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MFA Financial, Inc. | 6.50% Series C Fix/Float Cumulative Redeemable Preferred Stock (MFA.PRC)
Prospectus excerpt: We are offering 11,000,000 shares of our 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share, or the Series C Preferred Stock. Holders of Series C Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, March 31, 2025 at a fixed rate equal to 6.50% per annum of the $25.00 per share liquidation preference (equivalent to $1.625 per annum per share) and (ii) from and including March 31, 2025, at a floating rate equal to three-month LIBOR plus a spread of 5.345% per annum of the $25.00 per share liquidation preference. Dividends will be payable quarterly in arrears on or about the last day of March, June, September and December of each year, when and as authorized and declared, beginning on June 30, 2020 (long first dividend period). Dividends will accumulate and be cumulative from, and including, the date of original issuance of the Series C Preferred Stock. The Series C Preferred Stock is not redeemable by us prior to March 31, 2025, except under circumstances where it is necessary to preserve our qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On or after March 31, 2025, we may, at our option, subject to certain procedural requirements, redeem any or all of the shares of the Series C Preferred Stock for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, subject to certain procedural requirements, redeem any or all of the shares of Series C Preferred Stock within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into shares of our common stock, par value $0.01 per share, in connection with a Change of Control by the holders of Series C Preferred Stock. Full Prospectus PDF », Secondary Prospectus PDF », MFA Page »
Alternate symbology: | MFA-C, MFA-PC, MFAprC | Redeemable?: | Yes | Call Date: | 3/31/2025 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 11,000,000 | Overallotment: | 1,650,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $22.00 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-3.00 (-12.00%) | Annualized Dividend: | 1.625 | Recent Ex-Date: | 3/4/2024 | Current Yield: | 7.39% | Original Coupon: | 6.5% until 3/21/2025, then dividends will be paid at a floating rate of the Three-Month LIBOR plus 5.345% per annum | Pay Period: | Quarterly | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | CDx3 Compliance Rating: |
Learn MFA.PRC's Rating
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MFA Financial is a holding company. Through its subsidiaries, Co. is a real estate investment trust that invests in and finances residential mortgage assets. Co.'s investments include principally the following: residential whole loans, including purchased performing loans, purchased credit deteriorated and purchased non-performing loans, and through certain of its subsidiaries, Co. also originates and services business purpose loans for real estate investors; residential mortgage securities, including credit risk transfer securities; and mortgage servicing rights (MSR) related assets, which include term notes backed directly or indirectly by MSRs. Preferreds: MFA.PRA, MFA.PRB, MFA.PRC Open the MFA Information Page »
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Name: |
MFA Financial, Inc. |
Website: |
www.mfafinancial.com |
Sector: |
REITs |
Number of ETFs Holding MFA: |
29 (see which ones) |
Total Market Value Held by ETFs: |
$185,520,623.84 |
Total Market Capitalization: |
$1,091,000,000 |
% of Market Cap. Held by ETFs: |
17.00% |
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