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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 September 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

451,770,207 shares of the registrant’s common stock, $0.01 par value, were outstanding as of October 31, 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)
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
 
 
Assets:
 
 

 
 

Residential mortgage securities:
 
 

 
 

Agency MBS, at fair value ($1,809,380 and $2,575,331 pledged as collateral, respectively)
 
$
1,813,873

 
$
2,698,213

Non-Agency MBS, at fair value ($2,389,549 and $3,248,900 pledged as collateral, respectively)
 
2,397,789

 
3,318,299

Credit Risk Transfer (“CRT”) securities, at fair value ($377,779 and $480,315 pledged as collateral, respectively)
 
377,892

 
492,821

Residential whole loans, at carrying value ($3,657,830 and $1,645,372 pledged as collateral, respectively) (1)
 
4,969,414

 
3,016,715

Residential whole loans, at fair value ($835,762 and $738,638 pledged as collateral, respectively) (1)
 
1,453,169

 
1,665,978

Mortgage servicing rights (“MSR”) related assets ($1,164,284 and $611,807 pledged as collateral, respectively)
 
1,164,284

 
611,807

Cash and cash equivalents
 
154,193

 
51,965

Restricted cash
 
38,998

 
36,744

Other assets
 
735,209

 
527,785

Total Assets
 
$
13,104,821

 
$
12,420,327

 
 
 
 
 
Liabilities:
 
 
 
 
Repurchase agreements
 
$
8,571,422

 
$
7,879,087

Other liabilities
 
1,129,973

 
1,125,139

Total Liabilities
 
$
9,701,395

 
$
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; 451,692 and 449,787 shares issued
and outstanding, respectively
 
4,517

 
4,498

Additional paid-in capital, in excess of par
 
3,634,140

 
3,623,275

Accumulated deficit
 
(637,161
)
 
(632,040
)
Accumulated other comprehensive income
 
401,850

 
420,288

Total Stockholders’ Equity
 
$
3,403,426

 
$
3,416,101

Total Liabilities and Stockholders’ Equity
 
$
13,104,821

 
$
12,420,327

 

(1)
Includes approximately $189.9 million and $209.4 million of Residential whole loans, at carrying value and $593.3 million and $694.7 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at September 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
September 30,
 
Nine Months Ended
September 30,
(In Thousands, Except Per Share Amounts)
 
2019
 
2018
 
2019
 
2018
Interest Income:
 
 
 
 
 
 
 
 
Agency MBS
 
$
11,806

 
$
14,332

 
$
45,521

 
$
42,795

Non-Agency MBS
 
44,582

 
58,667

 
150,610

 
169,812

CRT securities
 
4,251

 
7,748

 
15,545

 
25,939

Residential whole loans held at carrying value
 
64,226

 
29,524

 
171,725

 
61,788

MSR-related assets
 
15,274

 
6,407

 
38,232

 
20,249

Cash and cash equivalent investments
 
903

 
754

 
2,703

 
2,348

Other interest-earning assets
 
1,679

 

 
4,272

 

Interest Income
 
$
142,721

 
$
117,432

 
$
428,608

 
$
322,931

 
 
 
 
 
 
 
 
 
Interest Expense:
 
 

 
 
 
 

 
 
Repurchase agreements
 
$
74,240

 
$
50,881

 
$
220,939

 
$
142,832

Other interest expense
 
11,583

 
7,997

 
28,954

 
18,410

Interest Expense
 
$
85,823

 
$
58,878

 
$
249,893

 
$
161,242

 
 
 
 
 
 
 
 
 
Net Interest Income
 
$
56,898

 
$
58,554

 
$
178,715

 
$
161,689

 
 
 
 
 
 
 
 
 
Other Income, net:
 
 
 
 
 
 
 
 
Net gain on residential whole loans measured at fair value through earnings
 
$
40,175

 
$
34,942

 
$
116,915

 
$
105,883

Net realized gain on sales of residential mortgage securities
 
17,708

 
16,415

 
50,027

 
32,661

Net unrealized (loss)/gain on residential mortgage securities measured at fair value through earnings
 
