MFA Financial, Inc. (MFA) Balance Sheet
MFA balance sheet, 2025
December 31, 2025 · U.S. dollars$13.05B assets = $11.22B liabilities + $1.83B equity
Both columns are drawn to the same scale: what MFA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MFA financial health
Descriptive bands, not a rating. Fiscal 2025.
MFA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $12.48B2016 | $13.05B2025 | +0.5%/yr | |
| Total liabilities | $9.45B2016 | $11.22B2025 | +1.9%/yr | |
| Shareholders’ equity | $3.03B2016 | $1.83B2025 | −5.5%/yr | |
| Cash & short-term investments | $260.1M2016 | $213.2M2025 | −2.2%/yr | |
| Total debt | $8.78B2016 | $10.99B2025 | +2.5%/yr | |
| Net cash (debt) | −$8.52B2016 | −$10.78B2025 | −$2.3B | |
| Working capital | −$9.09B2016 | $274.0M2025 | +$9.4B | |
| Book value per share | $32.622016 | $17.362025 | −6.8%/yr | |
| Current ratio | 0.032016 | 2.182025 | +2.15 | |
| Debt / equity | 2.902016 | 6.012025 | +3.12 | |
| Shares outstanding | 93.0M2016 | 105.3M2025 | +1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MFA assets
MFA liabilities and equity
MFA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MFA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $213.2M | $338.9M | $318.0M | $334.2M | $304.7M | $814.4M | $70.6M | $52.0M | $449.8M | $260.1M |
| Cash & equivalents | $213.2M | $338.9M | $318.0M | $334.2M | $304.7M | $814.4M | $70.6M | $52.0M | $449.8M | $260.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $7.02B | $233,000 |
| Receivables | $120.0M | $8.82B | $123.0M | $367.8M | $50.2M | $38.9M | $186.1M | $219.2M | $27.4M | $27.8M |
| Inventory | $0 | $0 | $132.9M | $130.6M | $144.9M | $187.9M | $384.4M | $249.4M | $152.4M | $80.5M |
| Other current assets | $173.5M | $388.4M | $37.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $506.7M | $9.55B | $611.2M | $334.2M | $354.9M | $853.2M | $70.6M | $52.0M | $449.8M | $260.1M |
| Property, plant & equipment (net) | $42.8M | $35.5M | $37.8M | $39.5M | $39.4M | $758,000 | −$12.09B | −$12.42B | −$10.95B | −$12.48B |
| Goodwill & intangible assets | $63.7M | $65.9M | $69.1M | $73.3M | $82.5M | $239.0M | $1.22B | $619.0M | $499.3M | $234.0M |
| Long-term investments | $3.38B | $1.55B | $765.9M | $333.4M | $8.17B | $5.49B | $3.98B | $6.51B | $1.32B | $1.18B |
| Other non-current assets | $9.05B | $208.0M | $9.29B | $8.33B | $493.3M | $352.9M | $20.38B | $17.66B | $19.64B | $23.30B |
| Total assets | $13.05B | $11.41B | $10.77B | $9.11B | $9.14B | $6.93B | $13.57B | $12.42B | $10.95B | $12.48B |
| Liabilities | ||||||||||
| Accounts payable | $36.4M | $33.0M | $30.8M | $23.0M | $9.6M | $11.1M | $18.2M | $16.3M | $12.3M | $14.1M |
| Short-term debt | $7.4M | $5.3M | $6.1M | $6.81B | $226.5M | $225.2M | $224.0M | $8.25B | $6.64B | $8.69B |
| Deferred revenue | — | — | −$8.51B | −$6.79B | −$173.1M | — | −$205.7M | −$8.25B | −$6.64B | −$8.69B |
| Total current liabilities | $232.7M | $313.5M | $292.5M | $23.0M | $236.1M | $236.3M | $18.2M | $8.01B | $7.60B | $9.35B |
| Long-term debt | $10.94B | $9.16B | $8.54B | $6.81B | $6.38B | $4.34B | $891.8M | $992.4M | $96.8M | $96.7M |
| Lease obligations | $53.4M | $41.0M | $43.6M | $45.3M | $45.0M | $636,000 | — | — | — | — |
| Other long-term liabilities | $53.4M | $98.9M | $147.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $11.22B | $9.57B | $8.87B | $7.12B | $6.60B | $4.41B | $10.18B | $9.00B | $7.69B | $9.45B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.1M | $4.5M | $4.5M | $4.5M | $4.0M | $3.7M |
