 30, 2022












Yield on Average Interest Earning Assets
  (5)


4.20

%


6.85

%


9.40

%


10.09

%


N/A






4.75

%

Less Average Cost of  Funds (6)


(3.28)



(3.17)



(3.34)



(2.54)



(3.41)






(3.38)


Net Interest Rate Spread


0.92

%


3.68

%


6.06

%


7.55

%


(3.41)

%





1.37

%



(1)

Includes $3.5 billion of Non-QM loans, $1.0 billion of Rehabilitation loans, $1.3 billion of Single-family rental loans, $92.9 million of Seasoned performing loans, and $912.2 million of Agency eligible investor loans.  At June 30, 2022, the total fair value of these loans is estimated to be approximately $6.7 billion. 

(2)

At June 30, 2022, the total fair value of these loans is estimated to be approximately $528.4 million. 

(3)

Includes $385.6 million of cash and cash equivalents, $159.7 million of restricted cash, and $32.0 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 noted above 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, 2022, the amortized cost of our securities, at fair value, was $211.3 million.  In addition, the yield for residential whole loans was 4.83%, 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 carrying cost (the amount by which swap interest expense paid exceeds swap interest income received) on our Swaps. While we have not elected hedge accounting treatment for Swaps and accordingly the net carrying cost is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate the net carrying cost to the cost of funding to reflect the economic impact of our interest rate swap agreements (or Swaps) on the funding costs shown in the table above.  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.

 

The following table presents the activity for our residential mortgage asset portfolio for the three months ended June 30, 2022:

Table 2 - Investment Portfolio Activity Q2 2022

(In Millions)


March 31, 2022


Runoff (1)


Acquisitions (2)


Other (3)


June 30, 2022


Change

Residential whole loans and REO


$                      8,407


$         (585)


$                  729


$        (225)


$                      8,326


$          (81)

Securities, at fair value


250


(1)



(3)


246


(4)

Totals


$                      8,657


$         (586)


$                  729


$        (228)


$                      8,572


$          (85)



(1)

  Primarily includes principal repayments and sales of REO.

(2)

  Includes draws on previously originated Rehabilitation 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, 2022


December 31,
2021


June 30, 2022


December 31,
2021


June 30, 2022


December 31,
2021

Purchased Performing Loans:













Non-QM loans


$  1,113,696


$ 1,448,162


$  2,381,214


$ 2,013,369


$  3,494,910


$ 3,461,531

Rehabilitation loans


111,164


217,315


932,667


517,530


1,043,831


734,845

Single-family rental loans


247,129


331,808


1,016,109


619,415


1,263,238


951,223

Seasoned performing loans


92,909


102,041




92,909


102,041

Agency eligible investor loans




912,245


1,082,765


912,245


1,082,765

Total Purchased Performing Loans


$  1,564,898


$ 2,099,326


$  5,242,235


$ 4,233,079


$  6,807,133


$ 6,332,405














Purchased Credit Deteriorated Loans


$     498,317


$    547,772


$               —


$              —


$     498,317


$    547,772














Allowance for Credit Losses


$      (36,927)


$     (39,447)


$               —


$              —


$      (36,927)


$     (39,447)














Purchased Non-Performing Loans


$               —


$              —


$     922,058


$ 1,072,270


$     922,058


$ 1,072,270














Total Residential Whole Loans


$  2,026,288


$ 2,607,651


$  6,164,293


$ 5,305,349


$  8,190,581


$ 7,913,000














Number of loans


7,813


9,361


17,762


14,734


25,575


24,095

 

Table 4 - Yields and average balances



For the Three-Month Period Ended

(Dollars in Thousands)


June 30, 2022


March 31, 2022


June 30, 2021



Interest


Average
Balance


Average
Yield 


Interest


Average
Balance


Average
Yield


Interest


Average
Balance


Average
Yield

Purchased Performing Loans:



















