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Section 1: 10-Q (10-Q)

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Table of Contents

 
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 June 30, 2019
 
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.)
 
 
 
 
 
 
 
 
 
 
350 Park Avenue, 20th Floor
 
 
 

 
 
New York
New York
 
 
 
10022
 
 
(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
8.00% Senior Notes due 2042
MFO
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

450,701,064 shares of the registrant’s common stock, $0.01 par value, were outstanding as of August 2, 2019.
 


Table of Contents

MFA FINANCIAL, INC.

TABLE OF CONTENTS
 
 
Page
 
 
PART I
FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents



MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS




 (In Thousands Except Per Share Amounts)
 
June 30,
2019
 
December 31,
2018
 
 
(Unaudited)
 
 
Assets:
 
 

 
 

Residential mortgage securities:
 
 

 
 

Agency MBS, at fair value ($2,223,163 and $2,575,331 pledged as collateral, respectively)
 
$
2,257,375

 
$
2,698,213

Non-Agency MBS, at fair value ($2,705,825 and $3,248,900 pledged as collateral, respectively)
 
2,728,270

 
3,318,299

Credit Risk Transfer (“CRT”) securities, at fair value ($403,381 and $480,315 pledged as collateral, respectively)
 
407,316

 
492,821

Residential whole loans, at carrying value ($2,814,259 and $1,645,372 pledged as collateral, respectively) (1)
 
4,391,983

 
3,016,715

Residential whole loans, at fair value ($777,087 and $738,638 pledged as collateral, respectively) (1)
 
1,525,814

 
1,665,978

Mortgage servicing rights (“MSR”) related assets ($1,169,872 and $611,807 pledged as collateral, respectively)
 
1,169,872

 
611,807

Cash and cash equivalents
 
88,661

 
51,965

Restricted cash
 
31,056

 
36,744

Other assets
 
607,745

 
527,785

Total Assets
 
$
13,208,092

 
$
12,420,327

 
 
 
 
 
Liabilities:
 
 
 
 
Repurchase agreements
 
$
8,630,642

 
$
7,879,087

Other liabilities
 
1,174,077

 
1,125,139

Total Liabilities
 
$
9,804,719

 
$
9,004,226

 
 
 
 
 
Commitments and contingencies (See Note 10)
 


 


 
 
 
 
 
Stockholders’ Equity:
 
 
 
 
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized;
8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)
 
$
80

 
$
80

Common stock, $.01 par value; 886,950 shares authorized; 450,622 and 449,787 shares issued
and outstanding, respectively
 
4,506

 
4,498

Additional paid-in capital, in excess of par
 
3,625,399

 
3,623,275

Accumulated deficit
 
(638,396
)
 
(632,040
)
Accumulated other comprehensive income
 
411,784

 
420,288

Total Stockholders’ Equity
 
$
3,403,373

 
$
3,416,101

Total Liabilities and Stockholders’ Equity
 
$
13,208,092

 
$
12,420,327

 

(1)
Includes approximately $197.0 million and $209.4 million of Residential whole loans, at carrying value and $616.0 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at June 30, 2019 and December 31, 2018, respectively. Such assets can be used only to settle the obligations of each respective VIE.


The accompanying notes are an integral part of the consolidated financial statements.

1

Table of Contents

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In Thousands, Except Per Share Amounts)
 
2019
 
2018
 
2019
 
2018
Interest Income:
 
 
 
 
 
 
 
 
Agency MBS
 
$
15,274

 
$
13,170

 
$
33,715

 
$
28,463

Non-Agency MBS
 
52,027

 
55,043

 
106,028

 
111,145

CRT securities
 
5,094

 
8,695

 
11,294

 
18,191

Residential whole loans held at carrying value
 
57,879

 
17,935

 
107,499

 
32,264

MSR-related assets
 
12,338

 
6,219

 
22,958

 
13,842

Cash and cash equivalent investments
 
1,036

 
685

 
1,800

 
1,594

Other interest-earning assets
 
1,287

 

 
2,593

 

Interest Income
 
$
144,935

 
$
101,747

 
$
285,887

 
$
205,499

 
 
 
 
 
 
 
 
