<p><strong>MFA Financial</strong>（MFA 0.22%）是一家專注於住宅抵押資產及相關投資的房地產投資信託，於 2025 年 8 月 6 日發佈了 2025 年第二季度財報。最顯著的發展是可分配收益（非 GAAP）和收入（非 GAAP）均大幅低於分析師預期。可分配收益每股（非 GAAP）為 0.24 美元，低於 0.30 美元的非 GAAP 預期，差距為 20.3%。收入（非 GAAP）為 2470 萬美元，遠低於 6370 萬美元的預測，差距達到 61.2%。公司指出，業務目的貸款部門的持續信用損失和抵押銀行收入下降是主要挑戰。儘管面臨這些收益壓力，MFA 仍將季度股息維持在每股 0.36 美元不變。本季度突顯了公司的強大流動性和持續的資產增長，但也揭示了持續的信用和收益波動。</p>
<table>
<thead>
<tr>
<th>指標</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度預估</th>
<th>2024 年第二季度</th>
<th>同比變化</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>不適用</td>
<td>不適用</td>
<td>不適用</td>
<td>不適用</td>
</tr>
<tr>
<td>每普通股賬面價值（GAAP）</td>
<td>$13.12</td>
<td></td>
<td>$13.80</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>每普通股經濟賬面價值</td>
<td>$13.69</td>
<td></td>
<td>$14.34</td>
<td>(4.5%)</td>
</tr>
</tbody>
</table>
<p>來源：FactSet 提供的季度分析師預估。</p>
<h2>理解 MFA Financial 的業務</h2>
<p>MFA Financial 是一家抵押房地產投資信託（mREIT）。它主要投資於住宅抵押資產，包括整體貸款和抵押貸款支持證券（MBS）。其投資組合大部分由非合格抵押貸款（非 QM）和用於住宅物業的業務目的貸款組成，機構 MBS 佔較小部分。</p>
<p>公司通過其投資所獲得的利息與融資成本之間的差額來賺取收入，這一指標稱為淨利差。MFA 還通過其貸款發放子公司 Lima One 產生貸款發放費用和收益。成功的關鍵因素包括有效的利率和信用風險管理、保持強大的流動性，以及在資產增長與嚴格的投資組合質量之間取得平衡。</p>
<h2>本季度回顧：結果、挑戰與關鍵發展</h2>
<p>在 2025 年第二季度，MFA 的可分配收益每股（非 GAAP）為 0.24 美元，低於預期，較去年同期的 0.45 美元下降。收入（非 GAAP）也未達到預期，遠低於共識。結果的最大拖累來自業務目的貸款的信用損失——這些是用於融資房地產投資物業的短期貸款，通常用於翻新或開發。MFA 報告稱，出售了 2370 萬美元的逾期過渡貸款，導致已經顯示出不良表現的資產產生了實際損失。某些領域的信用壓力依然明顯：60 天以上的貸款逾期率為 7.3%，略低於上個季度，但仍然偏高。截至 2025 年 6 月 30 日，單户住宅過渡貸款的逾期率為 13.1%，而多户住宅過渡貸款的逾期率為 8.3%。</p>
<p>專注於發放業務目的貸款的子公司 Lima One，其抵押銀行收入從去年同期的 760 萬美元下降至 610 萬美元。持續的信用解決和止贖意味着這一部門的收益在未來幾個季度可能仍將波動。管理層表示，大部分需要減記的困境資產已經反映在財務報表中，未決的止贖程序導致報告利潤的時間波動。</p>
<p>儘管面臨這些挑戰，MFA 的總投資組合擴大至 108 億美元，較上個季度略有上升。公司收購了 5.03 億美元的新非 QM 貸款和 1.311 億美元的新機構 MBS，使得截至 2025 年 6 月 30 日的機構 MBS 投資組合達到 17 億美元。Lima One 發放了 2.17 億美元的新業務目的貸款。同時，公司出售了 2400 萬美元的逾期貸款和 107 處房地產擁有（REO）物業，售價 2180 萬美元，繼續推動清理困境資產並將資本回收再投資於更強的貸款。</p>
<p>融資和風險管理是明確的重點。MFA 的債務與淨資產比率小幅上升至 5.2 倍，核心借款的槓桿率（追索權槓桿）截至 2025 年 6 月 30 日保持在 1.8 倍。公司完成了第 18 次非 QM 貸款證券化，抵押的未償還本金餘額為 3.184 億美元。利率對沖活動加劇，衍生品頭寸增加至名義金額 35 億美元。根據公司披露，利率上升 100 個基點將使投資組合價值下降 1.3%，並使股東權益減少 8.6%。</p>