Non-QM loans


$  34,512


$  3,766,691


3.66 %


$ 32,952


$ 3,658,912


3.60 %


$  21,968


$  2,327,256


3.78 %

Rehabilitation loans


15,188


953,320


6.37 %


14,861


814,055


7.30 %


7,328


454,939


6.44 %

Single-family rental loans


16,413


1,263,966


5.19 %


13,325


1,024,731


5.20 %


6,906


479,233


5.76 %

Seasoned performing loans


1,155


95,650


4.83 %


1,010


100,032


4.04 %


1,540


125,056


4.93 %

Agency eligible investor loans


7,604


1,051,737


2.89 %


7,583


1,075,013


2.82 %


263


32,114


3.28 %

Total Purchased Performing Loans


74,872


7,131,364


4.20 %


69,731


6,672,743


4.18 %


38,005


3,418,598


4.45 %




















Purchased Credit Deteriorated Loans


8,672


506,653


6.85 %


9,009


530,828


6.79 %


11,303


630,217


7.17 %




















Purchased Non-Performing Loans


18,810


800,102


9.40 %


20,726


844,206


9.82 %


19,709


987,860


7.98 %




















Total Residential Whole Loans


$  102,354


$  8,438,119


4.85 %


$ 99,466


$ 8,047,777


4.94 %


$  69,017


$  5,036,675


5.48 %

 

Table 5 - Net Interest Spread



For the Three-Month Period Ended



June 30, 2022


March 31, 2022


June 30, 2021








Purchased Performing Loans







Net Yield (1)


4.20 %


4.18 %


4.45 %

Cost of Funding (2)


3.28 %


2.74 %


2.09 %

Net Interest Spread


0.92 %


1.44 %


2.36 %








Purchased Credit Deteriorated Loans







Net Yield (1)


6.85 %


6.79 %


7.17 %

Cost of Funding (2)


3.17 %


2.88 %


2.39 %

Net Interest Spread


3.68 %


3.91 %


4.78 %








Purchased Non-Performing Loans







Net Yield (1)


9.40 %


9.82 %


7.98 %

Cost of Funding (2)


3.34 %


3.09 %


2.71 %

Net Interest Spread


6.06 %


6.73 %


5.27 %








Total Residential Whole Loans







Net Yield (1)


4.85 %


4.94 %


5.48 %

Cost of Funding (2)


3.28 %


2.79 %


2.25 %

Net Interest Spread


1.57 %


2.15 %


3.23 %



(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 for the quarterly periods ended June 30, 2022 and March 31, 2022 includes the impact of the net carrying cost (the amount by which swap interest expense paid exceeds swap interest income received) on our Swaps. While we have not elected hedge accounting treatment for Swaps and, accordingly, the net carrying cost is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate the net carrying cost 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, 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.  For the quarter ended March 31, 2022, this increased the overall funding cost by 35 basis points for our Residential whole loans, 33 basis points for our Purchased Performing Loans, 56 basis points for our Purchased Credit Deteriorated Loans, and 39 basis points for our Purchased Non-Performing Loans.  We did not have any Swaps during the quarter ended June 30, 2021.

 

Table 6 - Allowance for Credit Losses

The following table presents a roll-forward of the allowance for credit losses on the Company's Residential Whole Loans, at Carrying Value:



Six Months Ended June 30, 2022

(Dollars In Thousands)


Non-QM Loans


Rehabilitation Loans (1)(2)


Single-family Rental Loans


Seasoned Performing Loans


Purchased Credit Deteriorated Loans (3)


Totals

Allowance for credit losses at December 31, 2021


$          8,289


$          6,881


$          1,451


$               46


$       22,780


$       39,447

Current provision


(909)


(1,460)


(122)


(1)


(975)


(3,467)

Write-offs


(51)


(219)


(27)



(226)


(523)

Allowance for credit losses at March 31, 2022


$          7,329


$          5,202


$          1,302


$               45


$       21,579


$       35,457

Current provision/(reversal)


(199)


(23)


174


1


1,877


1,830

Write-offs



(118)


(184)



(58)


(360)

Allowance for credit losses at June 30, 2022


$          7,130


$          5,061


$          1,292


$               46


$       23,398


$       36,927






Six Months Ended June 30, 2021

(Dollars In Thousands)


Non-QM Loans


Rehabilitation Loans (1)(2)


Single-family Rental Loans


Seasoned Performing Loans


Purchased Credit Deteriorated Loans (3)


Totals

Allowance for credit losses at December 31, 2020


$       21,068


$       18,371


$          3,918


$             107


$       43,369


$       86,833

Current provision


(6,523)


(3,700)


(1,172)


(41)


(10,936)


(22,372)

Write-offs



(1,003)




(214)


(1,217)