| Retained earnings (deficit) | −$1.90B | −$1.88B | −$1.82B | −$1.72B | −$1.28B | −$1.41B | −$631.0M | −$632.0M | −$579.0M | −$572.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $3.7M | $9.5M | $17.7M | $21.3M | $45.6M | $77.3M | $370.0M | $420.3M | $609.2M | $573.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.83B | $1.84B | $1.90B | $1.99B | $2.54B | $2.52B | $3.38B | $3.42B | $3.26B | $3.03B |
| Key figures | ||||||||||
| Total debt | $10.99B | $9.20B | $5.00B | $3.63B | $6.61B | $4.56B | $1.12B | $9.25B | $6.73B | $8.78B |
| Net cash (debt) | −$10.78B | −$8.86B | −$4.69B | −$3.30B | −$6.30B | −$3.75B | −$1.05B | −$9.19B | −$6.28B | −$8.52B |
| Working capital | $274.0M | $9.23B | $318.8M | $311.1M | $118.8M | $616.9M | $52.4M | −$7.96B | −$7.15B | −$9.09B |
| Tangible book value | $1.76B | $1.78B | $1.83B | $1.92B | $2.46B | $2.29B | $2.17B | $2.80B | $2.76B | $2.80B |
| Book value per share | $17.36 | $17.52 | $18.34 | $19.28 | $21.46 | $22.34 | $28.94 | $32.40 | $33.53 | $32.62 |
| Shares outstanding | 105.3M | 105.1M | 103.6M | 103.2M | 118.5M | 113.0M | 116.9M | 105.4M | 97.3M | 93.0M |
| Current ratio | 2.18 | 30.45 | 2.09 | 14.50 | 1.50 | 3.61 | 3.87 | 0.01 | 0.06 | 0.03 |
| Quick ratio | 1.43 | 29.21 | 1.51 | 30.47 | 1.50 | 3.61 | 14.08 | 0.03 | 0.06 | 0.03 |
| Debt / equity | 6.01 | 4.99 | 2.63 | 1.83 | 2.60 | 1.81 | 0.33 | 2.71 | 2.06 | 2.90 |
| Equity / assets | 14.0% | 16.1% | 17.6% | 21.8% | 27.8% | 36.4% | 24.9% | 27.5% | 29.8% | 24.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $141.2M | $221.6M | $213.2M | $305.2M | $275.7M | $253.7M | $338.9M | $305.6M | $289.4M | $306.3M | $318.0M | $300.1M |
| Cash & equivalents | $141.2M | $221.6M | $213.2M | $305.2M | $275.7M | $253.7M | $338.9M | $305.6M | $289.4M | $306.3M | $318.0M | $300.1M |
| Receivables | $115.9M | $117.8M | $120.0M | $114.5M | $118.8M | $8.79B | $8.82B | $9.04B | $125.8M | $122.5M | $9.09B | $120.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $128.4M | $132.9M | $113.1M |
| Other current assets | $169.0M | $189.2M | $173.5M | $231.8M | $269.2M | $346.5M | $388.4M | $320.4M | $252.0M | $94.5M | $160.3M | $0 |
| Total current assets | $426.1M | $528.7M | $506.7M | $651.5M | $663.8M | $9.39B | $9.55B | $9.67B | $667.2M | $651.7M | $9.70B | $300.1M |
| Property, plant & equipment (net) | $9.4M | $9.6M | $42.8M | $44.6M | $45.7M | $35.7M | $35.5M | $35.8M | $36.5M | $37.2M | $37.8M | $37.8M |
| Goodwill & intangible assets | $63.1M | $63.4M | $63.7M | $64.0M | $64.3M | $65.1M | $65.9M | $66.7M | $67.5M | $68.3M | $69.1M | $69.9M |
| Long-term investments | $4.17B | $3.61B | $3.38B | $2.28B | $1.85B | $1.81B | $1.55B | $1.16B | $881.6M | $756.7M | $765.9M | $724.0M |
| Other non-current assets | $8.99B | $9.02B | $9.05B | $9.06B | $9.05B | $218.8M | $208.0M | $231.9M | $9.42B | $9.36B | $196.0M | $8.97B |
| Total assets | $13.65B | $13.23B | $13.05B | $12.10B | $11.67B | $11.52B | $11.41B | $11.16B | $11.08B | $10.87B | $10.77B | $10.10B |
| Liabilities | ||||||||||||
| Accounts payable | $37.9M | $36.2M | $36.4M | $33.0M | $32.4M | $32.9M | $33.0M | $32.8M | $33.1M | $36.2M | $30.8M | $32.4M |
| Short-term debt | $14.4M | — | $0 | $0 | $0 | $4.4M | $5.3M | $1.5M | — | — | — | $7.2M |
| Total current liabilities | $1.3M | $115.8M | $225.3M | $382.5M | $294.6M | $245.9M | $313.5M | $251.6M | $263.5M | $265.7M | $188.8M | $32.4M |
| Long-term debt | $6.42B | $6.48B | $10.94B | $9.84B | $9.51B | $9.37B | $9.16B | $8.92B | $5.23B | $5.07B | $4.96B | $8.04B |
| Lease obligations | $14.4M | $16.2M | $53.4M | $51.5M | $52.2M | $41.3M | $41.0M | $41.4M | $42.1M | $42.9M | $43.6M | $43.5M |
