Exchange-traded note

MFA Financial, Inc. 8.875% Senior Notes (MFAN)

MFA Financial, Inc. 8.875% Senior Notes trades as MFAN on NYSE. This page collects what it has actually paid — every recorded payment, the calendar-year totals, the forward and trailing 12-month yields side by side against the last price, and the dates already declared.

$25.16 $-0.03 (-0.12%)
52-week range $24.44 – $25.75
Exchange-traded note NYSEReal EstateREIT - Mortgage

Price as of Aug 25, 2026 (4 hours ago) · supplied by fmp. Quotes may be delayed. Verify with your broker before acting on anything here.

Forward yield 8.82% Last regular payment annualised, divided by the last price. An estimate of the next twelve months — not money that has been paid.
Trailing 12-month yield 8.82% Cash actually paid per share over the last 365 days ($2.22) divided by the last price. Backward-looking, and not comparable with a bond's yield to maturity or an index yield.
Forward annual payment $2.22 Forward estimate: the last regular payment multiplied by the number of payments a year. It is an estimate of the next twelve months, not cash that has been paid.
Pays Quarterly Cadence of the regular payment, accepted only after three consecutive payments were reported at the same frequency.
Next ex-date First day the security trades without the next payment attached.
Next pay date When the declared payment reaches holders.
Growth streak 0 yr No current run of increases: the most recent complete calendar year did not pay more than the year before it. Our stored payment history for this security begins in 2024.
Years paying 2 Complete calendar years with a payment in our stored history, which begins in 2024. The issuer may have paid for longer than we hold.
Payout ratio Not meaningful for this structure — a coupon or required distribution is not a share of GAAP earnings.
Income score 46 0-100 research screen, not a recommendation.

The two yields above are different measurements and are not interchangeable. The forward yield annualises the last regular payment; the trailing 12-month yield counts the cash actually paid over the last 365 days. Neither is an interest rate, a bond's yield to maturity or an index effective yield, and none of those may be compared with these as like for like. See how we compute these numbers.

Our stored payment history for MFAN begins in 2024. There is no current run of increases to report: either the most recent complete calendar year did not pay more than the year before it, or there is no earlier complete year in our history to compare it with.

A yield is just a payment divided by a price, so it moves every day even when the payment does not. The forward number is an estimate of the next twelve months; the trailing number is what was actually paid over the last twelve. Ex-date is the cut-off: own the shares before it and the next payment is yours, buy on or after it and the seller keeps it.

MFAN is debt, not equity. It is listed on this site as an exchange-traded note: a small-denomination piece of corporate borrowing, usually issued at a $25 face value and commonly called a baby bond, that trades on a stock exchange in the same way a share does. Holding it makes you a lender to the issuer, not an owner of it. It is deliberately kept out of the common-stock universe on this site and is never counted in it.

What it pays is contractual interest at a fixed coupon rate on the face value, not a dividend the board decides each period. That interest ranks ahead of every class of shares — the issuer cannot pay the preferred or the common until it has paid this — but it ranks behind bank lenders and secured debt, and these issues are usually unsecured. The coupon does not grow with the business. Most carry a call date, after which the issuer may redeem at par, and a stated maturity at which the principal is due, so the price tends to sit near par and a yield computed from the payment and the price is not the yield to maturity a holder would actually earn. Interest is taxed as ordinary income, not as qualified dividends. Read how corporate bonds work and what a call feature does.

Figures on this page are computed by Income Investing from the payment history and last price stored in our own database; the payment records come from fmp and the price from fmp, last recomputed Aug 25, 2026. They describe what has been paid, not what will be paid. Yield, payout ratio, our data sources and our methodology are explained elsewhere on the site.

Payment history

Each row is one payment as recorded by our data provider, newest first. The final column compares it with the nearest payment about a year earlier.

The table lists the 10 most recent recorded interest payments for MFAN, newest first, with ex-dates running from Apr 30, 2024 to Jul 31, 2026. The latest is $0.5547 per share in USD, ex-date Jul 31, 2026, pay date Aug 17, 2026. Measured against the nearest payment about a year earlier, 0 are higher, 1 lower and 5 unchanged; the remaining 4 have no comparable payment in the record. None is flagged as a special or one-off payment. Payment records supplied by fmp.

How to read this table: one row is one payment, newest at the top, and the amount is what a single share received on that one date. It is not an annual figure — the yearly ones are in the tiles above and in the totals further down. A row marked Special is a one-off the issuer chose to make rather than part of the regular schedule, which is why it is left out of the year-on-year comparison and out of those yearly totals. Whether the amount repeats for several rows or moves every time is a fact about the structure rather than a sign of health: a company usually resets its dividend once a year, while a fund's distribution can change with every payment.

