NEW YORK, May 8, 2018 /PRNewswire/ -- MFA Financial, Inc.
(NYSE:MFA) today announced its financial results for the first
quarter ended March 31, 2018.
First Quarter 2018 and other
highlights:
- MFA generated first quarter net income available to common
shareholders of $79.6 million, or
$0.20 per common share (based on
398.3 million weighted average common shares outstanding). As of
March 31, 2018, book value per common
share was $7.62.
- Net Income was lower than in the fourth quarter of 2017, which
included mark to market gains on CRT securities that had recovered
in value following declines due to hurricane-related concerns in
the third quarter of 2017.
- Asset acquisitions exceeded run-off during the quarter. MFA
purchased in excess of $700 million
of residential mortgage assets in the first quarter, including
$522 million of residential whole
loans.
- On April 30, 2018, MFA paid its
first quarter 2018 dividend of $0.20
per share of common stock to shareholders of record as of
March 29, 2018.
Craig Knutson, MFA's CEO and
President, said, "In the first quarter, we continued to execute our
strategy of targeted investment within the residential mortgage
universe with a focus on credit sensitive assets. We again
grew our portfolio this quarter, as acquisitions exceeded run-off,
which included opportunistic sales of $19.4
million of Legacy Non-Agency MBS that generated realized
gains of $8.8 million. As we
have done for over five years now, we continue to manage this
Legacy Non-Agency MBS portfolio through selective and strategic
sales of positions.
"MFA remains well-positioned to generate attractive returns
despite the continuing low interest rate environment and elevated
asset prices. Through our asset selection and hedging
strategy, the estimated net effective duration, a gauge of our
portfolio's sensitivity to interest rates, remains relatively low
and measured 1.02 at quarter-end. MFA's book value per common share
decreased to $7.62 from $7.70 at the end of 2017 despite a substantial
increase in interest rates, as our investment strategy continues to
produce relatively stable book value. Leverage, which reflects the
ratio of our financing obligations to equity, was 2.2:1 at
quarter-end."
Mr. Knutson added, "MFA's portfolio asset selection process
continues to emphasize residential mortgage credit exposure while
seeking to minimize sensitivity to interest rates. As housing
prices maintain their upward trend and borrowers repair their
credit and balance sheets, the performance of our credit sensitive
residential whole loan portfolio benefits from this fundamental
strength. MFA's proactive asset management team has been able
to shorten liquidation timelines and increase property sale
proceeds, leading to improved outcomes and better returns.
Additionally, MFA's Legacy Non-Agency MBS portfolio continues to
outperform our credit assumptions. In the first quarter of
2018, we reduced our credit reserve on this portfolio by
$7.1 million."
During the first quarter MFA purchased more than $700 million of residential mortgage assets,
including $522 million of residential
whole loans. Portfolio run-off in RPL/NPL MBS, which had been
elevated during most of 2017, was relatively low during the first
quarter.
At March 31, 2018, our investments in credit sensitive
residential whole loans totaled $2.7
billion. Of this amount, $1.1
billion is recorded at carrying value and generated a
loss-adjusted yield of 5.81% (5.52% net of servicing costs) during
the quarter, and $1.6 billion is
recorded at fair value on our consolidated balance sheet. On
this portion of the portfolio, we recorded gains for the quarter of
approximately $38.5 million,
primarily reflecting coupon interest payments and other cash
received during the quarter and changes in the fair value of the
underlying loans.
MFA's Legacy Non-Agency MBS had a face amount of $2.6 billion with an amortized cost of
$1.9 billion and a net purchase
discount of $770.3 million at
March 31, 2018. This discount consists of a $572.6 million credit reserve and
other-than-temporary impairments and a $197.7 million net accretable discount. We
believe this credit reserve appropriately factors in remaining
uncertainties regarding underlying mortgage performance and the
potential impact on future cash flows. Our Legacy Non-Agency
MBS have underlying mortgage loans that are on average
approximately twelve years seasoned and approximately 12.6% are
currently 60 or more days delinquent.
