MFA Financial 8K Results of Operations and Financial Condition | MFA 2 Aug 18

Exhibit 99.2

5GEQPF 3WCTVGT 2018 'CTPKPIU 2TGUGPVCVKQP

(QTYCTF .QQMKPI 5VCVGOGPVU 9JGP WUGF KP VJKU RTGUGPVCVKQP QT QVJGT YTKVVGP QT QTCN EQOOWPKECVKQPU, UVCVGOGPVU YJKEJ CTG PQV JKUVQTKECN KP PCVWTG, KPENWFKPI VJQUG EQPVCKPKPI YQTFU UWEJ CU aYKNN,b aDGNKGXG,b aGZRGEV,b aCPVKEKRCVG,b aGUVKOCVG,b aRNCP,b aEQPVKPWG,b aKPVGPF,b aUJQWNF,b aEQWNF,b aYQWNF,b aOC[b QT UKOKNCT GZRTGUUKQPU, CTG KPVGPFGF VQ KFGPVKH[ aHQTYCTF-NQQMKPI UVCVGOGPVUb YKVJKP VJG OGCPKPI QH 5GEVKQP 27# QH VJG 5GEWTKVKGU #EV QH 1933, CU COGPFGF, CPF 5GEVKQP 21' QH VJG 5GEWTKVKGU 'ZEJCPIG #EV QH 1934, CU COGPFGF, CPF, CU UWEJ, OC[ KPXQNXG MPQYP CPF WPMPQYP TKUMU, WPEGTVCKPVKGU CPF CUUWORVKQPU. 5VCVGOGPVU TGICTFKPI VJG HQNNQYKPI UWDLGEVU, COQPI QVJGTU, OC[ DG HQTYCTF-NQQMKPI: EJCPIGU KP KPVGTGUV TCVGU CPF VJG OCTMGV (K.G., HCKT) XCNWG QH /(#cU /$5, TGUKFGPVKCN YJQNG NQCPU, %46 UGEWTKVKGU CPF QVJGT CUUGVU; EJCPIGU KP VJG RTGRC[OGPV TCVGU QP VJG OQTVICIG NQCPU UGEWTKPI /(#cU /$5, CP KPETGCUG QH YJKEJ EQWNF TGUWNV KP C TGFWEVKQP QH VJG [KGNF QP /$5 KP QWT RQTVHQNKQ CPF CP KPETGCUG QH YJKEJ EQWNF TGSWKTG WU VQ TGKPXGUV VJG RTQEGGFU TGEGKXGF D[ WU CU C TGUWNV QH UWEJ RTGRC[OGPVU KP /$5 YKVJ NQYGT EQWRQPU; ETGFKV TKUMU WPFGTN[KPI /(#cU CUUGVU, KPENWFKPI EJCPIGU KP VJG FGHCWNV TCVGU CPF OCPCIGOGPVcU CUUWORVKQPU TGICTFKPI FGHCWNV TCVGU QP VJG OQTVICIG NQCPU UGEWTKPI /(#cU 0QP-#IGPE[ /$5 CPF TGNCVKPI VQ /(#cU TGUKFGPVKCN YJQNG NQCP RQTVHQNKQ; /(#cU CDKNKV[ VQ DQTTQY VQ HKPCPEG KVU CUUGVU CPF VJG VGTOU, KPENWFKPI VJG EQUV, OCVWTKV[ CPF QVJGT VGTOU, QH CP[ UWEJ DQTTQYKPIU; KORNGOGPVCVKQP QH QT EJCPIGU KP IQXGTPOGPV TGIWNCVKQPU QT RTQITCOU CHHGEVKPI /(#cU DWUKPGUU; /(#cU GUVKOCVGU TGICTFKPI VCZCDNG KPEQOG, VJG CEVWCN COQWPV QH YJKEJ KU FGRGPFGPV QP C PWODGT QH HCEVQTU, KPENWFKPI, DWV PQV NKOKVGF VQ, EJCPIGU KP VJG COQWPV QH KPVGTGUV KPEQOG CPF HKPCPEKPI EQUVU, VJG OGVJQF GNGEVGF D[ /(# VQ CEETGVG VJG OCTMGV FKUEQWPV QP 0QP-#IGPE[ /$5 CPF TGUKFGPVKCN YJQNG NQCPU CPF VJG GZVGPV QH RTGRC[OGPVU, TGCNK\GF NQUUGU CPF EJCPIGU KP VJG EQORQUKVKQP QH /(#cU #IGPE[ /$5, 0QP-#IGPE[ /$5 CPF TGUKFGPVKCN YJQNG NQCP RQTVHQNKQU VJCV OC[ QEEWT FWTKPI VJG CRRNKECDNG VCZ RGTKQF, KPENWFKPI ICKP QT NQUU QP CP[ /$5 FKURQUCNU CPF YJQNG NQCP OQFKHKECVKQP, HQTGENQUWTG CPF NKSWKFCVKQP; VJG VKOKPI CPF COQWPV QH FKUVTKDWVKQPU VQ UVQEMJQNFGTU, YJKEJ CTG FGENCTGF CPF RCKF CV VJG FKUETGVKQP QH /(#cU $QCTF QH &KTGEVQTU CPF YKNN FGRGPF QP, COQPI QVJGT VJKPIU, /(#cU VCZCDNG KPEQOG, KVU HKPCPEKCN TGUWNVU CPF QXGTCNN HKPCPEKCN EQPFKVKQP CPF NKSWKFKV[, OCKPVGPCPEG QH KVU 4'+6 SWCNKHKECVKQP CPF UWEJ QVJGT HCEVQTU CU /(#cU $QCTF QH &KTGEVQTU FGGOU TGNGXCPV; /(#cU CDKNKV[ VQ OCKPVCKP KVU SWCNKHKECVKQP CU C 4'+6 HQT HGFGTCN KPEQOG VCZ RWTRQUGU; /(#cU CDKNKV[ VQ OCKPVCKP KVU GZGORVKQP HTQO TGIKUVTCVKQP WPFGT VJG +PXGUVOGPV %QORCP[ #EV QH 1940, CU COGPFGF (QT VJG +PXGUVOGPV %QORCP[ #EV), KPENWFKPI UVCVGOGPVU TGICTFKPI VJG %QPEGRV 4GNGCUG KUUWGF D[ VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP (5'%) TGNCVKPI VQ KPVGTRTGVKXG KUUWGU WPFGT VJG +PXGUVOGPV %QORCP[ #EV YKVJ TGURGEV VQ VJG UVCVWU WPFGT VJG +PXGUVOGPV %QORCP[ #EV QH EGTVCKP EQORCPKGU VJCV CTG GPICIGF KP VJG DWUKPGUU QH CESWKTKPI OQTVICIGU CPF OQTVICIG-TGNCVGF KPVGTGUVU; /(#cU CDKNKV[ VQ UWEEGUUHWNN[ KORNGOGPV KVU UVTCVGI[ VQ ITQY KVU TGUKFGPVKCN YJQNG NQCP RQTVHQNKQ YJKEJ KU FGRGPFGPV QP, COQPI QVJGT VJKPIU, VJG UWRRN[ QH NQCPU QHHGTGF HQT UCNG KP VJG OCTMGV; GZRGEVGF TGVWTPU QP QWT KPXGUVOGPVU KP PQP-RGTHQTOKPI TGUKFGPVKCN YJQNG NQCPU (02.U), YJKEJ CTG CHHGEVGF D[, COQPI QVJGT VJKPIU, VJG NGPIVJ QH VKOG TGSWKTGF VQ HQTGENQUG WRQP, UGNN, NKSWKFCVG QT QVJGTYKUG TGCEJ C TGUQNWVKQP QH VJG RTQRGTV[ WPFGTN[KPI VJG 02., JQOG RTKEG XCNWGU, COQWPVU CFXCPEGF VQ ECTT[ VJG CUUGV (G.I., VCZGU, KPUWTCPEG, OCKPVGPCPEG GZRGPUGU, GVE. QP VJG WPFGTN[KPI RTQRGTV[) CPF VJG COQWPV WNVKOCVGN[ TGCNK\GF WRQP TGUQNWVKQP QH VJG CUUGV; TKUMU CUUQEKCVGF YKVJ QWT KPXGUVOGPVU KP /54 TGNCVGF CUUGVU, KPENWFKPI UGTXKEKPI, TGIWNCVQT[ CPF GEQPQOKE TKUMU, CPF TKUMU CUUQEKCVGF YKVJ KPXGUVKPI KP TGCN GUVCVG CUUGVU, KPENWFKPI EJCPIGU KP DWUKPGUU EQPFKVKQPU CPF VJG IGPGTCN GEQPQO[. 6JGUG CPF QVJGT TKUMU, WPEGTVCKPVKGU CPF HCEVQTU, KPENWFKPI VJQUG FGUETKDGF KP VJG CPPWCN, SWCTVGTN[ CPF EWTTGPV TGRQTVU VJCV /(# HKNGU YKVJ VJG 5'%, EQWNF ECWUG /(#cU CEVWCN TGUWNVU VQ FKHHGT OCVGTKCNN[ HTQO VJQUG RTQLGEVGF KP CP[ HQTYCTF-NQQMKPI UVCVGOGPVU KV OCMGU. #NN HQTYCTF-NQQMKPI UVCVGOGPVU CTG DCUGF QP DGNKGHU, CUUWORVKQPU CPF GZRGEVCVKQPU QH /(#cU HWVWTG RGTHQTOCPEG, VCMKPI KPVQ CEEQWPV CNN KPHQTOCVKQP EWTTGPVN[ CXCKNCDNG. 4GCFGTU CTG ECWVKQPGF PQV VQ RNCEG WPFWG TGNKCPEG QP VJGUG HQTYCTF-NQQMKPI UVCVGOGPVU, YJKEJ URGCM QPN[ CU QH VJG FCVG QP YJKEJ VJG[ CTG OCFG CPF CTG DCUGF QP DGNKGHU, CUUWORVKQPU CPF GZRGEVCVKQPU QH /(#cU HWVWTG RGTHQTOCPEG, VCMKPI KPVQ CEEQWPV KPHQTOCVKQP EWTTGPVN[ CXCKNCDNG. 0GY TKUMU CPF WPEGTVCKPVKGU CTKUG QXGT VKOG CPF KV KU PQV RQUUKDNG VQ RTGFKEV VJQUG GXGPVU QT JQY VJG[ OC[ CHHGEV /(#. ;QW CTG ECWVKQPGF PQV VQ RNCEG WPFWG TGNKCPEG QP VJGUG HQTYCTF-NQQMKPI UVCVGOGPVU, YJKEJ URGCM QPN[ CU QH VJG FCVG QP YJKEJ VJG[ CTG OCFG. 'ZEGRV CU TGSWKTGF D[ NCY, /(# KU PQV QDNKICVGF VQ, CPF FQGU PQV KPVGPF VQ, WRFCVG QT TGXKUG CP[ HQTYCTF-NQQMKPI UVCVGOGPVU, YJGVJGT CU C TGUWNV QH PGY KPHQTOCVKQP, HWVWTG GXGPVU QT QVJGTYKUG. 2

