MFA Financial (MFA)
Internally managed mortgage REIT combining a residential credit balance sheet with an in-house origination platform.
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Internally managed mortgage REIT investing in residential whole loans and mortgage securities through a balance-sheet portfolio and Lima One, a wholly-owned business-purpose-loan origination platform. The firm targets non-QM and business-purpose credit niches, funded through securitizations and repo facilities.
Internally managed residential-mortgage REIT operating through two segments: Mortgage-Related Assets and Lima One. The Mortgage-Related Assets segment holds residential whole loans — non-QM, business-purpose, single-family rental, and transitional — plus Agency MBS, Non-Agency MBS, and credit-risk-transfer securities. Lima One, based in Greenville, SC, is a wholly-owned origination and servicing platform for business-purpose loans.
The portfolio concentrates in California, Florida, Texas, Georgia, and New York. The firm targets non-QM, business-purpose, and legacy re-performing credit niches that commercial banks and government-sponsored enterprises do not typically serve.
Funding relies on securitizations, term warehouse facilities, and repurchase agreements; business performance tracks credit quality of the whole-loan book, interest-rate spreads, and third-party servicer execution. Internal management, uncommon in the sector, aligns cost structure directly with shareholders.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 4, 2026 | William Blair | Target | Target: — | Target: $11 |
| Jun 17, 2026 | BTIG | Upgrade | Target: — | Target: $10.50 |
| Nov 18, 2025 | UBS | Reiterate | Rating: —Target: $10.50 | Target: $10.25 |
| Oct 8, 2025 | UBS | Upgrade | ||
| Jul 10, 2025 | Keefe, Bruyette & Woods | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $141.2M · Total debt $11.65B · Total assets $13.65B · Shareholders' equity $1.78B
- Revenue
- $252.0M
- Operating income
- $186.5M
- Net income
- $46.8M
HistoryDividendAnnual yield
| Institutions | 52.05% | 52.62M shares | |
|---|---|---|---|
| 219 holders · as of Jun 30, 2026 | |||
| Insiders | 2.00% | 2.02M shares | |
| 10 holders · as of Jan 20, 2026 | |||
| Other | 45.95% | 46.45M shares | |
| remainder | |||
101.09M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.36% | 9.46M | as of Jun 30, 2026 |
Bay Pond Partners, L.P.Institution | 5.12% | 5.18M | filed Dec 11, 2023 |
Vanguard Portfolio Management LLCInstitution | 4.61% | 4.66M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.48% | 4.52M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.62% | 2.65M | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Annaly Capital Management
Largest mREIT, contesting non-Agency whole loans and Agency MBS
- Chimera Investment
Internally managed hybrid mREIT with HomeXpress non-QM origination
- Rithm Capital
Vertically integrated originator-servicer via Newrez and Genesis
- Redwood Trust
BPL and non-QM originator via CoreVest, Aspire, and Sequoia
- TPG Mortgage Investment Trust
TPG-managed Non-Agency REIT in non-QM, home equity, and RPL/NPL credit
- Ellington Financial
Hybrid REIT in non-QM whole loans, RTL, and Non-Agency RMBS
- AGNC
Pure-play Agency MBS REIT, overlapping only on Agency MBS
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MFA Financial | $8.52 | +0.77% | $862.7M | 7.0 | 6.6 | 1.1 | −4.4% |
| Annaly Capital Management | $21.38 | +0.31% | $16.06B | 5.3 | 6.9 | 2.2 | −50.1% |
| Chimera Investment | $11.10 | +0.68% | $921.8M | — | 6.0 | 1.4 | −64.4% |
| Rithm Capital | $9.65 | +1.01% | $5.33B | 15.9 | 4.3 | 0.9 | +205.4% |
| Redwood Trust | $4.07 | +0.74% | $507.5M | — | 4.3 | 0.4 | +68.5% |
| TPG Mortgage Investment Trust | $6.43 | +0.16% | $204.2M | 8.7 | 5.7 | 0.4 | +43.8% |
| Ellington Financial | $12.69 | +0.59% | $1.58B | 7.7 | 6.6 | 2.3 | +184.1% |
| AGNC | $10.01 | +0.35% | $11.44B | 5.1 | 6.6 | 3.7 | — |
| Median | 7.7 | 6.0 | 1.4 | +56.1% |