As of March 31, 2018, the Agency MBS portfolio totaled
$2.6 billion, had an amortized cost
basis of 103.8% of par and generated a 2.21% yield in the
first quarter. The Legacy Non-Agency MBS portfolio had an
amortized cost of 70.9% of par as of March 31, 2018, and
generated a loss-adjusted yield of 9.44% in the first
quarter. At the end of the first quarter, MFA held
approximately $935.2 million of
RPL/NPL MBS. These securities had an amortized cost of 99.80%
of par and generated a 4.36% yield for the quarter. Our
investments in CRT securities totaled $679.5
million at March 31, 2018, and generated a yield of
6.12% in the first quarter. Values of our CRT securities were
largely unchanged during the quarter, in contrast to the higher
price volatility experienced in the third and fourth quarters of
2017.
For the three months ended March 31,
2018, MFA's costs for compensation and benefits and other
general and administrative expenses were $10.6 million, or an annualized 1.31% of
stockholders' equity as of March 31, 2018.
The following table presents the weighted average prepayment
speed on MFA's MBS portfolio.
Table
1
|
|
|
|
First Quarter
2018 Average CPR
|
|
Fourth Quarter
2017 Average CPR
|
Agency MBS
|
|
12.7%
|
|
14.1%
|
Legacy Non-Agency
MBS
|
|
14.9%
|
|
16.3%
|
RPL/NPL MBS
(1)
|
|
14.0%
|
|
20.1%
|
|
(1)
|
All principal
payments are considered to be prepayments for conditional
prepayment rate ("CPR") purposes. RPL/NPL MBS are securitized
financial instruments that are primarily backed by securitized
re-performing and non-performing loans. The majority of these
securities are structured such that the coupon increases up to 300
basis points at 36 months from issuance or sooner.
|
As of March 31, 2018, under its swap agreements, MFA had a
weighted average fixed-pay rate of interest of 2.04% and a floating
receive rate of 1.82% on notional balances totaling $2.6 billion, with an average maturity of 24
months.
The following table presents MFA's asset allocation as of
March 31, 2018, and the first quarter 2018 yield on average
interest-earning assets, average cost of funds and net interest
rate spread for the various asset types.
Table
2
|
|
ASSET
ALLOCATION
|
|
At March 31,
2018
|
Agency
MBS
|
Legacy
Non-Agency
MBS
|
RPL/NPL
MBS
|
Credit Risk
Transfer
Securities
|
MSR
Related
Assets
|
Residential
Whole
Loans, at
Carrying
Value
(1)
|
Residential
Whole
Loans, at
Fair
Value
|
Other,
net
(2)
|
Total
|
($ in Millions)
|
|
|
|
|
|
|
|
|
|
Fair Value/Carrying
Value
|
$
|
2,647
|
|
$
|
2,463
|
|
$
|
935
|
|
$
|
679
|
|
$
|
455
|
|
$
|
1,100
|
|
$
|
1,556
|
|
$
|
421
|
|
$
|
10,256
|
|
Less Payable
for
Unsettled Purchases
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(14)
|
|
—
|
|
—
|
|
(14)
|
|
Less
Repurchase
Agreements
|
(2,339)
|
|
(1,662)
|
|
(569)
|
|
(467)
|
|
(293)
|
|
(353)
|
|
(876)
|
|
—
|
|
(6,559)
|
|
Less Securitized
Debt
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(152)
|
|
(199)
|
|
—
|
|
(351)
|
|
Less Senior
Notes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(97)
|
|
(97)
|
|
Net Equity
Allocated
|
$
|
308
|
|
$
|
801
|
|
$
|
366
|
|
$
|
212
|
|
$
|
162
|
|
$
|
581
|
|
$
|
481
|
|
$
|
324
|
|
$
|
3,235
|
|
Debt/Net Equity Ratio
(3)
|
7.6x
|
|
2.1x
|
|
1.6x
|
|
2.2x
|
|
1.8x
|
|
0.9x
|
|
2.2x
|
|
|
2.2x
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended March 31, 2018
|
|
|
|
|
|
|
|
Yield on Average
Interest
Earning Assets (4)
|
2.21%
|
|
9.44%
|
|
4.36%
|
|
6.12%
|
|
6.37%
|
|
5.81%
|
|
N/A
|
|
—%
|
|
5.15%
|
|
Less Average Cost
of
Funds
(5)
|
(1.91)
|
|
(3.29)
|
|
(2.94)
|
|
(2.76)
|
|
(3.27)
|
|
(3.56)
|
|
(3.79)
|
|
—
|
|
(2.90)
|
|
Net Interest Rate
Spread
|
0.30%
|
|
6.15%
|
|
1.42%
|
|
3.36%
|
|
3.10%
|
|
2.25%
|
|
N/A
|
|
—%
|
|
2.25%
|
|
|
|
(1)
|
The carrying value
of such loans reflects the purchase price, accretion of income,
cash received and provision for loan losses since
acquisition. At March 31, 2018, the fair value of such
loans is estimated to be approximately $1.2 billion.
