MFA Financial, Inc. (MFA) Earnings Call Transcripts

MFA Financial, Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, MFA Financial, Inc. reported a GAAP loss of approximately $1 million, translating to a loss of $0.11 per share, impacted by net mark-to-market losses of $28.8 million due to higher rates and wider spreads. Revenue from net interest income increased to $59.2 million, up from $55.5 million in the previous quarter. Management introduced a new distributable earnings (DE) metric, which is expected to converge with the common dividend of $0.36 by year-end, indicating a potential recovery in earnings despite current challenges.

Reported metrics

Guidance from management

Management expects distributable earnings to converge with the common dividend of $0.36 by the end of 2026, despite anticipated credit losses in the near term.

What management said

Yes, to answer your second question first. The forward guidance on DE reconverging by the end of the year does include anticipated pay downs of some of the troubled assets and redeploying into our target assets. To answer your question on how much capital is locked in that multifamily book, it's just over $100 million, $101 million at the end of the quarter.

Yes. So I think there's always a little bit of noise from quarter-to-quarter in our G&A for various reasons. So for example, this quarter, we had about $4 million of accelerated noncash stock-based comp charges which is consistent with the first quarter of the past few years and then the 2.4 of the accelerated depreciation. So if you sort of take this quarter and sort of normalize for those one timers and then it's a...

What analysts pressed on

Analysts expressed concerns over the rising delinquency rates and the impact of geopolitical events on market conditions. There were questions regarding the timeline for credit loss normalization and the potential for further volatility in the portfolio.

Main topics on the call

• Impact of Geopolitical Events — The onset of a war in Iran led to increased volatility and higher rates, negatively impacting mortgage spreads and contributing to a negative economic return of -1.2%. Management noted, "Higher energy prices renewed fear...
• Portfolio Growth — MFA grew its investment portfolio to $12.5 billion, adding $700 million in agencies and $471 million in non-QM loans. CEO Craig Knutson highlighted, "We priced 2 non-QM securitizations in March," indicating ongoing capit...
• Cost Reduction Initiatives — Management reported significant progress in cost reduction, with expected annual savings of approximately $20 million. CFO Mike Roper stated, "We expect to realize run rate expense reductions of approximately $4 million ...
• Distributable Earnings Metric Introduction — A new DE metric was introduced to provide clarity on earnings power, excluding realized credit losses. Roper mentioned, "We believe this new DE metric offers a useful representation of how we think about the earnings pow...

Read the full MFA Financial, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 MFA Financial, Inc. earnings call transcripts on record, spanning February 20, 2020 to May 5, 2026. Based on this history, MFA Financial, Inc. reports quarterly. The most recent call on file is dated May 5, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MFA

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Mortgage Real Estate Investment Trusts (REITs)

Calls on record

27

First call

February 20, 2020

Most recent

May 5, 2026

Reporting cadence

quarterly