Allowance for credit losses at  March 31, 2021


$       14,545


$       13,668


$          2,746


$               66


$       32,219


$       63,244

Current provision/(reversal)


(2,416)


(1,809)


(386)


(9)


(3,963)


(8,583)

Write-offs


(37)


(255)




(108)


(400)

Valuation adjustment on loans held for sale







Allowance for credit losses at June 30, 2021


$       12,092


$       11,604


$          2,360


$               57


$       28,148


$       54,261



(1)

In connection with purchased Rehabilitation loans at carrying value, the Company had unfunded commitments of $10.1 million and $40.3 million as of June 30, 2022 and 2021, respectively, with an allowance for credit losses of $110,000 and $512,000 at June 30, 2022 and 2021, respectively.  Such allowance is included in "Other liabilities" in the Company's consolidated balance sheets (see Note 7).

(2)

Includes $71.9 million and $120.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2022 and 2021, respectively.

(3)

Includes $63.8 million and $83.1 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2022 and 2021, respectively.

 

Table 7 - Credit related metrics/Residential Whole Loans

June 30, 2022



Fair Value
/ Carrying
Value


Unpaid
Principal
Balance
("UPB")


Weighted
Average
Coupon
(1)



Weighted
Average
Term to
Maturity
(Months)


Weighted
Average
LTV
Ratio (2)



Weighted
Average
Original
FICO (3)


Aging by UPB













Past Due Days

(Dollars In Thousands)










Current


30-59


60-89


90+

Purchased Performing Loans:























Non-QM loans


$ 3,487,780


$   3,636,992


4.96

%


356


65

%


734


$ 3,465,427


$ 76,261


$   17,781


$    77,523

Rehabilitation loans


1,038,770


1,044,722


7.18



13


67



743


952,587


3,230


6,913


81,992

Single-family rental loans


1,261,946


1,319,956


5.40



326


70



737


1,283,285


5,169


2,009


29,493

Seasoned performing loans


92,863


101,811


2.82



156


31



722


93,000


807


577


7,427

Agency eligible investor loans


912,245


1,015,832


3.40



348


61



767


1,011,769


2,653


596


814

Total Purchased Performing Loans


$ 6,793,604


$   7,119,313


5.11

%


296





































Purchased Credit Deteriorated Loans


$    474,919


$      587,058


4.57

%


280


65

%


N/A


$    425,803


$ 40,047


$   17,416


$ 103,792
























Purchased Non-Performing Loans


$    922,058


$      969,007


4.92

%


280


70

%


N/A


$    460,929


$ 83,631


$   34,546


$ 389,901
























Residential whole loans, total or
  weighted average


$ 8,190,581


$   8,675,378


5.06

%


293














 

December 31, 2021  



Fair Value /
Carrying
Value


Unpaid
Principal
Balance
("UPB")


Weighted
Average
Coupon
(1)



Weighted
Average
Term to
Maturity
(Months)


Weighted
Average
LTV
Ratio (2)



Weighted
Average
Original
FICO (3)


Aging by UPB













Past Due Days

(Dollars In Thousands)










Current


30-59


60-89


90+

Purchased Performing Loans:























Non-QM loans


$   3,453,242


$   3,361,164


5.07

%


355


66

%


731


$ 3,165,964


$ 77,581


$   22,864


$    94,755

Rehabilitation loans


727,964


731,154


7.18



11


67



735


616,733


5,834


5,553


103,034

Single-family rental loans


949,772


924,498


5.46



329


70



732


898,166


2,150


695


23,487

Seasoned performing loans


101,995


111,710


2.76



162


37



722


102,047


938


481


8,244

Agency eligible investor loans


1,082,765


1,060,486


3.40



354


62



767


1,039,257


21,229



Total Purchased Performing Loans


$   6,315,738


$   6,189,012


5.05

%


307





































Purchased Credit Deteriorated Loans


$      524,992


$      643,187


4.55

%


283


69

%


N/A


$    456,924


$ 50,048


$   18,736


$ 117,479
























Purchased Non-Performing Loans


$   1,072,270


$   1,073,544


4.87

%


283


73

%


N/A


$    492,481


$ 87,041


$   40,876


$ 453,146
























Residential whole loans, total or
  weighted average


$   7,913,000


$   7,905,743


4.99

%


301
















(1)

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.