|
(2)
|
Includes cash and
cash equivalents and restricted cash, securities obtained and
pledged as collateral, other assets, obligation to return
securities obtained as collateral and other
liabilities.
|
(3)
|
Represents the sum
of borrowings under repurchase agreements and securitized debt as a
multiple of net equity allocated. The numerator of our Total
Debt/Net Equity Ratio also includes the obligation to return
securities obtained as collateral of $254.0 million and Senior
Notes.
|
(4)
|
Yields reported on
our interest earning assets are calculated based on the interest
income recorded and the average amortized cost for the quarter of
the respective asset. At March 31, 2018, the amortized
cost of our interest earning assets were as follows: Agency MBS -
$2.7 billion; Legacy Non-Agency MBS - $1.9 billion; RPL/NPL MBS -
$933.2 million; Credit Risk Transfer securities - $624.3 million;
and Residential Whole Loans at carrying value - $1.1 billion. In
addition, the yield for residential whole loans at carrying value
was 5.52% net of 29 basis points of servicing fee expense incurred
during the quarter. For GAAP reporting purposes, such
expenses are included in Loan servicing and other related operating
expenses in our statement of operations. Interest payments
received on residential whole loans at fair value is reported in
Other Income as Net gain on residential whole loans held at fair
value in our statement of operations. Accordingly, no yield
is presented as such loans are not included in interest earning
assets for reporting purposes.
|
(5)
|
Average cost of
funds includes interest on repurchase agreements, the cost of
swaps, Senior Notes and securitized debt. Agency cost of
funds includes 26 basis points and Legacy Non-Agency cost of funds
includes 30 basis points associated with swaps to hedge interest
rate sensitivity on these assets.
|
At March 31, 2018, MFA's $5.1
billion of Agency and Legacy Non-Agency MBS were backed by
hybrid, adjustable and fixed-rate mortgages. Additional
information about these MBS, including average months to reset and
three-month average CPR, is presented below:
Table
3
|
|
|
|
Agency
MBS
|
|
Legacy Non-Agency
MBS (1)
|
|
Total
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time to
Reset
|
|
Fair Value
(2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
|
Fair Value
(2)
|
Average
Months
to Reset
(3)
|
3 Month
Average CPR
(4)
|
($ in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
< 2 years
(5)
|
|
$
|
1,396
|
6
|
15.3%
|
|
$
|
1,629
|
4
|
15.8%
|
|
$
|
3,025
|
5
|
15.5%
|
2-5 years
|
|
161
|
45
|
13.8
|
|
—
|
—
|
—
|
|
161
|
45
|
13.8
|
> 5
years
|
|
22
|
73
|
15.0
|
|
—
|
—
|
—
|
|
22
|
73
|
15.0
|
ARM-MBS
Total
|
|
$
|
1,579
|
11
|
15.1%
|
|
$
|
1,629
|
4
|
15.8%
|
|
$
|
3,208
|
8
|
15.4%
|
15-year fixed
(6)
|
|
$
|
1,068
|
|
9.3%
|
|
$
|
3
|
|
4.8%
|
|
$
|
1,071
|
|
9.3%
|
30-year fixed
(6)
|
|
—
|
|
—
|
|
793
|
|
13.5
|
|
793
|
|
13.5
|
40-year fixed
(6)
|
|
—
|
|
—
|
|
38
|
|
9.3
|
|
38
|
|
9.3
|
Fixed-Rate
Total
|
|
$
|
1,068
|
|
9.3%
|
|
$
|
834
|
|
13.2%
|
|
$
|
1,902
|
|
11.1%
|
MBS Total
|
|
$
|
2,647
|
|
12.7%
|
|
$
|
2,463
|
|
14.9%
|
|
$
|
5,110
|
|
13.8%
|
|
|
(1)
|
Excludes $935.2
million of RPL/NPL MBS.