<p>股息維持在每股 0.36 美元，季度內未變。值得注意的是，這一分紅超過了 2025 年第二季度的可分配收益每股（非 GAAP），延續了近期的趨勢。</p>
<h2>展望未來：指導與趨勢</h2>
<p>MFA 管理層未對第三季度或 2025 財年的財務指導提供明確指引。領導層警告稱，由於貸款重組活動持續，可分配收益在短期內可能仍將波動，並表示當前實現的信用損失大部分已被預留或之前已標記。公司持續關注將解決的困境貸款的資本重新部署到收益更高、表現良好的資產中，這可能支持未來幾個季度的改善結果，但未提供具體預測。</p>
<p>季度股息維持在每股 0.36 美元。投資者可能會繼續關注可分配收益與股息之間的關係，以及貸款表現、投資組合構成和進一步的信用解決方案的趨勢。缺乏明確的前瞻性指引和持續的收益波動可能會使人們關注 MFA 在處理未解決的信用風險時，穩定盈利能力和維持派息的能力。</p>
<p><em>收入和淨收入按照美國公認會計原則（GAAP）呈現，除非另有説明。</em></p>

<p>MFA Financial (MFA) 報告第二季度每股收益下降 47%，可分配每股收益為 0.24 美元，低於預期 20.3%。2470 萬美元的收入未能達到 6370 萬美元的預測，主要由於商業目的貸款的信用損失。儘管面臨這些挑戰，公司仍維持每股 0.36 美元的季度分紅。MFA 的總投資組合增長至 108 億美元，但持續的信用問題和收益波動性被強調。管理層未提供第三季度或 2025 財年的具體指導，暗示可分配收益可能面臨波動</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%）是一家專注於住宅抵押資產及相關投資的房地產投資信託，於 2025 年 8 月 6 日發佈了 2025 年第二季度財報。最顯著的發展是可分配收益（非 GAAP）和收入（非 GAAP）均大幅低於分析師預期。可分配收益每股（非 GAAP）為 0.24 美元，低於 0.30 美元的非 GAAP 預期，差距為 20.3%。收入（非 GAAP）為 2470 萬美元，遠低於 6370 萬美元的預測，差距達到 61.2%。公司指出，業務目的貸款部門的持續信用損失和抵押銀行收入下降是主要挑戰。儘管面臨這些收益壓力，MFA 仍將季度股息維持在每股 0.36 美元不變。本季度突顯了公司的強大流動性和持續的資產增長，但也揭示了持續的信用和收益波動。</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>指標</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度預估</th>
<th>2024 年第二季度</th>
<th>同比變化</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>不適用</td>
<td>不適用</td>
<td>不適用</td>
<td>不適用</td>
</tr>
<tr>
<td>每普通股賬面價值（GAAP）</td>
<td>$13.12</td>
<td></td>
<td>$13.80</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>每普通股經濟賬面價值</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>來源：FactSet 提供的季度分析師預估。</p>
</div><h2>Understanding MFA Financial’s Business</h2>
<div class="lb-trans"><h2>理解 MFA Financial 的業務</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 是一家抵押房地產投資信託（mREIT）。它主要投資於住宅抵押資產，包括整體貸款和抵押貸款支持證券（MBS）。其投資組合大部分由非合格抵押貸款（非 QM）和用於住宅物業的業務目的貸款組成，機構 MBS 佔較小部分。</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>公司通過其投資所獲得的利息與融資成本之間的差額來賺取收入，這一指標稱為淨利差。MFA 還通過其貸款發放子公司 Lima One 產生貸款發放費用和收益。成功的關鍵因素包括有效的利率和信用風險管理、保持強大的流動性，以及在資產增長與嚴格的投資組合質量之間取得平衡。</p>
