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Security Details
- Coupon Rate
- 7.50%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 4/15/2018
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.88
- Distribution Dates
- 3/31, 6/30, 9/30 & 12/31
- Credit Ratings
- Moody's NF · S&P NF (2/20/2024)
- Tax-Advantaged Dividends
- No
Security Profile
- CUSIP
- 55272X409
- Market Cap
- Small Cap
- IPO
- 4/8/2013 · $25.00/share
- Previous Symbol
- MFABP (changed 4/18/2013)
- Parent Company
- MFA Financial, Inc. (MFA)
Business: MFA Financial, 7.50% Series B Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 4/15/2018 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 7.50% per annum ($1.875 per annum or $0.46875 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, not more than 35 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: July 1, 2020 -- MFA Financial, Inc. (NYSE: MFA) (the "Company") announced today that its Board of Directors has reinstated the payment of dividends on its outstanding 7.50% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") and 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock"). <p> March 25, 2020 -- MFA Financial, Inc. (NYSE: MFA) (the "Company") announced today that due to the turmoil in the financial markets resulting from the global COVID-19 virus pandemic and in order to preserve liquidity until it can more accurately assess the impact that current market conditions will have on the Company's business, the Company will revoke its previously announced first quarter 2020 quarterly cash dividends on each of the Company's common stock and 7.50% Series B Cumulative Redeemable Preferred Stock. The quarterly cash dividend of $0.20 per share on the Company's common stock had been declared on March 11, 2020 and was to be paid on April 30, 2020 to all stockholders of record as of the close of business March 31, 2020. The Series B Preferred Stock dividend of $0.46875 per share had been declared on February 14, 2020 and was to be paid on March 31, 2020 to stockholders of record as of the close of business March 2, 2020. <p> MFA Financial, Inc. intends to use the net proceeds of MFA Financial, 6.50% Series C Fix/Float Cumulative Redeemable Preferred Stock offering to first (i) redeem all of the $100 million aggregate principal amount outstanding of Its 8.00% Senior Notes due 2042 (the “Senior Notes”), plus any accrued and unpaid interest, and then (ii) to redeem a portion of Its outstanding 7.50% Series B Preferred Stock (the “Series B Preferred Stock”), with an aggregate liquidation preference of approximately $165 million, plus a sum equal to all accrued and unpaid dividends on the Series B Preferred Stock up to, but not including, the redemption date.
Company Contact
- CEO
- Craig L. Knutson
- CFO
- Michael C. Roper
- Headquarters
- One Vanderbilt Ave., 48th Floor, 20th Floor, New York, NY 10017
- Phone
- 212-207-6400
- Fax
- 212-207-6420
- Investor Relations
- 212-207-6488 · InvestorRelations@mfafinancial.com