<p><strong>MFA Financial</strong>（MFA 0.22%）是一家专注于住宅抵押资产及相关投资的房地产投资信托，于 2025 年 8 月 6 日发布了 2025 年第二季度财报。最显著的发展是可分配收益（非 GAAP）和收入（非 GAAP）均大幅低于分析师预期。可分配收益每股（非 GAAP）为 0.24 美元，低于 0.30 美元的非 GAAP 预期，差距为 20.3%。收入（非 GAAP）为 2470 万美元，远低于 6370 万美元的预测，差距达到 61.2%。公司指出，业务目的贷款部门的持续信用损失和抵押银行收入下降是主要挑战。尽管面临这些收益压力，MFA 仍将季度股息维持在每股 0.36 美元不变。本季度突显了公司的强大流动性和持续的资产增长，但也揭示了持续的信用和收益波动。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$0.24</td>
<td>$0.30</td>
<td>$0.45</td>
<td>(46.7%)</td>
</tr>
<tr>
<td>每股收益（GAAP）</td>
<td>$0.22</td>
<td></td>
<td>$0.32</td>
<td>(31.3%)</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>不适用</td>
<td>不适用</td>
<td>不适用</td>
<td>不适用</td>
</tr>
<tr>
<td>每普通股账面价值（GAAP）</td>
<td>$13.12</td>
<td></td>
<td>$13.80</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>每普通股经济账面价值</td>
<td>$13.69</td>
<td></td>
<td>$14.34</td>
<td>(4.5%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>理解 MFA Financial 的业务</h2>
<p>MFA Financial 是一家抵押房地产投资信托（mREIT）。它主要投资于住宅抵押资产，包括整体贷款和抵押贷款支持证券（MBS）。其投资组合大部分由非合格抵押贷款（非 QM）和用于住宅物业的业务目的贷款组成，机构 MBS 占较小部分。</p>
<p>公司通过其投资所获得的利息与融资成本之间的差额来赚取收入，这一指标称为净利差。MFA 还通过其贷款发放子公司 Lima One 产生贷款发放费用和收益。成功的关键因素包括有效的利率和信用风险管理、保持强大的流动性，以及在资产增长与严格的投资组合质量之间取得平衡。</p>
<h2>本季度回顾：结果、挑战与关键发展</h2>
<p>在 2025 年第二季度，MFA 的可分配收益每股（非 GAAP）为 0.24 美元，低于预期，较去年同期的 0.45 美元下降。收入（非 GAAP）也未达到预期，远低于共识。结果的最大拖累来自业务目的贷款的信用损失——这些是用于融资房地产投资物业的短期贷款，通常用于翻新或开发。MFA 报告称，出售了 2370 万美元的逾期过渡贷款，导致已经显示出不良表现的资产产生了实际损失。某些领域的信用压力依然明显：60 天以上的贷款逾期率为 7.3%，略低于上个季度，但仍然偏高。截至 2025 年 6 月 30 日，单户住宅过渡贷款的逾期率为 13.1%，而多户住宅过渡贷款的逾期率为 8.3%。</p>
<p>专注于发放业务目的贷款的子公司 Lima One，其抵押银行收入从去年同期的 760 万美元下降至 610 万美元。持续的信用解决和止赎意味着这一部门的收益在未来几个季度可能仍将波动。管理层表示，大部分需要减记的困境资产已经反映在财务报表中，未决的止赎程序导致报告利润的时间波动。</p>
<p>尽管面临这些挑战，MFA 的总投资组合扩大至 108 亿美元，较上个季度略有上升。公司收购了 5.03 亿美元的新非 QM 贷款和 1.311 亿美元的新机构 MBS，使得截至 2025 年 6 月 30 日的机构 MBS 投资组合达到 17 亿美元。Lima One 发放了 2.17 亿美元的新业务目的贷款。同时，公司出售了 2400 万美元的逾期贷款和 107 处房地产拥有（REO）物业，售价 2180 万美元，继续推动清理困境资产并将资本回收再投资于更强的贷款。</p>
<p>融资和风险管理是明确的重点。MFA 的债务与净资产比率小幅上升至 5.2 倍，核心借款的杠杆率（追索权杠杆）截至 2025 年 6 月 30 日保持在 1.8 倍。公司完成了第 18 次非 QM 贷款证券化，抵押的未偿还本金余额为 3.184 亿美元。利率对冲活动加剧，衍生品头寸增加至名义金额 35 亿美元。根据公司披露，利率上升 100 个基点将使投资组合价值下降 1.3%，并使股东权益减少 8.6%。</p>
<p>股息维持在每股 0.36 美元，季度内未变。值得注意的是，这一分红超过了 2025 年第二季度的可分配收益每股（非 GAAP），延续了近期的趋势。</p>
<h2>展望未来：指导与趋势</h2>
<p>MFA 管理层未对第三季度或 2025 财年的财务指导提供明确指引。领导层警告称，由于贷款重组活动持续，可分配收益在短期内可能仍将波动，并表示当前实现的信用损失大部分已被预留或之前已标记。公司持续关注将解决的困境贷款的资本重新部署到收益更高、表现良好的资产中，这可能支持未来几个季度的改善结果，但未提供具体预测。</p>
<p>季度股息维持在每股 0.36 美元。投资者可能会继续关注可分配收益与股息之间的关系，以及贷款表现、投资组合构成和进一步的信用解决方案的趋势。缺乏明确的前瞻性指引和持续的收益波动可能会使人们关注 MFA 在处理未解决的信用风险时，稳定盈利能力和维持派息的能力。</p>
<p><em>收入和净收入按照美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

<p>MFA Financial (MFA) 报告第二季度每股收益下降 47%，可分配每股收益为 0.24 美元，低于预期 20.3%。2470 万美元的收入未能达到 6370 万美元的预测，主要由于商业目的贷款的信用损失。尽管面临这些挑战，公司仍维持每股 0.36 美元的季度分红。MFA 的总投资组合增长至 108 亿美元，但持续的信用问题和收益波动性被强调。管理层未提供第三季度或 2025 财年的具体指导，暗示可分配收益可能面临波动</p>