(571
)
 
(8,545
)
 
8,101

 
(11,776
)
Net (loss)/gain on Swaps not designated as hedges for accounting purposes
 
(929
)
 
4,002

 
(17,267
)
 
4,355

Other, net
 
6,046

 
1,545

 
12,684

 
5,902

Other Income, net
 
$
62,429

 
$
48,359

 
$
170,460

 
$
137,025

 
 
 
 
 
 
 
 
 
Operating and Other Expense:
 
 
 
 
 
 
 
 
Compensation and benefits
 
$
7,920

 
$
6,868

 
$
24,315

 
$
20,654

Other general and administrative expense
 
5,022

 
4,155

 
15,601

 
13,569

Loan servicing and other related operating expenses
 
10,786

 
8,758

 
31,763

 
23,569

Operating and Other Expense
 
$
23,728

 
$
19,781

 
$
71,679

 
$
57,792

 
 
 
 
 
 
 
 
 
Net Income
 
$
95,599

 
$
87,132

 
$
277,496

 
$
240,922

Less Preferred Stock Dividends
 
3,750

 
3,750

 
11,250

 
11,250

Net Income Available to Common Stock and Participating Securities
 
$
91,849

 
$
83,382

 
$
266,246

 
$
229,672

 
 
 
 
 
 
 
 
 
Basic Earnings per Common Share
 
$
0.20

 
$
0.19

 
$
0.59

 
$
0.56

Diluted Earnings per Common Share
 
$
0.20

 
$
0.19

 
$
0.58

 
$
0.56



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
September 30,
 
Nine Months Ended
September 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
95,599

 
$
87,132

 
$
277,496

 
$
240,922

Other Comprehensive Income/(Loss):
 
 
 
 
 
 
 
 
Unrealized gain/(loss) on Agency MBS, net
 
603

 
(9,177
)
 
22,483

 
(27,507
)
Unrealized gain/(loss) on Non-Agency MBS, CRT securities and MSR term notes, net
 
4,880

 
(25,101
)
 
27,602

 
(62,743
)
Reclassification adjustment for MBS sales included in net income
 
(14,499
)
 
(9,455
)
 
(36,370
)
 
(25,580
)
Derivative hedging instrument fair value changes, net
 
(233
)
 
5,390

 
(30,384
)
 
32,974

Amortization of de-designated hedging instruments, net
 
(685
)
 

 
(1,769
)
 

Other Comprehensive Income/(Loss)
 
(9,934
)
 
(38,343
)
 
(18,438
)
 
(82,856
)
Comprehensive income before preferred stock dividends
 
$
85,665

 
$
48,789

 
$
259,058

 
$
158,066

Dividends declared on preferred stock
 
(3,750
)
 
(3,750
)
 
(11,250
)
 
(11,250
)
Comprehensive Income Available to Common Stock and Participating Securities
 
$
81,915

 
$
45,039

 
$
247,808

 
$
146,816

 
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)
 
 
Nine Months Ended September 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

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

Net income
 

 

 

 

 

 
95,599

 

 
95,599

Issuance of common stock, net of expenses
 

 

 
1,070

 
11

 
7,713

 

 

 
7,724

Repurchase of shares of common stock (1)
 

 

 

 

 

 

 

 

Equity based compensation expense
 

 

 

 

 
1,288

 

 

 
1,288

Accrued dividends attributable to stock-based awards
 

 

 

 

 
(260
)
 

 

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

 

 

 

 

 
(90,338
)
 

 
(90,338
)
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
 

 

 

 

 

 

 
(9,016
)
 
(9,016
)
Derivative hedging instrument fair value changes, net
 

 

 

 

 

 

 
(918
)
 
(918
)
Balance at September 30, 2019
 
8,000

 
$
80

 
451,692

 
$
4,517

 
$
3,634,140

 
$
(637,161
)
 
$
401,850

 
$
3,403,426


(1)  For the nine months ended September 30, 2019 includes approximately $