NEW YORK - MFA Financial, Inc. (NYSE: NYSE:MFA), a specialty finance company with a market capitalization of $1.1 billion and a strong GOOD financial health rating according to InvestingPro, announced the death of Francis J. Oelerich III, an independent member of its board. Oelerich, who had a distinguished career in investment banking, passed away recently, leaving behind a legacy of service to the company.
Oelerich's tenure on the MFA Board spanned over five years, during which he served as Chair of the Audit Committee and was a member of the Compensation Committee. His advice and insights were noted for being consistently in the best interests of the company and its stockholders.
Before his time at MFA Financial, Oelerich was a Managing Director at XMS Capital Partners (WA:CPAP). He also held a significant role in the Mergers & Acquisitions Department at Deutsche Bank (ETR:DBKGn) Securities, Inc. His extensive investment banking experience included nearly a quarter-century at Morgan Stanley (NYSE:MS) & Co. Incorporated, rising to the rank of Managing Director. Oelerich was a Harvard University alumnus, where he earned an M.B.A. and was recognized as a George F. Baker Scholar and a Loeb, Rhoades Fellow. He also graduated with high honors from the University of Notre Dame with a B.B.A.
MFA Financial's CEO, Craig Knutson, and Board Chair, Laurie Goodman, expressed their deep sorrow and extended condolences to Oelerich's wife, Mary, and their family. They both highlighted Oelerich's valuable contributions to the company and the sense of loss felt by his colleagues and friends.
MFA Financial specializes in investing in residential mortgage loans, mortgage-backed securities, and other real estate assets. Its subsidiary, Lima One Capital, originates and services business purpose loans for real estate investors. Currently trading at an attractive P/E ratio of 6.55 and offering a substantial dividend yield of ~13%, the company has demonstrated impressive revenue growth of 164.5% over the last twelve months. Since its initial public offering in 1998, the company has distributed over $4.8 billion in dividends to its stockholders and has maintained dividend payments for 27 consecutive years, making it a notable dividend-paying REIT. InvestingPro analysis reveals several additional positive indicators for investors seeking detailed insights into this company's financial strength and growth potential.
The information regarding Oelerich's passing and his contributions to MFA Financial is based on a press release statement from the company. For comprehensive analysis and additional insights about MFA Financial's financial performance and future prospects, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US equities with deep-dive analysis and actionable intelligence.
In other recent news, MFA Financial reported promising third-quarter earnings for 2024, including distributable earnings of $0.37 per share and an economic return of 3.3%. The company's investment portfolio showed a net unrealized gain of $140 million, primarily from its non-QM and single-family rental portfolios. Management changes were also announced, with Bryan Wulfsohn stepping in as President and Chief Investment Officer, and Lori Samuels assuming the role of Chief Loan Operations Officer.
MFA Financial expects increased benefits from the Federal Reserve's recent rate cut on its fixed-income investments. The company anticipates growth in its agency portfolio and rental loan volumes, reflecting a positive outlook for the future. However, delinquencies in the portfolio rose slightly to 6.7%, mainly in Non-QM and multifamily loans.
Analysts noted a decrease in Lima One's loan originations to $312 million in Q3, down from over $400 million in the previous quarter. Despite this, MFA Financial remains optimistic about its business model and future opportunities amid an easing interest rate environment. These are among the recent developments for MFA Financial.
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