<p><strong>MFA Financial</strong>(MFA 0.22%), a real estate investment trust focused on residential mortgage assets and related investments, released its second quarter 2025 earnings on August 6, 2025. The most notable development was a significant shortfall in both distributable earnings (non-GAAP) and revenue (non-GAAP) compared to analyst estimates. Distributable earnings per share (non-GAAP) came in at $0.24, missing the $0.30 non-GAAP estimate by 20.3%. Revenue (non-GAAP) of $24.7 million was well below the $63.7 million forecast, representing a gap of 61.2%. The company cited ongoing credit losses in its business purpose loan segment and lower mortgage banking income as key challenges. Despite these earnings pressures, MFA kept its quarterly dividend unchanged at $0.36 per share. The quarter underscored the company’s robust liquidity and ongoing asset growth, but also revealed persistent credit and earnings volatility.</p>
<div class="lb-trans"><p><strong>MFA Financial</strong>（MFA 0.22%）是一家专注于住宅抵押资产及相关投资的房地产投资信托，于 2025 年 8 月 6 日发布了 2025 年第二季度财报。最显著的发展是可分配收益（非 GAAP）和收入（非 GAAP）均大幅低于分析师预期。可分配收益每股（非 GAAP）为 0.24 美元，低于 0.30 美元的非 GAAP 预期，差距为 20.3%。收入（非 GAAP）为 2470 万美元，远低于 6370 万美元的预测，差距达到 61.2%。公司指出，业务目的贷款部门的持续信用损失和抵押银行收入下降是主要挑战。尽管面临这些收益压力，MFA 仍将季度股息维持在每股 0.36 美元不变。本季度突显了公司的强大流动性和持续的资产增长，但也揭示了持续的信用和收益波动。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$0.24</td>
<td>$0.30</td>
<td>$0.45</td>
<td>(46.7%)</td>
</tr>
<tr>
<td>EPS (GAAP)</td>
<td>$0.22</td>
<td></td>
<td>$0.32</td>
<td>(31.3%)</td>
</tr>
<tr>
<td>Revenue (GAAP)</td>
<td>N/A</td>
<td>N/A</td>
<td>N/A</td>
<td>N/A</td>
</tr>
<tr>
<td>Book Value per Common Share (GAAP)</td>
<td>$13.12</td>
<td></td>
<td>$13.80</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>Economic Book Value per Common Share</td>
<td>$13.69</td>
<td></td>
<td>$14.34</td>
<td>(4.5%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$0.24</td>
<td>$0.30</td>
<td>$0.45</td>
<td>(46.7%)</td>
</tr>
<tr>
<td>每股收益（GAAP）</td>
<td>$0.22</td>
<td></td>
<td>$0.32</td>
<td>(31.3%)</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>不适用</td>
<td>不适用</td>
<td>不适用</td>
<td>不适用</td>
</tr>
<tr>
<td>每普通股账面价值（GAAP）</td>
<td>$13.12</td>
<td></td>
<td>$13.80</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>每普通股经济账面价值</td>
<td>$13.69</td>
<td></td>
<td>$14.34</td>
<td>(4.5%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>Understanding MFA Financial’s Business</h2>
<div class="lb-trans"><h2>理解 MFA Financial 的业务</h2>
</div><p>MFA Financial is a mortgage real estate investment trust, or mREIT. It invests mainly in residential mortgage assets, including whole loans and mortgage-backed securities (MBS). Most of its portfolio consists of non-qualified mortgage (non-QM) loans and business purpose loans for residential properties, with agency MBS making up a smaller portion.</p>
<div class="lb-trans"><p>MFA Financial 是一家抵押房地产投资信托（mREIT）。它主要投资于住宅抵押资产，包括整体贷款和抵押贷款支持证券（MBS）。其投资组合大部分由非合格抵押贷款（非 QM）和用于住宅物业的业务目的贷款组成，机构 MBS 占较小部分。</p>