(2)

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 Rehabilitation 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 Rehabilitation loans, totaling $172.3 million and $137.3 million at June 30, 2022 and December 31, 2021, respectively, 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 72% and 71% at June 30, 2022 and December 31, 2021, respectively.  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. 

(3)

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

 

Table 8 - LTV 90+ Days Delinquencies

The following table presents certain information regarding the Company's Residential whole loans that are 90 days or more delinquent:



June 30, 2022

(Dollars In Thousands)


Carrying Value /

Fair Value


UPB


LTV (1)

Purchased Performing Loans







Non-QM loans


$               78,037


$               77,523


66.6 %

Rehabilitation loans


$               81,432


$               81,992


70.8 %

Single-family rental loans


$               29,577


$               29,493


75.2 %

Seasoned performing loans


$                 6,854


$                 7,427


45.4 %

Agency eligible investor loans


$                    718


$                    814


59.2 %

Total Purchased Performing Loans


$             196,618


$             197,249










Purchased Credit Deteriorated Loans


$               83,606


$             103,792


77.1 %








Purchased Non-Performing Loans


$             385,233


$             389,901


79.7 %








Total Residential whole loans


$             665,457


$             690,942








December 31, 2021

(Dollars In Thousands)


Carrying Value /

Fair Value


UPB


LTV (1)

Purchased Performing Loans







Non-QM loans


$               96,473


$               94,755


64.6 %

Rehabilitation loans


$             103,166


$             103,034


67.6 %

Single-family rental loans


$               23,524


$               23,487


73.4 %

Seasoned performing loans


$                 7,740


$                 8,244


45.6 %

Agency eligible investor loans


$                       —


$                       —


— %

Total Purchased Performing Loans


$             230,903


$             229,520










Purchased Credit Deteriorated Loans


$               95,899


$             117,479


79.1 %








Purchased Non-Performing Loans


$             454,443


$             453,146


80.2 %








Total Residential whole loans


$             781,245


$             800,145





(1)

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 Rehabilitation 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 Rehabilitation loans, an after repaired valuation was not obtained and the loan was underwritten based on an "as is" valuation.  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.

 

Table 9 - 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, over the next 12 months based on the assets in our investment portfolio at June 30, 2022.  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, 2022.

Change in Interest Rates


Percentage Change

 in Portfolio Value


Percentage Change

 in Equity






 +100 Basis Point Increase


(1.27) %


(5.36) %

 + 50 Basis Point Increase


(0.55) %


(2.34) %

Actual at June 30, 2022


— %


— %

 - 50 Basis Point Decrease


0.39 %


1.66 %

 -100 Basis Point Decrease


0.63 %


2.64 %

 

Webcast

MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Thursday, August 4, 2022, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2022 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.  To listen to the conference call over the internet, please go to the MFA website at least 15 minutes before the call to register and to download and install any needed audio software.  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.

Cautionary Language Regarding Forward-Looking Statements

When used in this press release or other written or oral communications, statements which 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 our 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 we make are:  changes in inflation and interest rates and the market (i.e., fair) value of MFA's residential whole loans, MBS, securitized debt and other assets and 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 MFA's 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 and 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 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 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; 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; targeted or expected returns on MFA's investments in recently-originated loans, the performance of which is, similar to MFA's other mortgage loan investments, subject to, among other things, differences in prepayment risk, credit risk and financing cost associated with such investments; risks associated with MFA's 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, including changes in business conditions and the general economy and risks associated with the integration and ongoing operation of Lima One Holdings, LLC (including, without limitation, unanticipated expenditures relating to or liabilities arising from the transaction and/or the inability to obtain, or delays in obtaining, expected benefits (including expected growth in loan origination volumes) from the transaction); and other risks, uncertainties and factors described in the annual, quarterly and current reports that MFA files with the SEC. All forward-looking statements are based on beliefs, assumptions and expectations of MFA's future performance, taking into account all information currently available.  Readers 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.