</div><h2>Quarter in Review: Results, Challenges, and Key Developments</h2>
<div class="lb-trans"><h2>本季度回顧：結果、挑戰與關鍵發展</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）為 0.24 美元，低於預期，較去年同期的 0.45 美元下降。收入（非 GAAP）也未達到預期，遠低於共識。結果的最大拖累來自業務目的貸款的信用損失——這些是用於融資房地產投資物業的短期貸款，通常用於翻新或開發。MFA 報告稱，出售了 2370 萬美元的逾期過渡貸款，導致已經顯示出不良表現的資產產生了實際損失。某些領域的信用壓力依然明顯：60 天以上的貸款逾期率為 7.3%，略低於上個季度，但仍然偏高。截至 2025 年 6 月 30 日，單户住宅過渡貸款的逾期率為 13.1%，而多户住宅過渡貸款的逾期率為 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>專注於發放業務目的貸款的子公司 Lima One，其抵押銀行收入從去年同期的 760 萬美元下降至 610 萬美元。持續的信用解決和止贖意味着這一部門的收益在未來幾個季度可能仍將波動。管理層表示，大部分需要減記的困境資產已經反映在財務報表中，未決的止贖程序導致報告利潤的時間波動。</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>儘管面臨這些挑戰，MFA 的總投資組合擴大至 108 億美元，較上個季度略有上升。公司收購了 5.03 億美元的新非 QM 貸款和 1.311 億美元的新機構 MBS，使得截至 2025 年 6 月 30 日的機構 MBS 投資組合達到 17 億美元。Lima One 發放了 2.17 億美元的新業務目的貸款。同時，公司出售了 2400 萬美元的逾期貸款和 107 處房地產擁有（REO）物業，售價 2180 萬美元，繼續推動清理困境資產並將資本回收再投資於更強的貸款。</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>融資和風險管理是明確的重點。MFA 的債務與淨資產比率小幅上升至 5.2 倍，核心借款的槓桿率（追索權槓桿）截至 2025 年 6 月 30 日保持在 1.8 倍。公司完成了第 18 次非 QM 貸款證券化，抵押的未償還本金餘額為 3.184 億美元。利率對沖活動加劇，衍生品頭寸增加至名義金額 35 億美元。根據公司披露，利率上升 100 個基點將使投資組合價值下降 1.3%，並使股東權益減少 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>股息維持在每股 0.36 美元，季度內未變。值得注意的是，這一分紅超過了 2025 年第二季度的可分配收益每股（非 GAAP），延續了近期的趨勢。</p>
</div><h2>Looking Ahead: Guidance and Trends</h2>
<div class="lb-trans"><h2>展望未來：指導與趨勢</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 管理層未對第三季度或 2025 財年的財務指導提供明確指引。領導層警告稱，由於貸款重組活動持續，可分配收益在短期內可能仍將波動，並表示當前實現的信用損失大部分已被預留或之前已標記。公司持續關注將解決的困境貸款的資本重新部署到收益更高、表現良好的資產中，這可能支持未來幾個季度的改善結果，但未提供具體預測。</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>季度股息維持在每股 0.36 美元。投資者可能會繼續關注可分配收益與股息之間的關係，以及貸款表現、投資組合構成和進一步的信用解決方案的趨勢。缺乏明確的前瞻性指引和持續的收益波動可能會使人們關注 MFA 在處理未解決的信用風險時，穩定盈利能力和維持派息的能力。</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>收入和淨收入按照美國公認會計原則（GAAP）呈現，除非另有説明。</em></p>
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MFA Financial (MFA) 第二季度的每股收益下降了 47%