</div><p>The company earns income from the difference between the interest it receives from its investments and the cost of financing those investments—a metric known as net interest spread. MFA also generates fees and gains from mortgage loan origination, largely through Lima One, its loan origination subsidiary. Key factors for its success are effective interest rate and credit risk management, maintaining strong liquidity, and balancing asset growth with disciplined portfolio quality.</p>
<div class="lb-trans"><p>公司通过其投资所获得的利息与融资成本之间的差额来赚取收入，这一指标称为净利差。MFA 还通过其贷款发放子公司 Lima One 产生贷款发放费用和收益。成功的关键因素包括有效的利率和信用风险管理、保持强大的流动性，以及在资产增长与严格的投资组合质量之间取得平衡。</p>
</div><h2>Quarter in Review: Results, Challenges, and Key Developments</h2>
<div class="lb-trans"><h2>本季度回顾：结果、挑战与关键发展</h2>
</div><p>During Q2 2025, MFA’s distributable earnings per share (non-GAAP) fell short of expectations at $0.24, down from $0.45 in the prior year period. Revenue (non-GAAP) also lagged forecasts, coming in far below consensus. The largest drag on results was credit losses from business purpose loans—these are short-term loans financing real estate investment properties, often meant for renovation or development. MFA reported $23.7 million in delinquent transitional loans sold, leading to realized losses on assets that had already shown signs of nonperformance. Credit pressures remained visible in some segments: 60+ day loan delinquencies stood at 7.3%, slightly lower than last quarter but still elevated. Single-family transitional loans had a high delinquency rate of 13.1% as of June 30, 2025, while multifamily transitional loans were at 8.3% as of June 30, 2025.</p>
<div class="lb-trans"><p>在 2025 年第二季度，MFA 的可分配收益每股（非 GAAP）为 0.24 美元，低于预期，较去年同期的 0.45 美元下降。收入（非 GAAP）也未达到预期，远低于共识。结果的最大拖累来自业务目的贷款的信用损失——这些是用于融资房地产投资物业的短期贷款，通常用于翻新或开发。MFA 报告称，出售了 2370 万美元的逾期过渡贷款，导致已经显示出不良表现的资产产生了实际损失。某些领域的信用压力依然明显：60 天以上的贷款逾期率为 7.3%，略低于上个季度，但仍然偏高。截至 2025 年 6 月 30 日，单户住宅过渡贷款的逾期率为 13.1%，而多户住宅过渡贷款的逾期率为 8.3%。</p>
</div><p>Lima One, the subsidiary focused on originating business purpose loans, saw its mortgage banking income drop to $6.1 million from $7.6 million compared to the prior year period. Ongoing credit resolutions and foreclosures mean earnings from this segment are likely to remain volatile in upcoming quarters. Management stated that most of the required write-downs for troubled assets are already reflected, with outstanding foreclosure proceedings causing timing variability in reported profits.</p>
<div class="lb-trans"><p>专注于发放业务目的贷款的子公司 Lima One，其抵押银行收入从去年同期的 760 万美元下降至 610 万美元。持续的信用解决和止赎意味着这一部门的收益在未来几个季度可能仍将波动。管理层表示，大部分需要减记的困境资产已经反映在财务报表中，未决的止赎程序导致报告利润的时间波动。</p>
</div><p>Despite these headwinds, MFA expanded its total investment portfolio to $10.8 billion, up slightly from the previous quarter. The company acquired $503.0 million in new non-QM loans and $131.1 million in new agency MBS, pushing the agency MBS portfolio to $1.7 billion as of June 30, 2025. Lima One originated $217 million in new business purpose loans. At the same time, the company sold $24 million in delinquent loans and 107 real estate-owned (REO) properties for $21.8 million, continuing its push to clear troubled assets and recycle capital into stronger loans.</p>
