Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common stock is listed on the New York Stock Exchange, under the symbol “MFA.” Our Series B Preferred Stock and Series C Preferred Stock are also listed on the NYSE, under the symbols “MFA/PB” and “MFA/PC,” respectively.
Holders
As of February 17, 2026, we had 384 registered holders of our common stock. Such information was obtained through our registrar and transfer agent, based on the results of a broker search; however, the number of beneficial owners of our common stock may exceed this number.
Dividends
No dividends may be paid on our common stock unless full cumulative dividends have been paid on our preferred stock. We have paid full cumulative dividends on our preferred stock on a quarterly basis through December 31, 2025. We have historically declared cash dividends on our common stock on a quarterly basis. During 2025 and 2024, we declared total cash dividends to holders of our common stock of $147.3 million ($1.44 per share) and $142.9 million ($1.40 per share), respectively.
In general, our common stock dividends have been characterized as ordinary income to our stockholders for income tax purposes. However, a portion of our common stock dividends may, from time to time, be characterized as capital gains or return of capital. For the year ended December 31, 2025, the portion of our common stock dividends paid during the year deemed to be a return of capital was $0.5800 per share of common stock. For the year ended December 31, 2024, the portion of our common stock dividends paid during the year deemed to be a return of capital was $0.5516 per share of common stock. (For additional dividend information, see Notes 10(a) and 10(b) to the consolidated financial statements, included under Item 8 of this Annual Report on Form 10-K.)
We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 1998 and, as such, anticipate distributing at least 90% of our REIT taxable income within the timeframe permitted by the Code. Although we may borrow funds to make distributions, cash for such distributions has generally been, and is expected to continue to be, largely generated from our results of operations.
The table below provides details of dividends on our common stock declared during the years 2025 and 2024:
Year Declaration Date Record Date Payment Date Dividend Per Share
2025 December 11, 2025 December 31, 2025 January 30, 2026 $0.36 (1)
September 11, 2025 September 30, 2025 October 31, 2025 0.36
June 12, 2025 June 30, 2025 July 31, 2025 0.36
March 6, 2025 March 31, 2025 April 30, 2025 0.36
2024 December 11, 2024 December 31, 2024 January 31, 2025 $0.35 (2)
September 12, 2024 September 27, 2024 October 31, 2024 0.35
June 11, 2024 June 28, 2024 July 31, 2024 0.35
March 7, 2024 March 28, 2024 April 30, 2024 0.35
(1) At December 31, 2025, we had accrued dividends and dividend equivalents payable of $37.1 million related to the common stock dividend declared on December 11, 2025. This dividend will be treated as a dividend paid in 2026 to the extent of the Company’s earnings and profits in 2026.
(2) At December 31, 2024, we had accrued dividends and dividend equivalents payable of $36.0 million related to the common stock dividend declared on December 11, 2024. A portion of this dividend was considered taxable income to the recipient in 2025.
We have not established a minimum payout level for our common stock. Dividends are declared and paid at the discretion of our Board and depend on our cash available for distribution, financial condition, ability to maintain our qualification as a REIT, and such other factors that our Board may deem relevant. (See Part I, Item 1A., “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K, for information regarding the sources of funds used for dividends and for a discussion of factors, if any, which may adversely affect our ability to pay dividends.)
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Purchases of Equity Securities
In February 2024, the Company announced its Board had authorized a $200 million stock repurchase program with respect to the Company’s common stock, which was in effect through the end of 2025. Approximately $190 million remained available for repurchase under the stock repurchase program upon its expiration. In February 2026, the Company’s Board authorized a new $200 million stock repurchase program with respect to the Company’s common stock, which will be in effect through December 31, 2028.
The stock repurchase program does not require the purchase of any minimum number of shares. The timing and extent to which we repurchase our shares will depend upon, among other things, market conditions, share price, liquidity, regulatory requirements and other factors, and repurchases may be commenced or suspended at any time without prior notice. Acquisitions under the stock repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws (including, in our discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (or the Exchange Act)).
During 2025, the Company repurchased 1,026,117 shares of its common stock through the stock repurchase program at an average cost of $9.76 per share and a total cost of approximately $10.0 million, net of fees and commissions paid to the sales agent of approximately $10,000. The Company did not repurchase any shares of its common stock through the stock repurchase program during 2024. The Company also withheld 493,848 and 129,429 shares (under the terms of grants under our Equity Compensation Plan (or Equity Plan)) during 2025 and 2024, respectively, to satisfy tax and payroll withholding obligations resulting from the vesting and settlement of restricted stock awards and/or restricted stock units (RSUs).
The table below provides detail of the repurchases of common stock by month for the fourth quarter of 2025.
Month Total Number of Shares Purchased Weighted Average Price Paid Per Share (1)
Total Number of Shares Repurchased as Part of Publicly Announced Repurchase Program or Employee Plan Approximate Dollar Value that May Yet be Purchased Under the Repurchase Program or Employee Plan
October 1-31, 2025:
Stock Repurchase Program — $ — — $ 195,000,000
Employee Transactions (2)
— — N/A N/A
November 1-30, 2025:
Stock Repurchase Program 540,652 $ 9.25 540,652 $ 190,000,000
Employee Transactions (2)
4,636 8.97 N/A N/A
December 1-31, 2025:
Stock Repurchase Program — $ — — $ —
Employee Transactions (2)
— — N/A N/A
(1) Includes brokerage commissions.
(2) The value of shares surrendered upon the settlement of RSUs to meet income tax obligations is based on the closing price per share of our common stock on the date such settlement occurs.
Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan
In September 2003, we initiated a Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (or the DRSPP) to provide existing stockholders and new investors with a convenient and economical way to purchase shares of our common stock. Under the DRSPP, existing stockholders may elect to automatically reinvest all or a portion of their cash dividends in additional shares of our common stock and existing stockholders and new investors may make optional cash purchases of shares of our common stock in amounts ranging from $50 (or $1,000 for new investors) to $10,000 on a monthly basis and, with our prior approval, in excess of $10,000. At our discretion, we may issue shares of our common stock under the DRSPP at discounts of up to 5% from the prevailing market price at the time of purchase. Computershare Shareowner Services LLC is the administrator of the DRSPP (or the Plan Agent). Stockholders who own common stock that is registered in their own name and who want to participate in the DRSPP must deliver a completed enrollment form to the Plan Agent. Stockholders who own common stock that is registered in a name other than their own (e.g., broker, bank or other nominee) and who want to participate in the DRSPP must either request such nominee holder to participate on their behalf or request that such nominee holder re-register our common stock in the stockholder’s name and deliver a completed enrollment form to the Plan Agent. During the years ended 2025 and 2024, the Company did not issue any shares pursuant to its DRSPP, and the DRSPP shelf registration statement expired by its terms on September 27, 2025.
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Item 6. [Reserved]
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