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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 September 30, 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 incorporation or organization) | | | | (I.R.S. Employer Identification No.) | |
| | | | | | | |
| One Vanderbilt Ave., 48th Floor | | | | | |
| New York | New York | | | | 10017 | |
| (Address of principal executive offices) | | | | (Zip Code) | |
(212) 207-6400
(Registrant’s telephone number, including area code)
_____________________________________________
Not Applicable
(Former name, former address and former fiscal year, if changed since last period)
____________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common Stock, par value $0.01 per share | MFA | New York Stock Exchange |
7.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share | MFA/PB | New York Stock Exchange |
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share | MFA/PC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | x | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
101,915,797 shares of the registrant’s common stock, $0.01 par value, were outstanding as of October 31, 2023.
MFA FINANCIAL, INC.
TABLE OF CONTENTS
| | | | | | | | | | | | | | |
MFA FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS |
(In Thousands Except Per Share Amounts) | | September 30, 2023 | | December 31, 2022 |
| | (Unaudited) | | |
Assets: | | | | |
Residential whole loans, net ($6,846,570 and $5,727,524 held at fair value, respectively) (1)(2) | | $ | 8,424,216 | | | $ | 7,518,739 | |
Securities, at fair value (2) | | 723,959 | | | 333,364 | |
Cash and cash equivalents | | 300,089 | | | 334,183 | |
Restricted cash | | 153,449 | | | 159,898 | |
Other assets (2) | | 503,087 | | | 766,221 | |
Total Assets | | $ | 10,104,800 | | | $ | 9,112,405 | |
| | | | |
Liabilities: | | | | |
Financing agreements ($4,438,676 and $3,898,744 held at fair value, respectively) | | $ | 8,037,973 | | | $ | 6,812,086 | |
Other liabilities | | 218,311 | | | 311,470 | |
Total Liabilities | | $ | 8,256,284 | | | $ | 7,123,556 | |
| | | | |
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; 101,916 and 101,802 shares issued and outstanding, respectively | | 1,019 | | | 1,018 | |
Additional paid-in capital, in excess of par | | 3,695,406 | | | 3,684,291 | |
Accumulated deficit | | (1,862,452) | | | (1,717,991) | |
Accumulated other comprehensive income | | 14,353 | | | 21,341 | |
Total Stockholders’ Equity | | $ | 1,848,516 | | | $ | 1,988,849 | |
Total Liabilities and Stockholders’ Equity | | $ | 10,104,800 | | | $ | 9,112,405 | |
(1)Includes approximately $5.1 billion and $4.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2023 and December 31, 2022, 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 accompanying notes are an integral part of the consolidated financial statements.
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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(In Thousands, Except Per Share Amounts) | | 2023 | | 2022 | | 2023 | | 2022 |
Interest Income: | | | | | | | | |
Residential whole loans | | $ | 140,538 | | | $ | 114,415 | | | $ | 388,096 | | | $ | 316,235 | |
Securities, at fair value | | 11,945 | | | 5,612 | | | 29,201 | | | 16,181 | |
Other interest-earning assets | | 2,587 | | | 2,216 | | | 7,560 | | | 5,071 | |
Cash and cash equivalent investments | | 4,095 | | | 1,629 | | | 10,863 | | | 2,055 | |
Interest Income | | $ | 159,165 | | | $ | 123,872 | | | $ | 435,720 | | | $ | 339,542 | |
| | | | | | | | |
Interest Expense: | | | | | | | | |
Asset-backed and other collateralized financing arrangements | | $ | 109,088 | | | $ | 67,636 | | | $ | 293,852 | | | $ | 159,806 | |
Other interest expense | | 3,936 | | | 3,943 | | | 11,853 | | | 11,811 | |
Interest Expense | | $ | 113,024 | | | $ | 71,579 | | | $ | 305,705 | | | $ | 171,617 | |
| | | | | | | | |
Net Interest Income | | $ | 46,141 | | | $ | 52,293 | | | $ | 130,015 | | | $ | 167,925 | |
| | | | | | | | |
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans | | $ | 1,258 | | | $ | (588) | | | $ | 977 | | | $ | 1,106 | |
Provision for Credit Losses on Other Assets | | — | | | — | | | — | | | (28,579) | |
Net Interest Income after Provision for Credit Losses | | $ | 47,399 | | | $ | 51,705 | | | $ | 130,992 | | | $ | 140,452 | |
| | | | | | | | |
Other (Loss)/Income, net: | | | | | | | | |
Net loss on residential whole loans measured at fair value through earnings | | $ | (132,894) | | | $ | (291,818) | | | $ | (134,423) | | | $ | (797,934) | |
Impairment and other net loss on securities and other portfolio investments | | (14,161) | | | (411) | | | (15,799) | | | (16,159) | |
Net gain on real estate owned | | 2,409 | | | 3,861 | | | 8,504 | | | 19,777 | |
Net gain on derivatives used for risk management purposes | | 34,860 | | | 111,816 | | | 74,103 | | | 253,721 | |
Net gain on securitized debt measured at fair value through earnings | | 36,431 | | | 98,858 | | | 12,100 | | | 247,548 | |
Lima One - origination, servicing and other fee income | | 12,109 | | | 12,372 | | | 32,562 | | | 37,539 | |
Other, net | | 1,854 | | | 1,131 | | | 10,522 | | | 7,353 | |
Other Loss, net | | $ | (59,392) | | | $ | (64,191) | | | $ | (12,431) | | | $ | (248,155) | |
| | | | | | | | |
Operating and Other Expense: | | | | | | | | |
Compensation and benefits | | $ | 24,051 | | | $ | 21,063 | | | $ | 66,452 | | | $ | 59,679 | |
Other general and administrative expense | | 10,605 | | | 8,812 | | | 32,165 | | | 28,016 | |
Loan servicing, financing and other related costs | | 8,989 | | | 11,357 | | | 26,126 | | | 34,993 | |
Amortization of intangible assets | | 800 | | | 1,300 | | | 3,400 | | | 7,900 | |
Operating and Other Expense | | $ | 44,445 | | | $ | 42,532 | | | $ | 128,143 | | | $ | 130,588 | |
| | | | | | | | |
Net (Loss)/Income | | $ | (56,438) | | | $ | (55,018) | | | $ | (9,582) | | | $ | (238,291) | |
Less Preferred Stock Dividend Requirement | | $ | 8,219 | | | $ | 8,218 | | | $ | 24,656 | | | $ | 24,656 | |
Net (Loss)/Income Available to Common Stock and Participating Securities | | $ | (64,657) | | | $ | (63,236) | | | $ | (34,238) | | | $ | (262,947) | |
| | | | | | | | |
Basic (Loss)/Earnings per Common Share | | $ | (0.64) | | | $ | (0.62) | | | $ | (0.34) | | | $ | (2.54) | |
Diluted (Loss)/Earnings per Common Share | | $ | (0.64) | | | $ | (0.62) | | | $ | (0.34) | | | $ | (2.54) | |
The accompanying notes are an integral part of the consolidated financial statements.
