MFA Financial

What MFA Financial does

MFA Financial, Inc. (NYSE: MFA) is an internally managed, publicly traded real estate investment trust incorporated in Maryland in 1997 and headquartered at One Vanderbilt Avenue, New York. The company operates as a specialty finance vehicle that invests, on a leveraged basis, in residential mortgage assets — primarily Non-QM loans, Business Purpose Loans (single-family transitional, multifamily transitional, single-family rental), Legacy RPL/NPL loans, and Agency/Non-Agency MBS and CRT securities — acquired through bilateral negotiations, competitive processes, and bulk purchases. As of March 31, 2026, total assets stood at $13.2 billion, with a residential investment portfolio of $12.5 billion and approximately $2.7 billion of whole loans acquired during 2025. The company reported GAAP book value per share of $12.70 and economic book value of $13.22, with recourse leverage of 2.5x — notably below typical US bank levels.

The business is organized into two reportable segments: (1) Mortgage-Related Assets, which generates interest income and net interest spread from securitized whole loans and securities, and (2) Lima One Capital, a wholly-owned subsidiary acquired in July 2021 for assets valued at approximately $1.2 billion, which originates and services business purpose loans nationwide to real estate investors and has funded more than $7.3 billion of loans since acquisition. Underwriting relies on proprietary credit analysis, DCF and liquidation valuation models, and a hedging program using interest rate swaps and swaptions. The company generates revenue through net interest spread (1.15% in Q4 2025), interest income, mortgage banking income (Lima One generated $7.7 million in Q1 2026, up 34% QoQ), and realized gains/losses on asset disposition.

Capital structure includes common stock, Series B 7.50% and Series C 6.50% preferred stock, and 8.875% and 9.00% senior notes due 2029 (issued $100 million each in January and April 2024). The company has paid dividends for 29 consecutive years, distributed over $5.0 billion since its 1998 IPO, and currently offers a quarterly dividend of $0.36 per share representing a 15.6% yield. Go-to-market is institutional: capital is raised through public equity/debt markets on NYSE, assets are sourced from originators and market makers, and the shareholder base is accessed through traditional brokerage channels, IR communications, earnings calls, and SEC filings. As of December 31, 2025, MFA had 307 employees, with 250 located at the Lima One subsidiary in Greenville, South Carolina.

Name

MFA Financial

Legal name

MFA Financial, Inc.

Website

https://mfafinancial.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

MFA Financial is a publicly traded REIT that invests in residential mortgage loans (Non-QM, business purpose, legacy RPL/NPL) and mortgage-backed securities, and through its wholly-owned Lima One Capital subsidiary originates business purpose loans for real estate investors nationwide.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Residential Whole Loans: Primary revenue stream from interest payments on residential whole loans including Non-QM loans, Business purpose loans, and Legacy RPL/NPL loans acquired and held through consolidated trusts.
2. Interest Income from Mortgage Securities: Revenue from Agency MBS, Non-Agency MBS, and CRT securities investments, generating interest income based on coupon rates and market conditions.
3. Mortgage Banking Income: Income generated through Lima One Capital's loan origination and servicing operations, including gains on loan sales and servicing fees. Lima One generated $7.7 million in mortgage banking income in Q1 2026, up 34% from prior quarter.
4. Net Interest Spread: Revenue generated from the spread between interest earned on investments and interest paid on financing arrangements. Net interest spread was 1.15% in Q4 2025.
5. Realized Gains/Losses on Asset Sales: Revenue from strategic asset disposition including MBS disposals, whole loan modifications, and REO sales.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

MFA Financial is an internally managed specialty finance REIT that invests on a leveraged basis in residential mortgage loans (Non-QM, business purpose, and legacy RPL/NPL), residential mortgage-backed securities (Agency MBS, Non-Agency MBS, and CRT 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, including single-family transitional, multifamily transitional, and single-family rental loans. The company has acquired over $28 billion in residential loans since 2014 and manages approximately $13.2 billion in total assets.

Product overview

MFA Financial is an internally managed REIT operating as a specialty finance company with two main business lines: (1) its core investment platform investing in residential mortgage loans (including Non-QM, business purpose, and legacy RPL/NPL loans), residential mortgage-backed securities (Agency MBS, Non-Agency MBS, and CRT securities), and other real estate assets; and (2) its wholly owned subsidiary Lima One Capital, a nationwide originator and servicer of business purpose loans for real estate investors. The company also maintains capital markets products including senior notes (MFAN, MFAO) and preferred stock series B and C traded on NYSE.

Differentiator

Problem solved

Functional benefit

Products and services

• MFA Financial Core Investment Platform (Residential Mortgage Assets) Internally managed specialty finance REIT that invests in residential mortgage loans (including Non-QM loans, business purpose loans, and legacy RPL/NPL loans), residential mortgage-backed securities (Agency MBS, Non-Agency MBS, and CRT securities), and other real estate assets, generating shareholder value through asset performance linked to residential mortgage credit fundamentals. Targeted at institutional and retail investors seeking diversified exposure to residential mortgage credit.
• Lima One Capital Business Purpose Loan Origination Wholly owned subsidiary that originates and services business purpose loans (BPLs) for real estate investors, including single-family transitional loans, multifamily transitional loans, and single-family rental loans. Targeted at real estate investors and rental property operators seeking financing not available from traditional banks. Funded more than $7.3 billion of loans since July 2021.
• 8.875% Senior Notes due 2029 (MFAN) Publicly traded senior notes with 8.875% coupon rate due 2029, listed on NYSE under symbol MFAN, with $100 million aggregate principal amount. Targeted at fixed income investors seeking high-yield exposure to residential mortgage credit.
• 9.00% Senior Notes due 2029 (MFAO) Publicly traded senior notes with 9.00% coupon rate due 2029, listed on NYSE under symbol MFAO. Targeted at fixed income investors seeking high-yield exposure.
• 7.50% Series B Cumulative Redeemable Preferred Stock (MFA/PB) Cumulative redeemable preferred stock with 7.50% dividend rate, traded on NYSE under symbol MFA/PB. Targeted at fixed income and preferred equity investors seeking dividend yield with cumulative redemption features.
• 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (MFA/PC) Fixed-to-floating rate cumulative redeemable preferred stock with 6.50% initial rate, traded on NYSE under symbol MFA/PC. Targeted at fixed income and preferred equity investors seeking fixed-to-floating rate exposure.

Quantifiable outcome

• 9.0% total economic return for full-year 2025
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Lima One Holdings (including Lima One Capital, LLC)coreStrategic or Co-development Partner · 1 July 2021MFA Financial completed its acquisition of Lima One Capital, LLC from affiliates of Magnetar Capital and Lima One management on July 1, 2021. The transaction included ownership interests of Lima One Holdings, whose executive team continues to manage the company in Greenville, South Carolina. Lima One is a leading nationwide originator and servicer of business purpose loans for real estate investors, having funded more than $7.3 billion of loans since July 2021.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MFA Financial