MFA Financial, Inc. reported significant financial improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved interest income of $181.97 million in Q3 2024, up from $159.17 million in Q3 2023, and $545.64 million for the nine months, compared to $435.72 million in the prior year. Net interest income also increased, reaching $50.63 million for Q3 2024, compared to $46.14 million in Q3 2023, and $151.93 million for the nine months, up from $130.02 million.
A notable highlight was the net gain on residential whole loans, which surged to $143.42 million in Q3 2024, a stark contrast to a loss of $132.89 million in Q3 2023. For the nine months, the net gain was $148.33 million, compared to a loss of $134.42 million in the previous year. This turnaround contributed to a pre-tax income of $49.70 million in Q3 2024, compared to a loss of $56.34 million in Q3 2023, and a net income of $48.18 million, reversing a loss of $56.44 million.
The company’s net income available to common stockholders for Q3 2024 was $39.96 million, compared to a loss of $64.66 million in Q3 2023. Basic earnings per share improved to $0.38 from a loss of $0.64 in the prior year. For the nine months, net income available to common stockholders was $88.69 million, compared to a loss of $34.24 million, with basic earnings per share rising to $0.85 from a loss of $0.34.
MFA Financial's total assets increased to approximately $11.16 billion as of September 30, 2024, up from $10.77 billion at the end of 2023. The company maintained a stable residential whole loan portfolio valued at $9.0 billion, consistent with the previous reporting period. The company also reported a decrease in the carrying value of business purpose loans, which fell to $144.54 million from $207.68 million.
Strategically, MFA Financial completed two securitizations in Q3 2024, collateralized by $245.4 million of Legacy RPL/NPL loans and $398.0 million of Non-QM loans. The company also announced a new stock repurchase program of up to $200 million, effective through the end of 2025, although no shares were repurchased during the nine months ended September 30, 2024.
Overall, MFA Financial's performance reflects a strong recovery in net income and significant gains in interest income, driven by improved market conditions and strategic asset management.
About MFA FINANCIAL, INC.
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