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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(In Thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Net loss | | $ | (56,438) | | | $ | (55,018) | | | $ | (9,582) | | | $ | (238,291) | |
Other Comprehensive Income/(Loss): | | | | | | | | |
Unrealized gains/(losses) on securities available-for-sale | | 933 | | | (5,851) | | | (6,988) | | | (15,765) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk | | — | | | — | | | — | | | 1,255 | |
| | | | | | | | |
Other Comprehensive Income/(Loss) | | 933 | | | (5,851) | | | (6,988) | | | (14,510) | |
Comprehensive loss before preferred stock dividends | | $ | (55,505) | | | $ | (60,869) | | | $ | (16,570) | | | $ | (252,801) | |
Dividends required on preferred stock | | (8,219) | | | (8,218) | | | (24,656) | | | (24,656) | |
Comprehensive Loss Available to Common Stock and Participating Securities | | $ | (63,724) | | | $ | (69,087) | | | $ | (41,226) | | | $ | (277,457) | |
The accompanying notes are an integral part of the consolidated financial statements.
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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) |
| | Nine Months Ended September 30, 2023 |
(In Thousands, Except Per Share Amounts) | | Preferred Stock 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable - Liquidation Preference $25.00 per Share | | Preferred Stock 7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share | | Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income | | Total |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | | | |
Balance at December 31, 2022 | | 11,000 | | | $ | 110 | | | 8,000 | | | $ | 80 | | | 101,802 | | | $ | 1,018 | | | $ | 3,684,291 | | | $ | (1,717,991) | | | $ | 21,341 | | | $ | 1,988,849 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 72,784 | | | — | | | 72,784 | |
Issuance of common stock, net of expenses | | — | | | — | | | — | | | — | | | 168 | | | 1 | | | 17 | | | — | | | — | | | 18 | |
Repurchase of shares of common stock (1) | | — | | | — | | | — | | | — | | | (58) | | | — | | | (599) | | | — | | | — | | | (599) | |
Equity based compensation expense | | — | | | — | | | — | | | — | | | — | | | — | | | 3,019 | | | — | | | — | | | 3,019 | |
Change in accrued dividends attributable to stock-based awards | | — | | | — | | | — | | | — | | | — | | | — | | | 557 | | | (932) | | | — | | | (375) | |
Dividends declared on common stock ($0.35 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (35,669) | | | — | | | (35,669) | |
Dividends declared on Series B Preferred Stock ($0.46875 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,750) | | | — | | | (3,750) | |
Dividends declared on Series C Preferred Stock ($0.40625 per share) | | — | | | | | — | | | — | | | — | | | — | | | — | | | (4,469) | | | — | | | (4,469) | |
Dividends attributable to dividend equivalents | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (86) | | | — | | | (86) | |
Change in unrealized gains on securities, net | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,116) | | | (1,116) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Balance at March 31, 2023 | | 11,000 | | | $ | 110 | | | 8,000 | | | $ | 80 | | | 101,912 | | | $ | 1,019 | | | $ | 3,687,285 | | | $ | (1,690,113) | | | $ | 20,225 | | | $ | 2,018,606 | |
Net loss | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (25,928) | | | — | | | (25,928) | |
Issuance of common stock, net of expenses | | — | | | — | | | — | | | — | | | 4 | | | — | | | 16 | | | — | | | — | | | 16 | |
Repurchase of shares of common stock (1) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Equity based compensation expense | | — | | | — | | | — | | | — | | | — | | | — | | | 3,932 | | | — | | | — | | | 3,932 | |
Change in accrued dividends attributable to stock-based awards | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,044) | | | — | | | (1,044) | |
Dividends declared on common stock ($0.35 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (35,671) | | | — | | | (35,671) | |
Dividends declared on Series B Preferred Stock ($0.46875 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,750) | | | — | | | (3,750) | |
Dividends declared on Series C Preferred Stock ($0.40625 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,469) | | | — | | | (4,469) | |
Dividends attributable to dividend equivalents | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (118) | | | — | | | (118) | |
Change in unrealized gains on securities, net | | — | | | — | | | — | | | — | | | — | | | — | | | |