Recorded payments for MFAN. Amounts are per share as declared, in USD.
Ex-dateOwn it before this day and this payment is yours. Pay date Amount per shareWhat one share received on that date, before tax. Cadence tagged by provider Type vs. a year earlier
Jul 31, 2026 Aug 17, 2026 $0.5547 Quarterly Regular 0.00%
May 01, 2026 May 15, 2026 $0.5547 Quarterly Regular 0.00%
Jan 30, 2026 Feb 17, 2026 $0.5547 Quarterly Regular 0.00%
Oct 31, 2025 Nov 17, 2025 $0.5547 Quarterly Regular 0.00%
Aug 01, 2025 Aug 15, 2025 $0.5547 Quarterly Regular 0.00%
May 01, 2025 May 15, 2025 $0.5547 Quarterly Regular -27.42%
Jan 31, 2025 Feb 18, 2025 $0.5547 Quarterly Regular
Nov 01, 2024 Nov 15, 2024 $0.5547 Quarterly Regular
Aug 01, 2024 Aug 15, 2024 $0.5547 Quarterly Regular
Apr 30, 2024 May 15, 2024 $0.7642 Quarterly Regular

The cadence column is the tag our provider attached to that individual payment (fmp), not the security's established schedule. The two can disagree, which is why the cadence shown in the tiles above is only accepted after three consecutive payments were tagged the same way.

A blank comparison means there was no comparable payment within sixty days of the same point a year earlier — a new payer, a changed cadence, or a gap in the record. Special and one-off payments are labelled and are excluded from the comparison.

Interest payments by calendar year

Calendar-year totals, bucketed by ex-interest date: every regular interest payment whose ex-interest date fell in that year, for the last ten complete years on record. These are amounts actually paid, never a forward estimate, and they are not the issuer's own annual interest payment figure.

The chart covers 2 complete calendar years for MFAN, 2024 to 2025, per share, in USD. Each bar totals the regular interest payments with an ex-interest date in that calendar year. The year is assigned by ex-interest date, which is not necessarily the issuer's own interest payment year. Our stored payment history for MFAN begins in 2024. The total went from $1.87 in 2024 to $2.22 in 2025 — 18% higher. Within that span 1 year was higher than the year before and 0 lower. The current year is still in progress and is left out, and special or one-off payments are excluded. This is a record of what was paid, not a projection. 1 of the years shown does not hold the 4 interest payments the recorded cadence implies: 2024 (3 payments). Those years are marked on the chart and named in the table. A year with one more or one fewer payment than the cadence implies is usually a payment whose ex-interest date moved across a year end rather than a change in the payment itself: the payment lands in the neighbouring calendar year, so one year reads high and the next reads low while the rate never moved. The change-on-the-year-before column carries the same distortion, because it compares two totals rather than two payment rates. 2024 is the first year of payments we hold for MFAN, so it is short because our record starts there, not because anything moved. These totals are arithmetically right for what they measure — regular interest payments bucketed by ex-interest date — but they are not the annual interest payment the issuer reports for that year, and where the two disagree the issuer's own published interest payment history is the authority.

Each bar, and each row underneath it, is one calendar year of regular payments added together for a single share. Read left to right and you are reading whether the payment has grown, held or been cut — a record of what was paid, never a forecast of what will be. One thing to watch for: a year here is decided by the date the payment went ex, so when that date slips across a year end one year holds an extra payment and its neighbour is one short while the payment itself never moved. Any year where that has happened is drawn as a dashed bar and marked with an asterisk, and it is the usual reason these totals differ from the annual figure the issuer itself publishes.

2024: $1.8736 per share from 3 payments — the recorded cadence implies 4 a year, so this year does not match. 1.87 2024* 2025: $2.2188 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.22 2025
Payment count matches the recorded cadence * Count does not match — 2024
Bar height is the total per share of the regular interest payments whose ex-interest date fell in that calendar year, in USD. The year is assigned by ex-interest date, not by the issuer's own interest payment year and not by the date the cash arrived. The dashed bars marked * hold more or fewer payments than the cadence on record implies: that is usually one payment whose ex-interest date shifted across a year end, which leaves one year high and its neighbour low without the interest payment itself changing. Where these totals disagree with the issuer's published annual figure, the issuer's own interest payment history is the authority. These are a trailing record — never the forward estimate shown in the tiles above.
Complete calendar years only, bucketed by ex-interest date — the current year is still in progress and is left out.
Year Paid per share that yearEvery regular payment dated in that year, added up, for one share. Payments in the yearA count that differs from the usual one means a payment moved across a year end. Change on the year before
2024 $1.87 3 — cadence implies 4
2025 $2.22 4 +18.42%
What can go wrong
This is debt, and its rank cuts both ways. It sits ahead of the common and preferred shares, so the interest must be paid before either sees a cent — but it sits behind the issuer's bank lenders and secured debt, and it is usually unsecured, so in a bankruptcy there may be nothing left by the time the queue reaches it. The coupon is fixed: it does not grow with the business, and inflation eats it. Most of these are callable at par on or after a set date, so the issuer refinances when rates fall and leaves it outstanding when they rise, which caps the price near par and makes any premium paid above par a loss waiting to be realised. There is a stated maturity, and the price converges on par as it approaches, so a headline yield computed from the payment and the price is not the yield to maturity a holder would actually earn. Interest is taxed as ordinary income rather than as qualified dividends. These issues are small and trade thinly, with wide bid-ask spreads and days where there is no real market at all.

