NEW YORK, Nov. 4, 2015 /PRNewswire/ -- MFA Financial, Inc. (NYSE: MFA) today announced financial results for the third quarter ended September 30, 2015.

Third Quarter 2015 and other highlights:


    --  Generated third quarter net income available to common shareholders of
        $75.8 million, or $0.20 per common share (based on 372.2 million
        weighted average common shares outstanding). As of September 30, 2015,
        book value per common share was $7.70.
    --  On October 30, 2015, MFA paid its third quarter 2015 dividend of $0.20
        per share of common stock to shareholders of record as of September 29,
        2015.
    --  MFA substantially grew its credit sensitive loan portfolio by $348
        million to $777 million in response to access to a range of attractive
        investment opportunities.

William Gorin, MFA's CEO, said, "In the third quarter, we continued to identify and acquire credit sensitive residential mortgage assets that generate earnings without increasing MFA's overall interest rate exposure. We significantly increased our acquisitions of re-performing and non-performing whole loans, bringing our holdings of credit sensitive residential whole loans to $777.4 million. In addition, we sold $23.5 million of Non-Agency MBS issued prior to 2008 ("Legacy Non-Agency MBS"), realizing a gain of $11.2 million. This is the thirteenth consecutive quarter we have realized gains through selected sales of Legacy Non-Agency MBS based on our projections of future cash flows relative to market pricing. We did not acquire any Agency MBS in this quarter.

"MFA remains positioned for a period when Federal Reserve monetary policy may become more variable based on measures of the labor markets, indicators of inflation, international developments and other incoming data. Through asset selection and hedging strategy, the estimated effective duration, a gauge of MFA's interest rate sensitivity, remains below 1.0 and measured 0.58 at quarter-end. Leverage, which reflects the ratio of our financing obligations to equity, was 3.3:1 at quarter-end."

Craig Knutson, MFA's President and COO, added, "MFA's portfolio asset selection process continues to emphasize residential mortgage credit exposure while seeking to minimize sensitivity to interest rates. Our Legacy Non-Agency portfolio has benefited from improved housing fundamentals as LTVs decrease and delinquencies decline, thus lowering our expectations of future defaults and reducing expected future losses. Our RPL/NPL MBS portfolio has credit protection through deal structure and subordination, while the short term nature of the cash flows minimizes its sensitivity to interest rate changes. And our credit sensitive residential whole loans offer additional exposure to residential mortgage credit while offering us the opportunity to improve outcomes through sensible and effective servicing decisions."

MFA's Legacy Non-Agency MBS had a face amount of $4.543 billion with an amortized cost of $3.395 billion and a net purchase discount of $1.148 billion at September 30, 2015. This discount consists of an $815.4 million credit reserve and other-than-temporary impairments and a $333.1 million net accretable discount. We believe this credit reserve appropriately factors in remaining uncertainties regarding underlying mortgage performance and the potential impact on future cash flows. Our Legacy Non-Agency MBS loss adjusted yield of 7.60% for the third quarter is based on projected defaults equal to 22% of underlying loan balances. On average, these loans are approximately nine years seasoned and approximately 14% are currently 60 or more days delinquent.

The Agency MBS portfolio had an average amortized cost basis of 103.8% of par as of September 30, 2015, and generated a 1.84% yield in the third quarter. The Legacy Non-Agency MBS portfolio had an average amortized cost of 74.7% of par as of September 30, 2015, and generated a loss-adjusted yield of 7.60% in the third quarter. At the end of the third quarter, MFA held approximately $2.487 billion of the senior most tranches of RPL/NPL MBS. These securities had an amortized cost of 99.9% of par and generated a 3.74% yield for the quarter.

In addition, at September 30, 2015, our investments in credit sensitive residential whole loans totaled $777.4 million. Of this amount, $245.9 million is recorded at carrying value, or 84% of the interest-bearing unpaid principal balance and generated a loss-adjusted yield of 6.52% (5.87% net of servicing costs) during the quarter and $531.5 million is recorded at fair value in our consolidated balance sheet. On this portion of the portfolio we recorded gains for the quarter of approximately $5.0 million, primarily reflecting coupon interest payments received and changes in the fair value of the underlying loans during the quarter.