 
Interest Expense:
 
 
 
 
 
 
 
 
Repurchase agreements
 
$
75,890

 
$
46,234

 
$
146,699

 
$
91,951

Other interest expense
 
9,154

 
5,576

 
17,371

 
10,413

Interest Expense
 
$
85,044

 
$
51,810

 
$
164,070

 
$
102,364

 
 
 
 
 
 
 
 
 
Net Interest Income
 
$
59,891

 
$
49,937

 
$
121,817

 
$
103,135

 
 
 
 
 
 
 
 
 
Other Income, net:
 
 
 
 
 
 
 
 
Net gain on residential whole loans measured at fair value through earnings
 
$
51,473

 
$
32,443

 
$
76,740

 
$
70,941

Net realized gain on sales of residential mortgage securities
 
7,710

 
7,429

 
32,319

 
16,246

Net unrealized gain/(loss) on residential mortgage securities measured at fair value through earnings
 

 
(2,351
)
 
8,672

 
(3,231
)
Net (loss)/gain on Swaps not designated as hedges for accounting purposes
 
(7,394
)
 
353

 
(16,338
)
 
353

Other, net
 
5,073

 
3,132

 
6,638

 
4,357

Other Income, net
 
$
56,862

 
$
41,006

 
$
108,031

 
$
88,666

 
 
 
 
 
 
 
 
 
Operating and Other Expense:
 
 
 
 
 
 
 
 
Compensation and benefits
 
$
7,841

 
$
7,038

 
$
16,395

 
$
13,786

Other general and administrative expense
 
5,934

 
5,582

 
10,579

 
9,414

Loan servicing and other related operating expenses
 
9,938

 
7,928

 
20,977

 
14,811

Operating and Other Expense
 
$
23,713

 
$
20,548

 
$
47,951

 
$
38,011

 
 
 
 
 
 
 
 
 
Net Income
 
$
93,040

 
$
70,395

 
$
181,897

 
$
153,790

Less Preferred Stock Dividends
 
3,750

 
3,750

 
7,500

 
7,500

Net Income Available to Common Stock and Participating Securities
 
$
89,290

 
$
66,645

 
$
174,397

 
$
146,290

 
 
 
 
 
 
 
 
 
Basic Earnings per Common Share
 
$
0.20

 
$
0.17

 
$
0.39

 
$
0.36

Diluted Earnings per Common Share
 
$
0.20

 
$
0.17

 
$
0.38

 
$
0.36



The accompanying notes are an integral part of the consolidated financial statements.

2

Table of Contents

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)

 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
93,040

 
$
70,395

 
$
181,897

 
$
153,790

Other Comprehensive Income/(Loss):
 
 
 
 
 
 
 
 
Unrealized gain/(loss) on Agency MBS, net
 
13,555

 
(9,641
)
 
21,880

 
(18,331
)
Unrealized gain/(loss) on Non-Agency MBS, CRT securities and MSR term notes, net
 
10,453

 
(11,115
)
 
22,427

 
(38,308
)
Reclassification adjustment for MBS sales included in net income
 
(6,371
)
 
(5,178
)
 
(21,576
)
 
(15,458
)
Derivative hedging instrument fair value changes, net
 
(19,706
)
 
7,915

 
(30,151
)
 
27,584

Amortization of de-designated hedging instruments, net
 
(743
)
 

 
(1,084
)
 

Other Comprehensive Income/(Loss)
 
(2,812
)
 
(18,019
)
 
(8,504
)
 
(44,513
)
Comprehensive income before preferred stock dividends
 
$
90,228

 
$
52,376

 
$
173,393

 
$
109,277

Dividends declared on preferred stock
 
(3,750
)
 
(3,750
)
 
(7,500
)
 
(7,500
)
Comprehensive Income Available to Common Stock and Participating Securities
 
$
86,478

 
$
48,626

 
$
165,893

 
$
101,777

 
The accompanying notes are an integral part of the consolidated financial statements.

