MFA Financial is an internally managed mortgage REIT that invests in residential mortgage loans and mortgage-backed securities. The core of MFA's portfolio is residential whole loans — primarily Non-QM loans (loans to borrowers who don't meet standard Qualified Mortgage guidelines, such as the self-employed or those with non-traditional income) and Business Purpose Loans (BPLs) made to real estate investors. MFA acquires Non-QM loans from a network of third-party originators, reviewing every loan individually before purchase. BPLs are originated through Lima One Capital, MFA's wholly-owned subsidiary, across three product lines: short-term fix-and-flip loans, 30-year single-family rental loans, and multifamily bridge loans. MFA also holds Agency MBS as a liquid complement to its credit-focused book. MFA makes money by earning a spread between the yield on its mortgage assets and its cost of funds. Over 80% of MFA's loan portfolio is financed through non-recourse, non-mark-to-market securitizations, which lock in stable funding costs and eliminate margin call risk on most of the portfolio. As loans pay down, securitizations delever, and MFA can call and reissue these deals to unlock incremental equity. Lima One adds mortgage banking income through origination fees and gain-on-sale on SFR loans sold to third parties. MFA's growth strategy centers on expanding Lima One's origination capacity, recycling callable securitizations, and deploying excess liquidity into higher-yielding assets.