| Other long-term liabilities | $5.46B | $4.85B | $53.4M | $51.5M | $52.2M | $68.0M | $98.9M | $105.2M | $3.96B | $3.92B | $3.72B | $0 |
| Total liabilities | $11.88B | $11.45B | $11.22B | $10.28B | $9.85B | $9.68B | $9.57B | $9.28B | $9.19B | $8.99B | $8.87B | $8.26B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | −$1.95B | −$1.94B | −$1.90B | −$1.90B | −$1.90B | −$1.88B | −$1.88B | −$1.84B | −$1.84B | −$1.84B | −$1.82B | −$1.86B |
| Accumulated other comprehensive income | $2.2M | $2.9M | $3.7M | $4.3M | $4.9M | $8.2M | $9.5M | $10.1M | $17.7M | $19.5M | $17.7M | $14.4M |
| Total shareholders' equity | $1.78B | $1.78B | $1.83B | $1.82B | $1.82B | $1.84B | $1.84B | $1.88B | $1.88B | $1.88B | $1.90B | $1.85B |
| Key figures | ||||||||||||
| Total debt | $11.65B | $6.50B | $6.60B | $6.60B | $6.14B | $9.41B | $9.20B | $8.96B | $5.27B | $5.12B | $8.58B | $8.04B |
| Net cash (debt) | −$11.51B | −$6.27B | −$6.39B | −$6.29B | −$5.86B | −$9.15B | −$8.86B | −$8.66B | −$4.98B | −$4.81B | −$8.26B | −$7.74B |
| Working capital | $424.8M | $412.9M | $281.4M | $269.0M | $369.2M | $9.15B | $9.23B | $9.42B | $403.7M | $386.0M | $9.52B | $267.6M |
| Tangible book value | $1.71B | $1.72B | $1.76B | $1.76B | $1.76B | $1.77B | $1.78B | $1.81B | $1.82B | $1.82B | $1.83B | $1.78B |
| Book value per share | $16.87 | $16.90 | $17.36 | $17.30 | $17.30 | $17.45 | $17.77 | $17.68 | $17.91 | $17.90 | $17.64 | $18.14 |
| Shares outstanding | 105.3M | 105.3M | 105.3M | 105.3M | 105.3M | 105.4M | 103.7M | 106.4M | 105.2M | 105.2M | 107.7M | 101.9M |
| Current ratio | 333.16 | 4.57 | 2.25 | 1.70 | 2.25 | 38.19 | 30.45 | 38.42 | 2.53 | 2.45 | 51.40 | 9.25 |
| Quick ratio | 201.01 | 2.93 | 1.48 | 1.10 | 1.34 | 36.78 | 29.21 | 37.15 | 1.58 | 1.61 | 49.84 | 12.95 |
| Debt / equity | 6.56 | 3.65 | 3.61 | 3.62 | 3.37 | 5.12 | 4.99 | 4.77 | 2.80 | 2.72 | 4.52 | 4.35 |
| Equity / assets | 13.0% | 13.4% | 14.0% | 15.1% | 15.6% | 16.0% | 16.1% | 16.9% | 17.0% | 17.3% | 17.6% | 18.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
MFA financial position
At the end of fiscal 2025 (December 31, 2025), MFA Financial had total assets of $13.0 billion (up 14.3% from a year earlier), total liabilities of $11.2 billion and shareholders' equity of $1.8 billion. It held $213.2 million in cash and short-term investments against $11.0 billion of debt, net debt of $10.8 billion. Its current ratio was 2.18. In the latest quarter (ended June 30, 2026) total assets were $13.7 billion and equity $1.8 billion.
Related: MFA income statement, MFA cash flow statement, MFA key metrics. See the MFA stock overview for the latest quote and news.
MFA balance sheet FAQ
What are MFA Financial's total assets?
MFA Financial reported total assets of $13.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.4 billion a year earlier.
How much debt does MFA Financial have?
MFA Financial had $11.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 6.01.
How much cash does MFA Financial have?
MFA Financial held $213.2 million in cash and short-term investments at the end of fiscal 2025; with $11.0 billion of debt that is net debt of $10.8 billion.
What is MFA Financial's book value?
MFA Financial's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $17.36 per share.
What is MFA Financial's current ratio?
MFA Financial had current assets of $506.7 million and current liabilities of $232.7 million, a current ratio of 2.18 (it can cover its short-term obligations).
How much goodwill does MFA Financial have?
MFA Financial carried $63.7 million of goodwill and intangible assets, 0.5% of total assets, at the end of fiscal 2025.