Similar securities

The eight closest exchange-traded note entries by trailing 12-month yield, in the same sector. A research screen, not a recommendation.

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These are not the best-paying securities of this kind, and no ranking is meant by the order. They are the ones whose trailing 12-month yield sits nearest to this one, in the same structure and usually the same sector, so that this security can be seen in company rather than on its own. Every figure here is backward-looking cash that has already been paid. A row that sits well away from the rest is a question to take to that security's own page, not an answer.

Ticker Name Price Trailing 12m yieldCash paid out over the last year, over today's price. Paid over 12 months Pays
MFAO MFA Financial, Inc. 9.000% Senior Notes $25.18 8.93% $2.25 Quarterly
MITN TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 $25.44 9.34% $2.38 Quarterly
SCCG Sachem Capital Corp. 8.00% Note $24.78 8.07% $2.00 Quarterly
SCCD Sachem Capital Corp. 6.00% Notes Due 2026 $24.90 12.05% $3.00 Quarterly
SCCE Sachem Capital Corp. 6.00% Note $24.59 12.20% $3.00 Quarterly
GECCI Great Elm Capital Corp. 8.50% Notes DUE 2029 $25.35 8.38% $2.12 Quarterly
UZD Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 $19.02 8.22% $1.56 Quarterly
UZF Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 $16.96 8.11% $1.38 Quarterly

Every row in this table is on the same basis — cash actually paid per share over the last 365 days, divided by that security's last price — so the column can be read down. Forward estimates are deliberately not used here, because they exist for some securities and not others and a mixed column would invite a comparison that does not hold. A dash means no payment was recorded in the last 365 days, or no price is on file. Open a security to see both of its yields.

Where these are traded

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Questions about MFAN

Does MFAN pay interest, and how often?
Yes. The regular payment cadence recorded for MFAN is quarterly. The annual figure works out at $2.22 per share. Forward estimate: the last regular payment multiplied by the number of payments a year. It is an estimate of the next twelve months, not cash that has been paid. The last ex-date in our history is Jul 31, 2026.
What is the yield on MFAN, and is it forward or trailing?
There are two, and they measure different things. The forward yield is 8.82%: the last regular payment annualised to $2.22 a year and divided by the last price of $25.16. That is an estimate of the next twelve months. The trailing 12-month yield is 8.82%: the $2.22 per share actually paid over the last 365 days, divided by the same price. Neither number is a bond's yield to maturity, an index effective yield or an interest rate, and none of those should be compared with these as like for like. Yield also moves inversely with price, so it rises when the market marks the security down — a high number is a question, not an answer.
When is the next MFAN ex-interest date?
No future ex-date has been declared or collected for MFAN yet. The last one on record was Jul 31, 2026.
Is MFAN a bond or a share?
MFAN is debt that trades on a stock exchange like a share. It is listed here as an exchange-traded note — small-denomination corporate debt, commonly called a baby bond, usually issued at a $25 face value with a fixed coupon, a call date and a stated maturity. It is not part of the common-stock universe on this site and is never counted in one. Holders are lenders, not owners: the payment is contractual interest ranking ahead of every class of shares, it does not grow with the business, there is no vote, and it is taxed as ordinary income rather than as qualified dividends.
Why is there no meaningful payout ratio for MFAN?
A payout ratio compares a dividend to accounting earnings. For a exchange-traded note the payment is contractual interest that must be paid ahead of earnings, not a share of them, so the ratio describes nothing. Lenders look at interest coverage and at the issuer's total debt instead.
Why do the MFAN calendar-year totals differ from the annual interest payment the issuer reports?
Because this page buckets every regular interest payment into the calendar year of its ex-interest date, and the issuer reports its own interest payment year. At the recorded cadence a full year holds 4 payments, and in our record 2024 holds 3 payments. That is almost always a payment whose ex-interest date moved across a year end — the payment falls into the neighbouring year, leaving one year high and the other low while the interest payment rate itself did not change. The totals here are arithmetically right for what they measure and are not a restatement of the issuer's annual figure; MFAN's own published interest payment history is the authority on that.
How to read this page
Nothing on this page is investment advice or a recommendation to buy, hold or sell MFAN. Figures are drawn from third-party market data and our own calculations, may be delayed or wrong, and can change without notice. Confirm every number with the issuer and with your own broker, tax adviser and financial adviser before acting.

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