MFA Financial Declares $0.36 Quarterly Dividend, Paid $1.44 Per Share in 2025
MFA Financial, Inc., a hybrid mortgage REIT, announced a regular quarterly cash dividend of $0.36 per common share payable January 30, 2026. The company maintained the same quarterly rate throughout 2025.
MFA Financial, Inc. (NYSE: MFA), a hybrid mortgage REIT focused on residential mortgage assets, declared a regular quarterly cash dividend of $0.36 per common share, paid on January 30, 2026. The dividend represents a continuation of the company's quarterly distribution policy maintained throughout 2025. Read more dividend announcements.
The New York-based REIT paid consistent quarterly dividends of $0.36 per common share across all four quarters of 2025, totaling $1.44 per share for the full year. At the February 13, 2026 trading price, the dividend represented a 14.6% annualized yield.
| Dividend Details | Information |
|---|---|
| Amount | $0.36 per share |
| Payment Date | January 30, 2026 |
| Type | Regular quarterly cash dividend |
| 2025 Total | $1.44 per share |
Fourth Quarter 2025 Performance
MFA reported GAAP net income of $43.6 million, or $0.42 per basic and diluted common share, for the fourth quarter of 2025. Distributable earnings reached $27.8 million, or $0.27 per basic common share for the period.
GAAP book value stood at $13.20 per common share at December 31, 2025, while economic book value reached $13.75 per share. The company generated a total economic return of 3.1% for the fourth quarter and ended the period with $213.2 million in unrestricted cash.
Full Year 2025 Results
For the full year, GAAP net income to common stockholders totaled $136.5 million, or $1.31 per basic common share, up from $86.4 million, or $0.83 per share, in 2024. Distributable earnings for 2025 reached $104.0 million, or $1.00 per common share.
Total economic return for 2025 came in at 9.0%. The company's investment portfolio grew to $12.3 billion, driven by $2.7 billion in loan acquisitions during the year.
Loan acquisition activity included $1.8 billion of Non-QM loans, $655.7 million of single-family transitional loans, $235.4 million of single-family rental loans, and $14.8 million of draws on multifamily transitional loans. MFA completed five securitizations in 2025 backed by $1.8 billion in unpaid principal balance of Non-QM loans.
The company's 60+ day delinquencies improved to 7.1% of unpaid principal balance at December 31, 2025, down from 7.5% a year earlier. MFA resolved $154 million of previously delinquent loans in the fourth quarter.
Capital Management and Operations
MFA maintained a recourse leverage ratio of 2.5 times as of December 31, 2025. General and administrative expenses declined to $119 million in 2025 from $132 million in 2024, with further cost savings expected in 2026.
The company repurchased over 1 million common shares at a discount to economic book value, funded primarily through the issuance of Series B and C preferred shares. In the fourth quarter alone, MFA acquired $1.2 billion of Agency mortgage-backed securities and $443 million of Non-QM loans.
Lima One, MFA's business purpose lending subsidiary, originated $226 million of new loans in the fourth quarter. The company hired 45 new sales employees in 2025 and plans to debut a wholesale channel and relaunch multifamily lending in early 2026.