MFA FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS

 

(In Thousands, Except Per Share Amounts)


June 30,
2022


December 31,
2021



(unaudited)



Assets:





Residential whole loans, net ($6,164,293 and $5,305,349 held at fair value, respectively) (1)


$    8,190,581


$    7,913,000

Securities, at fair value


245,613


256,685

Cash and cash equivalents


385,598


304,696

Restricted cash


159,745


99,751

Other assets


498,089


565,556

Total Assets


$    9,479,626


$    9,139,688






Liabilities:





Financing agreements ($4,199,458 and $3,266,773 held at fair value, respectively)


$    7,132,366


$    6,378,782

Other liabilities


200,872


218,058

Total Liabilities


$    7,333,238


$    6,596,840






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; 101,793 and 108,138 shares issued

  and outstanding, respectively


1,018


1,082

Additional paid-in capital, in excess of par


3,679,078


3,775,482

Accumulated deficit


(1,570,817)


(1,279,484)

Accumulated other comprehensive income


36,919


45,578

Total Stockholders' Equity


$    2,146,388


$    2,542,848

Total Liabilities and Stockholders' Equity


$    9,479,626


$    9,139,688



(1)

Includes approximately $3.9 billion and $3.0 billion of Residential whole loans transferred to consolidated variable interest entities ("VIEs") at June 30, 2022 and December 31, 2021, 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)


2022


2021


2022


2021



(Unaudited)

Interest Income:









Residential whole loans


$           102,354


$             69,016


$           201,820


$           133,554

Securities, at fair value


5,294


15,345


10,569


31,804

Other interest-earning assets


1,349


108


2,855


108

Cash and cash equivalent investments


324


59


426


113

Interest Income


$           109,321


$             84,528


$           215,670


$           165,579










Interest Expense:









Asset-backed and other collateralized financing arrangements


$             52,805


$             21,640


$             92,170


$             47,691

Other interest expense


3,937


3,915


7,868


7,934

Interest Expense


$             56,742


$             25,555


$           100,038


$             55,625










Net Interest Income


$             52,579


$             58,973


$           115,632


$           109,954










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


$             (1,817)


$               8,867


$               1,694


$             31,617

Provision for Credit Losses on Other Assets


$           (28,579)


$                    —


$            (28,579)


$                    —

Net Interest Income after (Provision)/Reversal of Provision for Credit Losses


$             22,183


$             67,840


$             88,747


$           141,571










Other Income, net:









Net mark-to-market and other net (loss)/gain on residential whole loans measured at fair value


$         (216,414)


$               6,021


$          (504,789)


$             37,510

Net gains/(losses) on derivatives used for risk management purposes


47,804


(1,057)


141,905


(1,057)

Net mark-to-market on Securitized debt measured at fair value


84,573


(232)


148,690


(1,243)

Net gain on real estate owned


7,185


4,456


15,917


6,896

Lima One - origination, servicing and other fee income


10,673



25,167


Other, net


(10,269)


12,459


(10,854)


13,860

Other (Loss)/Income, net


$           (76,448)


$             21,647


$          (183,964)


$             55,966










Operating and Other Expense:









Compensation and benefits


$             19,060


$               8,886


$             38,616


$             17,323

Other general and administrative expense


10,507


7,887


19,204


14,679

Loan servicing, financing and other related costs


13,235


6,000


23,636


13,299

Amortization of intangible assets


3,300



6,600


Operating and Other Expense


$             46,102


$             22,773


$             88,056


$             45,301










Net (Loss)/Income


$         (100,367)


$             66,714


$          (183,273)


$           152,236

Less Preferred Stock Dividend Requirement


$               8,219


$               8,219


$             16,438


$             16,438

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


$         (108,586)


$             58,495


$          (199,711)


$           135,798










Basic (Loss)/Earnings per Common Share


$               (1.06)


$                 0.53


$                (1.91)


$                 1.21

Diluted (Loss)/Earnings per Common Share


$               (1.06)


$                 0.53


$                (1.91)


$                 1.20

 

Segment Reporting

     At June 30, 2022, the Company's reportable segments include (i) mortgage-related assets, (ii) Lima One, and (iii) Corporate.  The Corporate segment 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, intangible assets 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.  MFA is not presenting comparable segment statements of operations for the three and six months ended June 30, 2021 because MFA did not consolidate Lima One during those periods.