|
(2)
|
Does not include
principal payments receivable of $604,000.
|
(3)
|
Months to Reset is
the number of months remaining before the coupon interest rate
resets. At reset, the MBS coupon will adjust based
upon the underlying benchmark interest rate index, margin and
periodic or lifetime caps. Months to Reset does not reflect
scheduled
amortization or prepayments.
|
(4)
|
3 month average
CPR weighted by positions as of beginning of each month in the
quarter.
|
(5)
|
Includes floating
rate MBS that may be collateralized by fixed-rate
mortgages.
|
(6)
|
Information
presented based on data available at time of loan
origination.
|
Webcast
MFA Financial, Inc. plans to host a live audio
webcast of its investor conference call on Tuesday, May 8,
2018, at 10:00 a.m. (Eastern Time) to
discuss its first quarter 2018 financial results. The live audio
webcast will be accessible to the general public over the internet
at http://www.mfafinancial.com through the "Webcasts &
Presentations" link on MFA's home page. To listen to the
conference call over the internet, please go to the MFA website at
least 15 minutes before the call to register and to download and
install any needed audio software. Earnings presentation
materials will be posted on the MFA website prior to the conference
call and an audio replay will be available on the website following
the call.
Cautionary Language Regarding Forward-Looking
Statements
When used in this press release or other written
or oral communications, statements which are not historical in
nature, including those containing words such as "will," "believe,"
"expect," "anticipate," "estimate," "plan," "continue," "intend,"
"should," "could," "would," "may" or similar expressions, are
intended to identify "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and, as such, may involve known and unknown risks, uncertainties
and assumptions. Statements regarding the following subjects, among
others, may be forward-looking: changes in interest rates and the
market (i.e., fair) value of MFA's MBS, residential whole loans,
CRT securities and other assets; changes in the prepayment rates on
the mortgage loans securing MFA's MBS, an increase of which could
result in a reduction of the yield on MBS in our portfolio and an
increase of which could require us to reinvest the proceeds
received by us as a result of such prepayments in MBS with lower
coupons; credit risks underlying MFA's assets, including changes in
the default rates and management's assumptions regarding default
rates on the mortgage loans securing MFA's Non-Agency MBS and
relating to MFA's residential whole loan portfolio; MFA's ability
to borrow to finance its assets and the terms, including the cost,
maturity and other terms, of any such borrowings; implementation of
or changes in government regulations or programs affecting MFA's
business; MFA's estimates regarding taxable income, the actual
amount of which is dependent on a number of factors, including, but
not limited to, changes in the amount of interest income and
financing costs, the method elected by MFA to accrete the market
discount on Non-Agency MBS and residential whole loans and the
extent of prepayments, realized losses and changes in the
composition of MFA's Agency MBS, Non-Agency MBS and residential
whole loan portfolios that may occur during the applicable tax
period, including gain or loss on any MBS disposals and whole loan
modification, foreclosure and liquidation; the timing and amount of
distributions to stockholders, which are declared and paid at the
discretion of MFA's Board of Directors and will depend on, among
other things, MFA's taxable income, its financial results and
overall financial condition and liquidity, maintenance of its REIT
qualification and such other factors as MFA's Board of Directors
deems relevant; MFA's ability to maintain its qualification as a
REIT for federal income tax purposes; MFA's ability to maintain its
exemption from registration under the Investment Company Act of
1940, as amended (or the "Investment Company Act"), including
statements regarding the Concept Release issued by the Securities
and Exchange Commission ("SEC") relating to interpretive issues
under the Investment Company Act with respect to the status under
