What is the revenue and EPS growth rate for MFA Financial year over year?

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What does MFA Financial do and what are its main business segments?

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What were the key takeaways from MFA Financial's earnings call?

What guidance did MFA Financial's management provide for the next earnings period?

- **Strategic ROE Catalysts**: $100M+ excess cash deployment targeting 15%+ ROE, $40-60M NPL resolution.
- **Cost Efficiency**: 11% G&A savings ($9-13M annualized), 27% common stock repurchase discount.
- **Portfolio Growth**: Agency MBS +$900M, Lima One originations +20% QoQ to $260M.
- **Hedging Innovation**: SOFR futures reduce margin by $16M, freeing capital for mid-teens ROE allocation.

**【CEO Summary Section】**
- Launched five strategic initiatives to boost earnings and ROEs: higher capital deployment, expense reductions, NPL resolution, and capital structure optimization.
- Excess cash deployment of $100M+ expected to generate mid-teens ROE, with $40-60M freed from NPLs.
- Lima One originations up 20% QoQ to $260M, with plans to reenter multifamily lending in 2026.
- G&A expenses reduced 11% YoY ($92.4M vs. $103.9M), targeting 7-10% further savings.

**【CFO Financial Commentary】**
- GAAP book value $13.13/share, economic book value $13.69/share (flat QoQ).
- Distributable earnings $0.20/share (down from $0.24/Q2 due to credit losses).
- Preferred stock ATM program repurchased 500K shares at 27% discount to book value.
- 2025 YTD G&A savings $11.5M, targeting $9-13M annualized savings.

**【CIO Portfolio Activity】**
- Agency MBS portfolio expanded +$900M post-Q3, targeting mid-teens ROE with 5.5% coupons.
- Non-QM securitizations issued $673M at 5.4% coupons, 7.6% loan coupons.
- Lima One rental loan sales +$66M Q3,2025, with 7% coupons, generating $1.6M gains.
- Multifamily NPLs reduced 50% YoY, delinquencies down to $47M from $86M.

**【Q&A Highlights】**
- ROE impact of incremental capital: $100M deployment could add $2M/year via SOFR futures hedging.
- Multifamily lending ROE expectations: mid-teens with third-party capital partnerships.
- Agency MBS allocation: $2.2B portfolio, 5.5% coupons, 12-month duration.
- Mortgage banking income growth: $5.6M Q3 vs. $0.20M/Y/Y potential.

MFA Financial, Inc. (MFA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MFA

MFA fundamentals

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