<div class="lb-trans"><p>尽管面临这些挑战，MFA 的总投资组合扩大至 108 亿美元，较上个季度略有上升。公司收购了 5.03 亿美元的新非 QM 贷款和 1.311 亿美元的新机构 MBS，使得截至 2025 年 6 月 30 日的机构 MBS 投资组合达到 17 亿美元。Lima One 发放了 2.17 亿美元的新业务目的贷款。同时，公司出售了 2400 万美元的逾期贷款和 107 处房地产拥有（REO）物业，售价 2180 万美元，继续推动清理困境资产并将资本回收再投资于更强的贷款。</p>
</div><p>Financing and risk management were a clear focus. MFA’s debt-to-net equity ratio increased modestly to 5.2x, and its leverage on core borrowings (recourse leverage) held steady at 1.8x as of June 30, 2025. The company completed its 18th non-QM loan securitization, collateralized by $318.4 million in unpaid principal balance. Interest rate hedging activities intensified, increasing derivative positions to a notional amount of $3.5 billion. A 100 basis point rise in interest rates would decrease portfolio value by 1.3% and reduce stockholders’ equity by 8.6%, based on company disclosures.</p>
<div class="lb-trans"><p>融资和风险管理是明确的重点。MFA 的债务与净资产比率小幅上升至 5.2 倍，核心借款的杠杆率（追索权杠杆）截至 2025 年 6 月 30 日保持在 1.8 倍。公司完成了第 18 次非 QM 贷款证券化，抵押的未偿还本金余额为 3.184 亿美元。利率对冲活动加剧，衍生品头寸增加至名义金额 35 亿美元。根据公司披露，利率上升 100 个基点将使投资组合价值下降 1.3%，并使股东权益减少 8.6%。</p>
</div><p>The dividend remained at $0.36 per share, unchanged for the quarter. Notably, this payout exceeded distributable earnings per share (non-GAAP) in Q2 2025, continuing a trend from recent periods.</p>
<div class="lb-trans"><p>股息维持在每股 0.36 美元，季度内未变。值得注意的是，这一分红超过了 2025 年第二季度的可分配收益每股（非 GAAP），延续了近期的趋势。</p>
</div><h2>Looking Ahead: Guidance and Trends</h2>
<div class="lb-trans"><h2>展望未来：指导与趋势</h2>
</div><p>MFA management did not provide explicit financial guidance for the third quarter or for fiscal 2025. Leadership cautioned that distributable earnings may remain volatile in the near term as loan workout activity continues, and indicated that current realized credit losses are largely reserved or previously marked through. There is an ongoing focus on redeploying capital from resolved troubled loans into higher-yielding, performing assets, which could support improved results in future quarters, but no specific forecast was offered.</p>
<div class="lb-trans"><p>MFA 管理层未对第三季度或 2025 财年的财务指导提供明确指引。领导层警告称，由于贷款重组活动持续，可分配收益在短期内可能仍将波动，并表示当前实现的信用损失大部分已被预留或之前已标记。公司持续关注将解决的困境贷款的资本重新部署到收益更高、表现良好的资产中，这可能支持未来几个季度的改善结果，但未提供具体预测。</p>
</div><p>The quarterly dividend was held steady at $0.36 per share. Investors will likely continue to monitor the relationship between distributable earnings and the dividend, along with trends in loan performance, portfolio composition, and further credit resolutions. The lack of clear forward guidance and ongoing earnings volatility may keep attention focused on MFA’s ability to stabilize profitability and maintain its payout as it works through unsettled credit exposures.</p>
<div class="lb-trans"><p>季度股息维持在每股 0.36 美元。投资者可能会继续关注可分配收益与股息之间的关系，以及贷款表现、投资组合构成和进一步的信用解决方案的趋势。缺乏明确的前瞻性指引和持续的收益波动可能会使人们关注 MFA 在处理未解决的信用风险时，稳定盈利能力和维持派息的能力。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入按照美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

MFA Financial (MFA) 第二季度的每股收益下降了 47%