the Investment Company Act of certain companies that are engaged in
the business of acquiring mortgages and mortgage-related interests;
MFA's ability to successfully implement its strategy to grow its
residential whole loan portfolio, which is dependent on, among
other things, the supply of loans offered for sale in the market;
expected returns on our investments in non-performing residential
whole loans ("NPLs"), which are affected by, among other things,
the length of time required to foreclose upon, sell, liquidate or
otherwise reach a resolution of the property underlying the NPL,
home price values, amounts advanced to carry the asset (e.g.,
taxes, insurance, maintenance expenses, etc. on the underlying
property) and the amount ultimately realized upon resolution of the
asset; risks associated with our investments in MSR related assets,
including servicing, regulatory and economic risks, and risks
associated with investing in real estate assets, including changes
in business conditions and the general economy. These and other
risks, uncertainties and factors, including those described in the
annual, quarterly and current reports that MFA files with the SEC,
could cause MFA's actual results to differ materially from those
projected in any forward-looking statements it makes. All
forward-looking statements are based on beliefs, assumptions and
expectations of MFA's future performance, taking into account all
information currently available. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. New risks and
uncertainties arise over time and it is not possible to predict
those events or how they may affect MFA. Except as required by law,
MFA is not obligated to, and does not intend to, update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
MFA FINANCIAL,
INC.
CONSOLIDATED BALANCE SHEETS
|
|
(In
Thousands, Except Per Share Amounts)
|
|
March 31,
2018
|
|
December 31,
2017
|
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
|
Mortgage-backed
securities ("MBS") and credit risk transfer ("CRT")
securities:
|
|
|
|
|
Agency MBS, at fair
value ($2,547,350 and $2,727,510 pledged as collateral,
respectively)
|
|
$
|
2,647,148
|
|
$
|
2,824,681
|
Non-Agency MBS, at
fair value ($2,630,425 and $2,379,523 pledged as collateral,
respectively)
|
|
3,398,254
|
|
3,533,966
|
CRT securities, at
fair value ($590,551 and $595,900 pledged as collateral,
respectively)
|
|
679,491
|
|
664,403
|
Mortgage servicing
rights ("MSR") related assets ($432,468 and $482,158 pledged as
collateral,
|
|
|
|
|
respectively)
|
|
455,124
|
|
492,080
|
Residential whole
loans, at carrying value ($438,202 and $448,689 pledged as
collateral, respectively) (1)
|
|
1,099,876
|
|
908,516
|
Residential whole
loans, at fair value ($1,238,016 and $996,226 pledged as
collateral, respectively) (1)
|
|
1,555,620
|
|
1,325,115
|
Securities obtained
and pledged as collateral, at fair value
|
|
253,993
|
|
504,062
|
Cash and cash
equivalents
|
|
214,686
|
|
449,757
|
Restricted
cash
|
|
7,100
|
|
13,307
|
Other
assets
|
|
303,920
|
|
238,847
|
Total
Assets
|
|
$
|
10,615,212
|
|
$
|
10,954,734
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
6,558,860
|
|
$
|
6,614,701
|
Obligation to return
securities obtained as collateral, at fair value
|
|
253,993
|
|
504,062
|
Payable for unsettled
residential whole loans purchases
|
|
13,525
|
|
—
|
Other
liabilities
|
|
553,403
|
|
574,335
|
Total
Liabilities
|
|
$
|
7,379,781
|
|
$
|
7,693,098
|
|
|
|
|
|
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; 398,429 and 397,831 shares
issued
and outstanding, respectively
|
|
3,984
|
|
3,978
|
Additional paid-in
capital, in excess of par
|
|
3,227,550
|
|
3,227,304
|
Accumulated
deficit
|
|
(578,913)
|
|
(578,950)
|
Accumulated other
comprehensive income
|
|
582,730
|
|
609,224
|
Total Stockholders'
Equity
|
|
$
|
3,235,431
|
|
$
|
3,261,636
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
10,615,212
|
|
$
|
10,954,734
|
|
|
(1)
|
Includes
approximately $180.0 million and $183.2 million of Residential
whole loans, at carrying value and $275.6 million and $289.3
million of Residential whole
loans, at fair value transferred to consolidated VIEs at
March 31, 2018 and December 31, 2017, respectively. Such
assets can be used only to settle the obligations
of each respective VIE.
