MFA Financial Reports Q2 2024 Financials

TL;DR

MFA Financial's Q2 2024 10-Q is out, showing common stock and preferred stock details.

AI Summary

MFA Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and position, including details on its common stock and various series of preferred stock and senior notes. The filing covers the period from January 1, 2024, to June 30, 2024.

Why It Matters

This filing provides investors with a detailed look at MFA Financial's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, MFA Financial is subject to market and credit risks inherent in the real estate and mortgage sectors.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided header information.)
• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)

Key Players & Entities

• MFA FINANCIAL, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date
• 350 PARK AVENUE (location) — Business Address

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share MFA New York Stock Exchange

Filing Documents

• mfa-20240630.htm (10-Q) — 4639KB
• exhibit311certificationofc.htm (EX-31.1) — 14KB
• exhibit312certificationofc.htm (EX-31.2) — 14KB
• exhibit321certificationofc.htm (EX-32.1) — 7KB
• exhibit322certificationofc.htm (EX-32.2) — 8KB
• 0001055160-24-000018.txt ( ) — 22056KB
• mfa-20240630.xsd (EX-101.SCH) — 119KB
• mfa-20240630_cal.xml (EX-101.CAL) — 117KB
• mfa-20240630_def.xml (EX-101.DEF) — 770KB
• mfa-20240630_lab.xml (EX-101.LAB) — 1065KB
• mfa-20240630_pre.xml (EX-101.PRE) — 974KB
• mfa-20240630_htm.xml (XML) — 4990KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 30 , 202 4 (Unaudited) and December 31, 20 23 3 Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30 , 202 4 and June 30 , 20 2 3 4 Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) for the Three and Six Months Ended June 30 , 202 4 and June 30 , 202 3 5 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the Three and Six Months Ended June 30 , 202 4 and June 30 , 202 3 6 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30 , 202 4 and June 30 , 202 3 8 Notes to the Unaudited Consolidated Financial Statements 9 Note 1. Organization 9 Note 2. Summary of Significant Accounting Policies 9 Note 3. Residential Whole Loans 18 Note 4. Securities, at Fair Value 25 Note 5. Other Assets 28 Note 6. Financing Agreements 33 Note 7. Other Liabilities 38 Note 8. Income Taxes 38 Note 9. Commitments and Contingencies 40 Note 10. Stockholders' Equity 41 Note 11. EPS Calculation 45 Note 12. Equity Compensation and Other Benefit Plans 45 Note 13. Fair Value of Financial Instruments 47 Note 14. Use of Special Purpose Entities and Variable Interest Entities 54 Note 15. Segment Reporting 56 Note 16. Subsequent Events 60 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 91 Item 4.

Controls and Procedures

Controls and Procedures 95

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 95 Item 1A.

Risk Factors

Risk Factors 95 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 96 Item 3. Defaults Upon Senior Securities 96 Item 4. Mine Safety Disclosures 96 Item 5. Other Information 96 Item 6. Exhibits 96

Signatures

Signatures 98 2 Table of Contents MFA FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS (In Thousands Except Per Share Amounts) June 30, 2024 December 31, 2023 (Unaudited) Assets: Residential whole loans, net ($ 7,772,607 and $ 7,511,508 held at fair value, respectively) (1)(2) $ 9,186,236 $ 9,041,292 Securities, at fair value (2) 863,289 746,090 Cash and cash equivalents 289,412 318,000 Restricted cash 252,015 170,211 Other assets (2) 485,973 497,097 Total Assets $ 11,076,925 $ 10,772,690 Liabilities: Financing agreements ($ 5,082,181 and $ 4,633,660 held at fair value, respectively) $ 8,891,042 $ 8,536,745 Other liabilities 302,641 336,030 Total Liabilities $ 9,193,683 $ 8,872,775 Commitments and contingencies (See Note 9) 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; 102,083 and 101,916 shares issued and outstanding, respectively 1,021 1,019 Additional paid-in capital, in excess of par 3,707,886 3,698,767 Accumulated deficit ( 1,843,507 ) ( 1,817,759 ) Accumulated other comprehensive income 17,652 17,698 Total Stockholders' Equity $ 1,883,242 $ 1,899,915 Total Liabilities and Stockholders' Equity $ 11,076,925 $ 10,772,690 (1) Includes approximately $ 6.0 billion and $ 5.7 billion of Residential whole loans transferred to consolidated variable interest entities ("VIEs") at June 30, 2024 and December 31, 2023, respectively. Such assets can be used only to settle the obligations of each respective VIE. (2) See Note 6 for information regarding the Company's pledged assets. The accompanyin

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