 

(Dollars in Thousands)


Mortgage-
Related Assets


Lima One


Corporate


Total

Three months ended June 30, 2022









Interest Income


$           84,732


$           24,353


$                 236


$         109,321

Interest Expense


39,889


12,916


3,937


56,742

Net Interest Income


$           44,843


$            11,437


$            (3,701)


$           52,579

Provision for Credit Losses on Residential Whole Loans


$            (1,785)


$                 (32)


$                   —


$            (1,817)

Provision for Credit Losses on Other Assets




(28,579)


(28,579)

Net Interest Income after Provision for Credit Losses


$           43,058


$            11,405


$          (32,280)


$           22,183










Net mark-to-market and other net loss on residential
  whole loans measured at fair value


$        (175,281)


$          (41,133)


$                   —


$        (216,414)

Net gain on derivatives used for risk management
  purposes


44,161


3,643



47,804

Net mark-to-market on securitized debt at fair value


64,966


19,607



84,573

Net gain on real estate owned


7,150


35



7,185

Lima One - origination, servicing and other fee income



10,673



10,673

Other (loss)/income, net


(787)


129


(9,611)


(10,269)

Total Other Loss, net


$          (59,791)


$            (7,046)


$            (9,611)


$          (76,448)










General and administrative expenses (including
  compensation)


$                   —


$           13,013


$           16,554


$           29,567

Loan servicing, financing, and other related costs


6,513


323


6,399


13,235

Amortization of intangible assets




3,300


3,300

Net Loss


$          (23,246)


$            (8,977)


$          (68,144)


$        (100,367)










Less Preferred Stock Dividend Requirement


$                   —


$                   —


$              8,219


$              8,219

Net Loss Available to Common Stock and
  Participating Securities


$          (23,246)


$            (8,977)


$          (76,363)


$        (108,586)


(Dollars in Thousands)


Mortgage-
Related Assets


Lima One


Corporate


Total

Three Months Ended March 31, 2022









Interest Income


$           88,822


$           17,500


$                   27


$         106,349

Interest Expense


33,009


6,356


3,931


43,296

Net Interest Income


$           55,813


$           11,144


$            (3,904)


$           63,053

Provision for Credit Losses on Residential Whole Loans


$             3,516


$                  (5)


$                   —


$             3,511

Provision for Credit Losses on Other Assets





Net Interest Income after Provision for Credit Losses


$           59,329


$           11,139


$            (3,904)


$           66,564










Net mark-to-market and other net loss on residential
  whole loans measured at fair value


$        (253,410)


$          (34,965)


$                   —


$        (288,375)

Net gain on derivatives used for risk management
  purposes


86,235


7,866



94,101

Net mark-to-market on securitized debt at fair value


57,579


6,538



64,117

Net gain on real estate owned


8,735


(3)



8,732

Lima One - origination, servicing and other fee income



14,494



14,494

Other (loss)/income, net


(1,319)


211


523


(585)

Total Other Loss, net


$        (102,180)


$            (5,859)


$                 523


$        (107,516)










General and administrative expenses (including
  compensation)


$                   —


$           12,219


$           16,034


$           28,253

Loan servicing, financing, and other related costs


6,932


236


3,233


10,401

Amortization of intangible assets




3,300


3,300

Net Loss


$           (49,783)


$             (7,175)


$          (25,948)


$          (82,906)










Less Preferred Stock Dividend Requirement


$                    —


$                    —


$              8,219


$              8,219

Net Loss Available to Common Stock and
  Participating Securities


$           (49,783)


$             (7,175)


$           (34,167)


$           (91,125)


(Dollars in Thousands)


Mortgage-
Related Assets


Lima One


Corporate


Total

June 30, 2022









Total Assets


$        6,976,030


$        1,950,538


$           553,058


$        9,479,626










December 31, 2021









Total Assets


$        7,482,171


$        1,203,174


$           454,343


$        9,139,688

 

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 (loss)/income used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarters ended June 30, 2022 and 2021: 



Quarter Ended

(In Thousands, Except Per Share Amounts)


June 30,
2022


March 31,
2022


December 31,
2021


September 30,
2021


June 30,
2021

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


$     (108,760)


$         (91,266)


$            35,734


$          123,858


$        58,290












Adjustments:











Unrealized gains and losses on:











Residential whole loans held at fair value


218,181


287,935


42,564


(20,494)


(6,226)

Securities held at fair value


1,459


2,934


364


(494)


(1,374)

Interest rate swaps


(31,767)


(80,753)


(71)



Securitized debt held at fair value


(84,348)


(62,855)


(6,137)


(857)


232

Investments in loan origination partners


39,162


780


(23,956)


