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MFA Financial Business Segments

Business, geographic, and product segment breakdowns

MFA Financial generates $756.5M in annual revenue across 1 key segments: Lima One ($600.0K). Based on the Q1 2026 filing.

Lima One$600.0K
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$975.3M
P/E Ratio7.24
ROE7.44%

Business Segments

Intangible Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$800K$800K$800K$300K$300K$300K
Mortgage-Related Assets$0$0$0$0$0$0

Compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$9.2M$9.8M$9.7M$9.3M$9.1M$8.9M
Mortgage-Related Assets$0$0$0$0$0$0

Impairment and Other Losses (Gains) On Securities And Other Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$26.3M-$20.4M-$4M-$18M-$15.7M$38.7M
Lima One-$94K$9K-$2K-$26K-$3K-$13K

Income/(loss) before income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$4.1M$56.2M$40.4M$65.1M$75.9M$26.1M
Lima One$20.3M$5.4M$8.8M$2.8M—-$3.4M

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$76.1M$77.4M$84.4M$89.8M$99.4M$101.3M
Lima One$46.9M$41.1M$38.1M$34.6M$31M$26.9M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$106.2M$112.8M$126M$128.3M$140.3M$148.2M
Lima One$69.1M$65.3M$59.8M$54.7M$48.2M$42.1M

Interest Income (Expense), after Provision for Loan Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$29.8M$35.3M$40.8M$38.2M$41.1M$47.2M
Lima One$22.2M$24.2M$21.7M$20.1M$17.2M$15.2M

Interest Income (Expense), Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$30.1M$35.4M$41.6M$38.5M$40.9M$46.9M
Lima One$22.2M$24.2M$21.7M$20.1M$17.2M$15.2M

Lease cost

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One———$600K$600K$600K

Less Preferred Stock Dividend Requirement

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$0$0$0$0$0$0
Mortgage-Related Assets$0$0$0$0$0$0

Lima One mortgage banking income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$8.5M$5.4M$6.1M$5.6M$5.7M$7.7M
Mortgage-Related Assets$0$0$0$0$0$0

Loan servicing, financing and other related costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$4.5M$4.2M$4.8M$4.6M$3.7M$3.6M
Lima One$1.1M$1.1M$1.8M$1.9M$1.4M$2.4M

Net gain/(loss) on derivatives used for risk management purposes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$53.6M-$25.6M-$15.3M$163K—$28.1M
Lima One$15.7M-$5.5M-$3M$37K—$2.7M

Net gain/(loss) on real estate owned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One-$772K-$1.6M-$1.5M-$1.4M-$3.4M-$3.4M
Mortgage-Related Assets$796K$69K-$1.4M$1.7M$795K$383K

Net gain/(loss) on residential whole loans measured at fair value through earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets—$48.7M$28.1M$35M$13.2M-$24.2M
Lima One-$20M$5.7M$5.5M$6.3M—-$10.5M

Net gain/(loss) on securitized debt measured at fair value through earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets—-$17.1M-$8.6M-$22.3M-$3.2M$16.1M
Lima One—-$4.8M$1.5M-$2.4M—$3.7M

Net income/(loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$4.1M$56.2M$40.4M$65.1M$75.9M$26.1M
Lima One$20.3M$5.4M$8.8M$2.8M—-$3.4M

Net Income (Loss) Available To Common Stockholders, Basic And Participating Securities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$4.1M$56.2M$40.4M$65.1M$75.9M$26.1M
Lima One$20.3M$5.4M$8.8M$2.8M—-$3.4M

Net realized gain/(loss) on residential whole loans held at carrying value

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$0$0$0$0$0$0
Mortgage-Related Assets$0-$539K-$343K$0$0$0

Noninterest Income (Loss), Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets—$25.2M$4.4M$31.4M$38.4M-$17.4M
Lima One$13.6M-$2.7M$4.2M-$603K-$4.8M-$2.7M

Other general and administrative expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$4.3M$4.4M$4.9M$5.2M$4.5M$4.3M
Mortgage-Related Assets$0$8K-$30K$0$0$0

Other, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One-$658K-$2M-$4.4M-$8.8M-$1.5M-$2.9M
Mortgage-Related Assets$288K-$745K-$2.1M-$1.1M-$71K$929K

Provision for/(benefit from) income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$0$0$0$0$0$0
Mortgage-Related Assets$0$0$0$0$0$0

Provision for Other Credit Losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lima One$0$0$0$0$0$0
Mortgage-Related Assets$0$0$0$0$0$0

(Reversal) Provision For Credit Losses on Residential Whole Loans

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets—$145K$791K$276K—-$242K
Lima One$0$0$0$0$0$0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mortgage-Related Assets$7.4B$7.9B$8.2B$8.8B$10.1B$10.5B
Lima One$3.6B$3.3B$3.2B$2.9B$2.6B$2.5B