For the three months ended September 30, 2015, MFA's costs for compensation and benefits and other general and administrative expenses were $10.0 million or an annualized 1.31% of stockholders' equity as of September 30, 2015.

The following table presents the weighted average prepayment speed on MFA's MBS portfolio.



    Table 1

                                             Third Quarter                  Second Quarter
                                              2015 Average
                                                   CPR
                                                                             2015 Average
                                                                                   CPR
                                                                              ------------

                  Agency MBS                         15.4%                                      14.8%

            Legacy Non-Agency MBS                    16.3%                                      14.8%

               RPL/NPL MBS (1)                       29.5%                                      28.6%


    (1)  All principal payments are considered to be prepayments for CPR purposes. Excludes RPL/NPL MBS
     that have not had a principal payment.

As of September 30, 2015, under its swap agreements, MFA had a weighted average fixed-pay rate of interest of 1.82% and a floating receive rate of 0.20% on notional balances totaling $3.050 billion, with an average maturity of 48 months.

The following table presents MFA's asset allocation as of September 30, 2015 and the third quarter 2015 yield on average interest earning assets, average cost of funds and net interest rate spread for the various asset types.



    Table 2





                                                                                                                             ASSET ALLOCATION


    At September 30, 2015                    Agency MBS      Legacy      RPL/NPL    Residential  Residential       Other, Total
                                                                         MBS          Whole        Whole        net (1)
                                                         Non-Agency                              Loans, at
                                                             MBS                    Loans, at   Fair Value
                                                                                    Carrying

                                                                                      Value
    ---                                                                        ---                                             ---

    ($ in Thousands)

    Fair Value/ Carrying Value                              $5,020,477                              $4,036,997                           $2,487,225                  $245,894                 $531,537 $447,923 $12,770,053

    Less Payable for Unsettled Purchases               -                         -                          -                    -                         -       (4,765)        (4,765)

    Less Repurchase Agreements               (4,151,976)               (2,568,494)                 (1,970,246)             (46,134)                 (381,418)      (92,566)    (9,210,834)

    Less FHLB advances                         (265,000)                         -                          -                    -                         -             -      (265,000)

    Less Securitized Debt                              -                  (32,217)                          -                    -                         -             -       (32,217)

    Less Senior Notes                                  -                         -                          -                    -                         -     (100,000)      (100,000)
                                                     ---                       ---                        ---                  ---                       ---      --------        --------

    Equity Allocated                                          $603,501                              $1,436,286                             $516,979                  $199,760                 $150,119 $250,592  $3,157,237

    Less Swaps at Market Value                         -                         -                          -                    -                         -     (105,455)      (105,455)
                                                     ---                       ---                        ---                  ---                       ---      --------        --------

    Net Equity Allocated                                      $603,501                              $1,436,286                             $516,979                  $199,760                 $150,119 $145,137  $3,051,782
    ====================                                      ========                              ==========                             ========                  ========                 ======== ========  ==========

    Debt/Net Equity Ratio (2)                      7.32x                     1.81x                      3.81x                0.23x                     2.54x             -          3.32x
    =========================                      =====                     =====                      =====                =====                     =====           ===          =====


    For the Quarter Ended September 30, 2015
    ----------------------------------------

    Yield on Average Interest Earning Assets
     (3)                                          1.84%                     7.60%                      3.74%                6.52%                       N/A            -%         4.05%

    Less Average Cost of Funds (4)                (1.13)                    (2.76)                     (1.73)               (2.48)                    (2.77)             -         (1.81)

    Net Interest Rate Spread                       0.71%                     4.84%                      2.01%                4.04%                       N/A            -%         2.24%
    ------------------------                        ----                       ----                        ----                  ----                        ---           ---           ----


     (1) Includes cash and cash equivalents and restricted cash of $284.2 million, securities obtained and pledged as collateral,
          $150.0 million of CRT
          securities, interest receivable, goodwill, prepaid and other assets, obligation to return securities obtained as
          collateral, interest payable, dividends
         payable and accrued expenses and other liabilities.


