Is MFAN diluting shareholders?

Read three numbers together: shares outstanding over time (101.1M as of 2026-07-31), warrants that can convert into new shares (37.0M reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

MFA FINANCIAL, INC. (MFAN)

CIK 1055160 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGHS-3ASR on file 2025-08-14

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

MEDIUMwarrants = 37% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

LOW-1% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

a reverse-split-sized cliff is in this window; read the chart

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 101.1M shares as of Jul 31, 2026 (10-Q). Share count fell from 425.1M to 102.5M between Feb 18, 2022 and Apr 28, 2022, a pattern consistent with a reverse split (roughly 1-for-4); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 37.0M underlying shares, as reported Jun 15, 2020 (10-Q).

Rough fully diluted estimate: 138.1M = 101.1M O/S + 37.0M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 5, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	101.1M	Jul 31, 2026
+ Warrants (aggregate, as tagged) (if exercised)	37.0M	Jun 15, 2020
Fully diluted estimate	138.1M	+36.6% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3ASRAug 14, 2025fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →

Last 12 months: 2 executed · 1 registered.

EXECUTEDAug 15, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

REGISTEREDAug 14, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR →

EXECUTEDApr 16, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDApr 15, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

MARKETINGApr 15, 2024Free-writing prospectus — offering being marketedFWP →

EXECUTEDFeb 29, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDJan 9, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDJan 8, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

MARKETINGJan 8, 2024Free-writing prospectus — offering being marketedFWP →

REGISTEREDSep 27, 2022Automatic shelf registration — effective immediately (large filers)S-3ASR →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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