(48,933)


Expense items:











Amortization of intangible assets


3,300


3,300


3,300


3,300


Equity based compensation


3,540


2,645


2,306


2,306


2,744

Securitization-related transaction costs


6,399


3,233


5,178



Total adjustments


155,926


157,219


23,548


(65,172)


(4,624)

Distributable earnings


$       47,166


$          65,953


$           59,282


$           58,686


$        53,666












GAAP (loss)/earnings per basic common share


$          (1.06)


$             (0.86)


$               0.33


$               1.12


$            0.53

Distributable earnings per basic common share


$           0.46


$              0.62


$               0.54


$               0.53


$            0.49

Weighted average common shares for basic earnings per share


102,515


106,568


109,468


110,222


110,383

 

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, 2022









GAAP Net loss used in the calculation of basic EPS


$            (23,246)


$              (8,977)


$            (76,537)


$          (108,760)










Adjustments:









Unrealized gains and losses on:









Residential whole loans held at fair value


177,203


40,978



218,181

Securities held at fair value


1,459




1,459

Interest rate swaps


(27,558)


(4,209)



(31,767)

Securitized debt held at fair value


(64,517)


(19,831)



(84,348)

Investments in loan origination partners




39,162


39,162

Expense items:









Amortization of intangible assets




3,300


3,300

Equity based compensation



(58)


3,598


3,540

Deferred taxes





Securitization-related transaction costs




6,399


6,399

Total adjustments


$             86,587


$             16,880


$             52,459


$           155,926

Distributable earnings


$             63,341


$               7,903


$            (24,078)


$             47,166


(Dollars in Thousands)


Mortgage-
Related Assets


Lima One


Corporate


Total

Three months ended March 31, 2022









GAAP Net loss used in the calculation of basic EPS


$            (49,783)


$              (7,175)


$            (34,308)


$            (91,266)










Adjustments:









Unrealized gains and losses on:









Residential whole loans held at fair value


253,127


34,808



287,935

Securities held at fair value


2,934




2,934

Interest rate swaps


(72,308)


(8,445)



(80,753)

Securitized debt held at fair value


(56,317)


(6,538)



(62,855)

Investments in loan origination partners




780


780

Expense items:









Amortization of intangible assets




3,300


3,300

Equity based compensation



107


2,538


2,645

Securitization-related transaction costs




3,233


3,233

Total adjustments


$           127,436


$             19,932


$               9,851


$           157,219

Distributable earnings


$             77,653


$             12,757


$            (24,457)


$             65,953

 

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 residential mortgage investments and certain associated financing arrangements, 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, 2022


March 31, 2022


December 31, 2021


September 30, 2021


June 30, 2021

GAAP Total Stockholders' Equity


$       2,146.4


$          2,349.0


$           2,542.8


$           2,601.1


$       2,526.5

Preferred Stock, liquidation preference


(475.0)


(475.0)


(475.0)


(475.0)


(475.0)

GAAP Stockholders' Equity for book value per common share


1,671.4


1,874.0


2,067.8


2,126.1


2,051.5

Adjustments:











Fair value adjustment to Residential whole loans, at carrying value


9.5


54.0


153.5


198.8


206.2

Fair value adjustment to Securitized debt, at carrying value (1)


75.4


47.7


4.3


(8.0)


(8.9)












Stockholders' Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value) (1)


$       1,756.3


$          1,975.7


$           2,225.6


$           2,316.9


$       2,248.8












GAAP book value per common share


$          16.42


$            17.84


$              19.12


$              19.29


$          18.62

Economic book value per common share (1)


$          17.25


$            18.81


$              20.58


$              21.02


$          20.41

Number of shares of common stock outstanding


101.8


105.0


108.1


110.2


110.2



(1)

Economic book value per common share for periods prior to December 31, 2021 have been restated to include the impact of fair value changes in securitized debt held at carrying value. 

 

Category: Earnings

 

INVESTOR CONTACT:         

InvestorRelations@mfafinancial.com          


212-207-6488


www.mfafinancial.com

MEDIA CONTACT:       

Abernathy MacGregor


Tom Johnson


212-371-5999

Cision View original content:https://www.prnewswire.com/news-releases/mfa-financial-inc-announces-second-quarter-2022-financial-results-301599556.html

SOURCE MFA Financial, Inc.

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