MFA Financial(US:MFA)2021-02-24 12:54Financial Performance - GAAP earnings were $0.08 per common share[3] - GAAP book value decreased by 1.5% to $4.54, while Economic Book Value (EBV) remained unchanged at $4.92[3] - Warrant transactions lowered GAAP book value by $0.18 and EBV by $0.19, representing a 3.9% decrease[3] - Share repurchases of 14.1 million shares were $0.03 accretive to GAAP book value and $0.04 accretive to EBV[3, 10] Portfolio Composition and Financing - 93% of the investment portfolio consisted of residential whole loans as of December 31, 2020[5] - $111 million in loan purchases were made in Q4[5] - 67% of asset-backed financing arrangements were on non-mark-to-market terms as of December 31, 2020[6] - Total weighted average financing cost decreased from 4.3% on September 30, 2020, to 3.1% on December 31, 2020, and further to 2.9% after the senior note redemption in early January[6] Securitization Activities - MFRA 2020-NQM2 securitization ($570 million) closed in October 2020, with $405.4 million AAA's sold at a 1.34% yield, representing 93.8% of UPB[8] - MFRA 2020-NQM3 securitization ($381 million) closed in December 2020, with $264.5 million AAA's sold at a 0.98% yield, representing 94.2% of UPB[8]