     (2) Represents the sum of borrowings under repurchase agreements, FHLB advances, payable for unsettled MBS purchases and
          securitized debt as a multiple of net equity allocated.  The numerator of our Total Debt/Net Equity ratio also includes
          the obligation to return securities obtained as collateral of $509.6 million, Senior Notes and repurchase agreements
          financing CRT security purchases.


     (3) Yields reported on our interest earning assets are calculated based on the interest income recorded and the average
          amortized cost for the quarter of the respective asset.  At September 30, 2015 the amortized cost of our interest earning
          assets were as follows: Agency MBS  - $4,954,756; Legacy Non-Agency MBS - $3,394,723; RPL/NPL MBS - $2,490,015; and
          Residential Whole Loans at carrying value - $245,894. In addition, the yield for residential whole loans at carrying
          value was 5.87% net of 65 basis points of servicing fee expense incurred during the quarter.  For GAAP reporting purposes,
          such expenses are included in Loan servicing and other related operating expenses in our statement of operations.
          Interest payments received on residential whole loans at fair value is reported in Other Income as Net gain on residential
          whole loans held at fair value in our statement of operations.  Accordingly, no yield is presented as such loans are not
          included in interest earning assets for reporting purposes.


     (4) Average cost of funds includes interest on repurchase agreements and other advances, the cost of swaps, Senior Notes and
          securitized debt. Agency cost of funds includes 74 basis points and Legacy Non-Agency cost of funds includes 66 basis
          points associated with Swaps to hedge interest rate sensitivity on these assets.

At September 30, 2015, MFA's $9.056 billion of Agency and Legacy Non-Agency MBS, were backed by Hybrid, adjustable and fixed-rate mortgages. Additional information about these MBS, including average months to reset and three-month average CPR, is presented below:



    Table 3

                                               Agency MBS                                  Legacy Non-Agency MBS (1)                                   Total (1)
                                               ----------                                   ------------------------                                   --------

    ($ in Thousands)

                     Time to Reset   Fair                 Average        3 Month                     Fair             Average              3 Month                       Fair                     Average            3 Month
                                   Value (2)              Months         Average                    Value              Months              Average                     Value (2)                   Months            Average
                                                         to Reset        CPR (4)                                      to Reset             CPR (4)                                                   to              CPR (4)
                                                                   (3)                                                         (3)                                                      Reset (3)
    ---                                                           ---                                                         ---                                                        --------

    < 2 years (5)                                 $2,036,783                     7   16.3%                                    $2,751,368                      6    15.1%                                            $4,788,151              7      15.5%

    2-5 years                          870,721                        39       21.3                             4,854                   24        53.0                            875,575                      39             21.5

    > 5 years                          231,375                        78       14.6                                 -                            -                -                                    231,375                     78 14.6

    ARM-MBS Total                                 $3,138,879                    21   17.6%                                    $2,756,222                      6    15.2%                                            $5,895,101             14      16.3%
    -------------                                 ----------                   ---    ----                                     ----------                    ---     ----                                             ----------            ---       ----

    15-year fixed (6)                             $1,880,486                        11.7%                                        $8,630                          19.9%                                            $1,889,116                    11.7%

    30-year fixed (6)                        -                                  -                        1,267,192                            18.7                          1,267,192                                    18.7

    40-year fixed (6)                        -                                  -                            4,953                            20.5                              4,953                                    20.5
                                           ---                                ---                            -----                            ----                              -----                                    ----

    Fixed-Rate Total                              $1,880,486                        11.7%                                    $1,280,775                          18.7%                                            $3,161,261                    14.8%
    ----------------

    MBS Total                                     $5,019,365                        15.4%                                    $4,036,997                          16.3%                                            $9,056,362                    15.8%
    =========                                     ==========                         ====                                     ==========                           ====                                             ==========                     ====


     (1) Excludes $2.487 billion of RPL/NPL MBS. Refer to Table 4 for further information.

