|Over a week ago|
MFA Financial announces $500M capital raise » 08:3906/1606/16/20
MFA announced a $500M…
MFA announced a $500M capital raise through a private senior secured loan agreement to be funded by certain funds and accounts managed by subsidiaries of Apollo Global Management, including subsidiaries of Athene Holding to which Apollo provides asset management and advisory services.
MFA Financial reports Q1 EPS ($2.02), consensus 14c » 08:3706/1606/16/20
GAAP book value at March…
GAAP book value at March 31 was $4.34 per common share, while Economic book value, a non-GAAP financial measure of MFA's financial position that adjusts GAAP book value by the amount of unrealized market value changes in residential whole loans held at carrying value for GAAP reporting, was $4.09 per common share at quarter-end. Craig Knutson, MFA's CEO and President said, "We are thrilled to enter into this strategic relationship with Apollo and Athene, which we think is a testament to MFA's franchise and our dedicated team. In addition to bolstering our balance sheet and providing MFA with additional flexibility, we view the capital raise as very much a strategic alliance. We believe that Apollo's deep institutional relationships, together with Athene, will provide synergies that will assist us in our business. With approximately $1.65B of committed term non-mark-to-market financing for our whole loan portfolio, we can allow asset prices to continue to recover as we look to securitizations to further term out a portion of our financing. After a very difficult year so far, we are committed to continued efforts to generate future long-term value for our shareholders with Apollo and Athene as strategic and significant shareholders."
MFA Financial rises 31.5% » 10:0006/0506/05/20
MFA Financial is up…
MFA Financial is up 31.5%, or 73c to $3.05.
MFA Financial rises 39.4% » 09:4706/0506/05/20
MFA Financial is up…
MFA Financial is up 39.4%, or 92c to $3.23.
|Over a month ago|
MFA Financial jumps 9% after announcing extended forbearance » 14:1704/2804/28/20
MFA Financial announced…
MFA Financial announced that it has entered into a second Forbearance Agreement with certain counterparties to its various repurchase agreement financing arrangements and provided additional company updates. Extended Forbearance. Under a new Forbearance Agreement that the Company entered into earlier today with certain counterparties holding a significant majority of its outstanding repurchase obligations , such counterparties have agreed to forbear from exercising any rights or remedies under their respective repurchase agreements with the Company, including selling collateral to enforce margin calls, through June 1, 2020...The Company has continued taking steps to manage and de-lever its portfolio and generate liquidity. In particular, since April 10, 2020, the Company has sold residential mortgage assets at improved levels, as prices have partially recovered from the depressed valuations seen from mid-March through early April. These sales resulted in proceeds of $484.4 million and included, $282.9 million of MSR- related assets, $147.7 million of CRT securities and $51.4 million of Agency MBS. Cash and liquidity update. As of April 24, 2020, the Company had total cash balances of $430.9 million, including $143.8 million of cash on deposit with repurchase agreement counterparties to meet margin calls. As described above, cash balances will be reduced by the $150 million payment to repurchase agreement counterparties to reduce outstanding repurchase obligations. Under the Second Forbearance Agreement, the participating counterparties continue to have a secured interest in the Company's previously unencumbered assets, primarily residential whole loans, real estate owned, cash and other assets with an estimated market value of approximately $1.4B as of April 24. Shares of MFA Financial, are up 9% to $1.79 per share in afternoon trading on Tuesday.
MFA Financial downgraded to Market Perform from Outperform at JMP Securities » 05:5504/1304/13/20
JMP Securities analyst…
JMP Securities analyst Steven DeLaney downgraded MFA Financial to Market Perform from Outperform without a price target. The analyst views the shares as "reasonably valued" following its press release on COVID-19 impacts. However, 10, MFA's formal forbearance agreement is a "significant: positive development in that it provides the company with 15 days to sell assets, negotiate permanent financing terms with other counterparties, and, if necessary, raise incremental capital to pay down margin call and increase cash on hand, DeLaney tells investors in a research note.
MFA Financial announces forbearance agreement with counterparties » 09:2604/1204/12/20
MFA Financial announced…
MFA Financial announced Friday updates with respect to its business operations. On April 10, the company and its repurchase agreement counterparties holding a significant majority of its outstanding repurchase obligations entered into a forbearance agreement. On March 24, MFA had announced that due to the turmoil in the financial markets resulting from the COVID-19 pandemic, the company was engaged in discussions with its financing counterparties regarding forbearance with respect to the company's obligations under its repurchase agreement financing arrangements, which were approximately $9.5B as of March 20. Since the date of that announcement through April 9, the company's indebtedness under such arrangements has decreased to approximately $5.8B. This reduction occurred as a result of sales of certain assets and the payoff of the associated repurchase agreement obligations. MFA added, "In response to the unprecedented market conditions experienced since mid-March, the Company has taken steps to manage and de-lever its portfolio and generate liquidity, particularly in relation to its investments in certain residential mortgage securities." Sales of residential mortgage assets generating proceeds of $3.5B, which were used to reduce the associated repurchase agreement obligations. The company also unwound all of its approximately $4.1B of swap hedging transactions. As of April 9, MFA had total cash balances of $423.4M.
Unusually active option classes on open April 9th » 09:4004/0904/09/20
OIH, MFA, APA, NRZ, MRO, SQ, NLY, COST, OXY, TNA
Unusual total active…
Unusual total active option classes on open include: Market Vectors Oil Services (OIH), MFA Financial (MFA), Apache (APA), New Residential (NRZ), Marathon Oil (MRO), Square (SQ), Annaly Capital (NLY), Costco (COST), Occidental Petroleum (OXY), and Direxion Daily Smal Cap Bull 3X Shares (TNA).
|Over a quarter ago|
MFA Financial to defer dividend payments » 18:0703/2503/25/20
MFA Financial announced…
MFA Financial announced that due to the turmoil in the financial markets resulting from the global COVID-19 virus pandemic and in order to preserve liquidity until it can more accurately assess the impact that current market conditions will have on the company's business, the company will revoke its previously announced first quarter 2020 quarterly cash dividends on each of the company's common stock and 7.50% Series B Cumulative Redeemable Preferred Stock. The quarterly cash dividend of 20c per share on the company's common stock had been declared on March 11, 2020 and was to be paid on April 30, 2020 to all stockholders of record as of the close of business March 31, 2020.
MFA Financial downgraded to Neutral at Wedbush » 07:3503/2503/25/20
As previously reported,…
As previously reported, Wedbush analyst Henry Coffey downgraded MFA Financial to Neutral from Outperform. The analyst cited the company's announced failure to meet margin calls. The common equity will bear most of the pain related to any required restructuring from this issue and he is not expecting an immediate fix to the challenges facing the company. Dividends are likely to be suspended as well, Coffey adds.