Company Update SECOND QUARTER 2024 F FINANCIAL, INC. Q3 2022 Financial Snapshot Forward-looking statements When used in this presentation 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 o ...

MFA Financial (MFA) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.40 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 15.79%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.40 per share when it actually produced earnings of $0.35, delivering a surprise of -12.50%. Over the last four q ...

Sergio Yoneda/iStock via Getty Images Introduction Maybe not the best timing for MFA Financial (NYSE:MFA) but it could be ideal for long-term fixed income investors who believe interest rates have peaked. I am referring to the fact that MFA Financial recently issued a second Note that does not mature until 2029. They do have an out if rates drop as both are callable in 2026. This article gives a brief overview of the issuer, MFA Financials and a deeper review of both the newest Note, the MFA Financial, ...

RUNSTUDIO/DigitalVision via Getty Images MFA Financial (NYSE:MFA) is a mortgage REIT that has a couple of interesting things going for it right now. Its dividend yield trades at a high 13%, and this also comes with a discount to book value. @ MFA Comments of Collection Co.SE MFA Price/Book 5Y History (Seeking Alpha) At 0.58, this looks like a large discount. During this period as well, the company has made some changes to its strategy to avoid some of the pitfalls of the past. After examining where they are ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13991 MFA FINANCIAL, INC. (Exact na ...

财务数据和关键指标变化 - 公司在第一季度实现了稳健的财务业绩,分配收益覆盖了季度股息,并在充满挑战的市场环境中实现了账面价值的稳定 [26][27][29] - 公司的GAAP账面价值为每股13.80美元,经济账面价值为每股14.32美元,分别较12月31日下降1.3%和1.7% [27][28] - 公司实现GAAP收益1500万美元,每股0.14美元,分配收益3610万美元,每股0.35美元,较上季度下降0.14美元,但较上年同期增加0.05美元 [29][30][31] 各条业务线数据和关键指标变化 - 公司在第一季度新增约6.5亿美元的贷款,平均利率约10% [36][37] - 其中70%来自Lima One的商业目的贷款,30%来自非限定性抵押贷款 [37] - 新增贷款的平均贷款价值比为64%,平均FICO评分为744 [37] - 公司还出售了约1.5亿美元的较低利率的非限定性抵押贷款和单户住房租赁贷款,实现200万美元的收益 [38] - 公司的贷款组合总额保持在100亿美元左右,平均收益率上升12个基点至6.58% [39] 各个市场数据和关键指标变化 - 就业市场保持强劲,非农就业增长加速,失业率维持在4%附近的历史低位 [40] - 房价保持韧性,去年上涨约6%,今年第一季度继续呈现上升趋势,低供给持续抵消了较低的可负担性 [40] - 通胀上升和经济数据强劲导致利率小幅上升,市场预期今年利率将有1-2次降息,而年初预期有6次降息 [41][42] 公司战略和发展方向及行业竞争 - 公司继续采取积极的利率风险管理策略,维持较短的净久期,并通过证券化等方式稳定融资成本 [42][43][44] - 公司的Lima One业务继续为投资组合带来高收益的信贷投资,自2021年中期以来已累计为公司提供超过60亿美元的商业目的贷款 [45][46] - 公司进一步扩大了其过渡性贷款证券化融资能力,现有超过8亿美元的过渡性贷款证券化产品 [50] - 公司认为抵押贷款证券化将继续是其贷款融资策略的重要组成部分,因其无追索权、无标记市场融资,并进一步隔离了投资组合免受市场波动的影响 [57] 管理层对经营环境和未来前景的评论 - 第一季度初期市场环境较为平稳,直到2月初公布的就业数据超预期,导致利率小幅上升 [13][14] - 尽管利率波动远未达到过去两年的程度,但利率路径仍存在很大不确定性,市场已消除了年初预期的大部分降息 [14] - 公司认为,未来联储行动将完全取决于数据,目前数据并未显示降息的紧迫性 [17] 问答环节重要的提问和回答 问题1 **Stephen Laws 提问** 询问公司贷款组合的信用表现及违约贷款的处置时间线 [65][66] **Craig Knutson 和 Gudmundur Kristjansson 回答** - 非限定性抵押贷款和商业目的贷款的违约贷款处置时间线各不相同,取决于地区和司法程序 [66][67][68][70] - 公司有丰富的资产管理经验,能够有效管理和处置违约贷款 [69][70] 问题2 **Bose George 提问** 询问公司违约贷款的典型损失率及其与账面价值的关系 [76][77] **Mike Roper 和 Gudmundur Kristjansson 回答** - 公司会根据贷款的违约状态及时调整账面价值,但由于处置周期较长,实际损失数据不一定能完全反映最终结果 [77][78][79] - 公司在定价时已经考虑了一定的信用成本,因此即使有一定的信用损失,仍能获得较高的风险调整后收益 [79][80] 问题3 **Doug Harter 提问** 询问公司是否有计划赎回之前发行的证券化产品,以及这样做的潜在收益 [98][99] **Bryan Wulfsohn 和 Gudmundur Kristjansson 回答** - 公司正在密切关注赎回之前发行的一些无评级证券化产品的机会,这可以释放大量流动性,并以较高的资本回报率重新部署 [99][100][101] - 即使新的融资成本略高,但这种赎回和再融资的灵活性也为公司未来的负债管理提供了重要的期权 [101][102][103]

bankerwin Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the third week of April. Be sure to check out our ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13991 MFA FINANCIAL, INC. (Exact name of registrant as specified in its charter) Maryland 13-3974868 (State or other jurisdiction of ( ...

MFA Financial, Inc. (NYSE:MFA) Q4 2023 Earnings Conference Call February 22, 2024 11:00 AM ET Company Participants Hal Schwartz - Senior Vice President, General Counsel & Secretary Craig Knutson - Chief Executive Officer & President Mike Roper - Chief Financial Officer Gudmundur Kristjansson - Co-Chief Investment Officer Bryan Wulfsohn - Co-Chief Investment Officer Conference Call Participants Doug Harter - UBS Steve Delaney - Citizens JMP Operator Ladies and gentlemen thank you for standing by. Welcome to ...

Company Update Q3 2022 Financial Snapshot Forward-looking statements When used in this presentation 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 ...