|
MFA FINANCIAL,
INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
Three Months Ended
March 31,
|
(In Thousands, Except Per Share Amounts)
|
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Interest
Income:
|
|
|
|
|
Agency MBS
|
|
$
|
15,293
|
|
$
|
17,894
|
Non-Agency
MBS
|
|
56,102
|
|
79,208
|
CRT
securities
|
|
9,496
|
|
6,376
|
MSR related
assets
|
|
7,623
|
|
4,734
|
Residential whole
loans held at carrying value
|
|
14,329
|
|
8,690
|
Cash and cash
equivalent investments
|
|
909
|
|
355
|
Interest
Income
|
|
$
|
103,752
|
|
$
|
117,257
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
Repurchase agreements
and other advances
|
|
$
|
45,717
|
|
$
|
48,339
|
Other interest
expense
|
|
4,837
|
|
2,010
|
Interest
Expense
|
|
$
|
50,554
|
|
$
|
50,349
|
|
|
|
|
|
Net Interest
Income
|
|
$
|
53,198
|
|
$
|
66,908
|
|
|
|
|
|
Other-Than-Temporary Impairments:
|
|
|
|
|
Total
other-than-temporary impairment losses
|
|
$
|
—
|
|
$
|
(63)
|
Portion of loss
reclassed from other comprehensive income
|
|
—
|
|
(351)
|
Net Impairment
Losses Recognized in Earnings
|
|
$
|
—
|
|
$
|
(414)
|
|
|
|
|
|
Other Income,
net:
|
|
|
|
|
Net gain on
residential whole loans held at fair value
|
|
$
|
38,498
|
|
$
|
13,773
|
Net gain on sales of
investment securities
|
|
8,817
|
|
9,708
|
Other, net
|
|
345
|
|
4,512
|
Other Income,
net
|
|
$
|
47,660
|
|
$
|
27,993
|
|
|
|
|
|
Operating and
Other Expense:
|
|
|
|
|
Compensation and
benefits
|
|
$
|
6,748
|
|
$
|
7,793
|
Other general and
administrative expense
|
|
3,832
|
|
4,225
|
Loan servicing and
other related operating expenses
|
|
6,883
|
|
4,409
|
Operating and
Other Expense
|
|
$
|
17,463
|
|
$
|
16,427
|
|
|
|
|
|
Net
Income
|
|
$
|
83,395
|
|
$
|
78,060
|
Less Preferred Stock
Dividends
|
|
3,750
|
|
3,750
|
Net Income
Available to Common Stock and Participating
Securities
|
|
$
|
79,645
|
|
$
|
74,310
|
|
|
|
|
|
Earnings per
Common Share - Basic and Diluted
|
|
$
|
0.20
|
|
$
|
0.20
|
|
|
|
|
|
Dividends Declared
per Share of Common Stock
|
|
$
|
0.20
|
|
$
|
0.20
|
INVESTOR
CONTACT:
|
InvestorRelations@mfafinancial.com
|
|
212-207-6488
|
|
www.mfafinancial.com
|
|
|
MEDIA
CONTACT:
|
Abernathy
MacGregor
|
|
Tom
Johnson
|
|
212-371-5999
|
View original
content:http://www.prnewswire.com/news-releases/mfa-financial-inc-announces-first-quarter-2018-financial-results-300644009.html
SOURCE MFA Financial, Inc.