     (2) Does not include principal payments receivable of $1.1 million.

     (3)  MTR or Months to Reset is the number of months remaining before the coupon interest rate resets. At reset, the MBS coupon will adjust
           based upon the underlying
          benchmark interest rate index, margin and periodic or lifetime caps.  The MTR does not reflect scheduled amortization or prepayments.

     (4) 3 month average CPR weighted by positions as of beginning of each month in the quarter.

     (5) Includes floating rate MBS that may be collateralized by fixed-rate mortgages.

     (6) Information presented based on data available at time of loan origination.



    Table 4

    The following table presents certain information about our RPL/NPL MBS portfolio at September 30, 2015:


                                                                    Fair Value                   Net Coupon       Months to     Current         Original      3 Month
                                                                                                                 Step-Up (1)     Credit          Credit       Average
                                                                                                                              Support (2)        Support   Bond CPR (3)
                                                                                                                              ----------         -------   -----------

    ($ in Thousands)

    Re-Performing MBS                                                                 $535,180                          3.70%               21                        46%     40%        32.9%

    Non-Performing MBS                                                1,952,045                             3.63                         26              50                49       28.5

    Total RPL/NPL MBS                                                               $2,487,225                          3.64%               25                        49%     47%        29.5%
                                                                                    ==========                           ====               ===                        ===      ===          ====


              (1)    Months to
                      step-up is
                      the weighted
                      average
                      number of
                      months
                      remaining
                      before the
                      coupon
                      interest rate
                      increases
                      pursuant to
                      the first
                      coupon reset.
                       We
                       anticipate
                      that the
                      securities
                      will be
                      redeemed
                      prior to the
                      step-up
                      date.

              (2)    Credit Support
                      for a
                      particular
                      security is
                      expressed as
                      a percentage
                      of all
                      outstanding
                      mortgage loan
                      collateral.
                      A particular
                      security will
                      not be
                      subject to
                      principal
                      loss as long
                      as credit
                      enhancement
                      is greater
                      than zero.

              (3)    All principal
                      payments are
                      considered to
                      be
                      prepayments
                      for CPR
                      purposes.
                      Excludes RPL/
                      NPL MBS that
                      have not had
                      a principal
                      payment.

Webcast

MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Wednesday, November 4, 2015, at 11:00 a.m. (Eastern Time) to discuss its third quarter 2015 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com through the "Webcasts & Presentations" link on MFA's home page. To listen to the conference call over the internet, please go to the MFA website at least 15 minutes before the call to register and to download and install any needed audio software. Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.

When used in this press release or other written or oral communications, statements which are not historical in nature, including those containing words such as "will," "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, are intended to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Statements regarding the following subjects, among others, may be forward-looking: changes in interest rates and the market value of MFA's MBS; changes in the prepayment rates on the mortgage loans securing MFA's MBS; changes in the default rates and management's assumptions regarding default rates on the mortgage loans securing MFA's Non-Agency MBS; MFA's ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowing; implementation of or changes in government regulations or programs affecting MFA's business; MFA's estimates regarding taxable income the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by the Company to accrete the market discount on Non-Agency MBS and the extent of prepayments, realized losses and changes in the composition of MFA's Agency MBS and Non-Agency MBS portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA's Board of Directors and will depend on, among other things, MFA's taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as the Board deems relevant; MFA's ability to maintain its qualification as a REIT for federal income tax purposes; MFA's ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the Investment Company Act), including statements regarding the Concept Release issued by the SEC relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are in engaged in the business of acquiring mortgages and mortgage-related interests; MFA's ability to successfully implement its strategy to grow its residential whole loan portfolio; expected returns on our investments in non-performing residential whole loans (NPLs), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. These and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that MFA files with the Securities and Exchange Commission, could cause MFA's actual results to differ materially from those projected in any forward-looking statements it makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.