3

Table of Contents

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)

 
 
Six Months Ended June 30, 2019
(In Thousands, 
Except Per Share Amounts)
 
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
 
 
 
 
Balance at December 31, 2018
 
8,000

 
$
80

 
449,787

 
$
4,498

 
$
3,623,275

 
$
(632,040
)
 
$
420,288

 
$
3,416,101

Net income
 

 

 

 

 

 
88,857

 

 
88,857

Issuance of common stock, net of expenses
 

 

 
1,066

 
7

 
544

 

 

 
551

Repurchase of shares of common stock (1)
 

 

 
(370
)
 

 
(2,610
)
 

 

 
(2,610
)
Equity based compensation expense
 

 

 

 

 
992

 

 

 
992

Accrued dividends attributable to stock-based awards
 

 

 

 

 
435

 

 

 
435

Dividends declared on common stock ($0.20 per share)
 

 

 

 

 

 
(90,097
)
 

 
(90,097
)
Dividends declared on preferred stock ($0.46875 per share)
 

 

 

 

 

 
(3,750
)
 

 
(3,750
)
Dividends attributable to dividend equivalents
 

 

 

 

 

 
(256
)
 

 
(256
)
Change in unrealized gains on MBS, net
 

 

 

 

 

 

 
5,094

 
5,094

Derivative hedging instrument fair value changes, net
 

 

 

 

 

 

 
(10,786
)
 
(10,786
)
Balance at March 31, 2019
 
8,000

 
$
80

 
450,483

 
$
4,505

 
$
3,622,636

 
$
(637,286
)
 
$
414,596

 
$
3,404,531

Net income
 

 

 

 

 

 
93,040

 

 
93,040

Issuance of common stock, net of expenses
 

 

 
139

 
1

 
585

 

 

 
586

Repurchase of shares of common stock (1)
 

 

 

 

 

 

 

 

Equity based compensation expense
 

 

 

 

 
2,438

 

 

 
2,438

Accrued dividends attributable to stock-based awards
 

 

 

 

 
(260
)
 

 

 
(260
)
Dividends declared on common stock ($0.20 per share)
 

 

 

 

 

 
(90,124
)
 

 
(90,124
)
Dividends declared on preferred stock ($0.46875 per share)
 

 

 

 

 

 
(3,750
)
 

 
(3,750
)
Dividends attributable to dividend equivalents
 

 

 

 

 

 
(276
)
 

 
(276
)
Change in unrealized gains on MBS, net
 

 

 

 

 

 

 
17,637

 
17,637

Derivative hedging instrument fair value changes, net
 

 

 

 

 

 

 
(20,449
)
 
(20,449
)
Balance at June 30, 2019
 
8,000

 
$
80

 
450,622

 
$
4,506

 
$
3,625,399

 
$
(638,396
)
 
$
411,784

 
$
3,403,373


(1)  For the six months ended June 30, 2019 includes approximately $2.6 million (370,244 shares) surrendered for tax purposes related to equity-based compensation awards.

The accompanying notes are an integral part of the consolidated financial statements.



4

Table of Contents

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)

 
 
Six Months Ended June 30, 2018
(In Thousands, 
Except Per Share Amounts)
 
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
 
 
 
 
Balance at December 31, 2017
 
8,000

 
$
80

 
397,831

 
$
3,978

 
$
3,227,304

 
$
(578,950
)
 
$
609,224

 
$
3,261,636

Cumulative effect adjustment on adoption of new accounting standard for revenue recognition
 

 

 

 

 
 
 
295

 

 
295

Net income
 

 

 

 

 

 
83,395

 

 
83,395

Issuance of common stock, net of expenses
 

 

 
849

 
6

 
1,224

 

 

 
1,230

Repurchase of shares of common stock (1)
 

 

 
(251
)
 

 
(1,957
)
 

 

 
(1,957
)
Equity based compensation expense
 

 

 

 

 
549

 

 

 
549

Accrued dividends attributable to stock-based awards
 

 

 

 

 
430

 

 

 
430

Dividends declared on common stock ($0.20 per share)
 

 

 

 

 

 
(79,686
)
 

 
(79,686
)
Dividends declared on preferred stock ($0.46875 per share)
 

 

 

 

 

 
(3,750
)
 

 
(3,750
)
Dividends attributable to dividend equivalents
 

 

 

 

 

 
(217
)