                                 
    MFA FINANCIAL, INC.
    CONSOLIDATED BALANCE SHEETS

     (In Thousands, Except Share
      and Per Share Amounts)                      September 30,                   December 31,
                                                           2015                              2014
    ---                                                    ----                              ----

                                                   (Unaudited)

    Assets:

    Mortgage-backed securities
     ("MBS") and credit risk
     transfer ("CRT")
     securities:

    Agency MBS, at fair value
     ($4,702,437 and $5,519,813
     pledged as collateral,
     respectively)                                                  $5,020,477                       $5,904,207

    Non-Agency MBS, at fair
     value ($4,873,424 and
     $2,377,343 pledged as
     collateral, respectively)                        5,895,371                           3,358,426

    Non-Agency MBS transferred
     to consolidated variable
     interest entities
     ("VIEs"), at fair value                            628,851                           1,397,006

    CRT securities, at fair
     value ($118,616 and
     $94,610 pledged as
     collateral, respectively)                          149,968                             102,983

    Securities obtained and
     pledged as collateral, at
     fair value                                         509,620                             512,105

    Residential whole loans, at
     carrying value ($65,894
     and $67,536 pledged as
     collateral, respectively)                          245,894                             207,923

    Residential whole loans, at
     fair value ($525,798 and
     $143,072 pledged as
     collateral, respectively)                          531,537                             143,472

    Cash and cash equivalents                           174,160                             182,437

    Restricted cash                                     109,997                              67,255

    Interest receivable                                  30,115                              32,581

    Derivative instruments:

       MBS linked transactions,
        net ("Linked
        Transactions"), at fair
        value                                                 -                            398,336

       Interest rate swap
        agreements ("Swaps"), at
        fair value                                           18                               3,136

    Goodwill                                              7,189                               7,189

    Prepaid and other assets                             81,206                              37,688
                                                         ------                              ------

    Total Assets                                                   $13,384,403                      $12,354,744
                                                                   ===========                      ===========


    Liabilities:

    Repurchase agreements and
     other advances                                                 $9,475,834                       $8,267,388

    Securitized debt                                     32,217                             110,574

    Obligation to return
     securities obtained as
     collateral, at fair value                          509,620                             512,105

    8% Senior Notes due 2042
     ("Senior Notes")                                   100,000                             100,000

    Accrued interest payable                             15,028                              13,095

    Swaps, at fair value                                105,473                              62,198

    Dividends and dividend
     equivalents payable                                 74,560                              74,529

    Accrued expenses and other
     liabilities                                         19,889                              11,583
                                                         ------                              ------

    Total Liabilities                                              $10,332,621                       $9,151,472
                                                                   ===========                       ==========


    Stockholders' Equity:

    Preferred stock, $.01 par
     value; 7.50% Series B
     cumulative redeemable;
     8,050 shares authorized;
     8,000 shares issued and
     outstanding ($200,000
     aggregate liquidation
     preference)                                                           $80                              $80

    Common stock, $.01 par
     value; 886,950 shares
     authorized; 370,254 and
     370,084 shares issued and
     outstanding, respectively                            3,702                               3,701

    Additional paid-in
     capital, in excess of par                        3,017,355                           3,013,634

    Accumulated deficit                               (567,649)                          (568,596)

    Accumulated other
     comprehensive income                               598,294                             754,453
                                                        -------                             -------

    Total Stockholders' Equity                                      $3,051,782                       $3,203,272
                                                                    ==========                       ==========

    Total Liabilities and
     Stockholders' Equity                                          $13,384,403                      $12,354,744
                                                                   ===========                      ===========



                                                                                  
    MFA FINANCIAL, INC.
                                                                          CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                                                                Three Months Ended          Nine Months Ended
                                                                                                                   September 30,              September 30,
                                                                                                                   -------------              -------------

    (In Thousands, Except Per Share Amounts)                                                                                  2015                        2014         2015              2014
    ---------------------------------------                                                                                   ----                        ----         ----              ----

                                                                                                                (Unaudited)                 (Unaudited)

    Interest Income:

    Agency MBS                                                                                                                      $23,618                                  $33,066                     $81,030           $110,004

    Non-Agency MBS                                                                                                          79,276                             48,541                241,440              135,169

    Non-Agency MBS transferred to consolidated VIEs                                                                         11,154                             29,303                 34,792              105,510

    CRT securities                                                                                                           1,593                                 30                         4,477               30

    Residential whole loans held at carrying value                                                                           4,033                              1,197                 11,817                1,849

    Cash and cash equivalent investments                                                                                        32                                 20                     88                   63
                                                                                                                               ---                                ---                    ---                  ---

    Interest Income                                                                                                                $119,706                                 $112,157                    $373,644           $352,625
                                                                                                                                   --------                                 --------                    --------           --------


    Interest Expense:

    Repurchase agreements and other advances                                                                                        $41,331                                  $35,935                    $122,736           $109,354

    Securitized debt                                                                                                           363                              1,415                  1,731                5,471

    Senior Notes                                                                                                             2,009                              2,008                  6,025                6,023
                                                                                                                             -----                              -----                  -----                -----

    Interest Expense                                                                                                                $43,703                                  $39,358                    $130,492           $120,848
                                                                                                                                                                                                      --------           --------


    Net Interest Income                                                                                                             $76,003                                  $72,799                    $243,152           $231,777
                                                                                                                                    -------                                  -------                    --------           --------


    Other-Than-Temporary Impairments:

    Total other-than-temporary impairment losses                                                                                 $        -                             $         -                     $(525)        $        -

    Portion of loss reclassed from other comprehensive income                                                                    -                                 -                 (180)                   -
                                                                                                                               ---                               ---                  ----                  ---

        Net Impairment Losses Recognized in Earnings                                                                             $        -                             $         -                     $(705)        $        -
                                                                                                                               ---      ---                           ---       ---                      -----       ---      ---


    Other Income, net:

    Unrealized net gains and net interest income from Linked Transactions                                                        $        -                                  $2,559                 $         -            $9,586

    Net gain on residential whole loans held at fair value                                                                   4,979                                  -                10,176                    -

    Gain on sales of MBS                                                                                                    11,196                             13,880                 25,248               25,303

    Other, net                                                                                                                 327                                 54                     21                (306)
                                                                                                                               ---                                ---                    ---                 ----

    Other Income, net                                                                                                               $16,502                                  $16,493                     $35,445            $34,583
                                                                                                                                    -------                                  -------                     -------            -------


    Operating and Other Expense:

    Compensation and benefits                                                                                                        $6,482                                   $5,970                     $19,759            $18,378

    Other general and administrative expense                                                                                 3,538                              3,831                 11,673               11,461

    Loan servicing and other related operating expenses                                                                      2,975                                609                  6,706                1,550

    Excise tax and interest                                                                                                      -                                 -                     -               1,175

    Operating and Other Expense                                                                                                     $12,995                                  $10,410                     $38,138            $32,564
                                                                                                                                    -------                                  -------                     -------            -------


    Net Income                                                                                                                      $79,510                                  $78,882                    $239,754           $233,796

    Less Preferred Stock Dividends                                                                                           3,750                              3,750                 11,250               11,250

    Net Income Available to Common Stock and Participating Securities                                                               $75,760                                  $75,132                    $228,504           $222,546
                                                                                                                                    =======                                  =======                    ========           ========


    Earnings per Common Share - Basic and Diluted                                                                                     $0.20                                    $0.20                       $0.61              $0.60
                                                                                                                                      =====                                    =====                       =====              =====


    Dividends Declared per Share of Common Stock                                                                                      $0.20                                    $0.20                       $0.60              $0.60
                                                                                                                                      =====                                    =====                       =====              =====



    INVESTOR CONTACT: InvestorRelations@mfafinancial.com

                      212-207-6433

                      www.mfafinancial.com


    MEDIA CONTACT:    Abernathy MacGregor

                      Tom Johnson, Andrew Johnson

                      212-371-5999

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SOURCE MFA Financial, Inc.