'ZGEWVKXG UWOOCT[ +P VJG UGEQPF SWCTVGT QH 2018, /(# IGPGTCVGF )##2 '25 QH $0.17. d d 32 FKXKFGPF VQ EQOOQP UVQEMJQNFGTU YCU $0.20 RGT UJCTG. d 'UVKOCVGF 4'+6 VCZCDNG KPEQOG HQT VJG SWCTVGT YCU $0.22 RGT EQOOQP UJCTG. 'UVKOCVGFWPFKUVTKDWVGFVCZCDNGKPEQOG YCU$0.11RGTEQOOQPUJCTG CV ,WPG 30, 2018. d $QQM XCNWG RGT UJCTG FGENKPGF UNKIJVN[ VQ $7.54 HTQO $7.62 CV /CTEJ 31, 2018. d #UUGV CESWKUKVKQPU QH $1.1 DKNNKQP GZEGGFGF RQTVHQNKQ TWP-QHH CPF UCNGU D[ CNOQUV $150 OKNNKQP. &WTKPI VJG SWCTVGT YG RWTEJCUGF QT EQOOKVVGF VQ RWTEJCUG PGCTN[ $900 OKNNKQP KP TGUKFGPVKCN YJQNG NQCPU. 3

'ZGEWVKXG UWOOCT[ (EQPVcF.) 4GUKFGPVKCN YJQNG NQCPU (KPENWFKPI 4'1) CTG PQY QWT NCTIGUV CUUGV ENCUU, CPF VQVCNU $3.6 DKNNKQP, YKVJ CRRTQZKOCVGN[ $1.6 DKNNKQP, QT JCNH, QH /(#cU GSWKV[ CNNQECVGF VQ VJGUG CUUGVU. d d 6JG ITQYVJ KP QWT YJQNG NQCP RQTVHQNKQ KP VJG UGEQPF SWCTVGT YCU NCTIGN[ VJTQWIJ RWTEJCUGU QH PGYN[ QTKIKPCVGF RGTHQTOKPI NQCPU, KPENWFKPI 0QP-3/ NQCPU, TGJCDKNKVCVKQP QT aHKZ CPF HNKRb NQCPU CPF UKPING HCOKN[ TGPVCN NQCPU. d 1WT GHHQTVU VQ UQWTEG PGYN[ QTKIKPCVGF RGTHQTOKPI YJQNG NQCPU JCXG DGGP QPIQKPI HQT QXGT C [GCT CPF CTG PQY DGIKPPKPI VQ IGPGTCVG UKIPKHKECPV PGY XQNWOG. d /(#cU CUUGV OCPCIGOGPV VGCO EQPVKPWGU VQ QXGTUGG UGTXKEKPI QH QWT ETGFKV UGPUKVKXG NQCPU, RCTVKEWNCTN[ PQP-RGTHQTOKPI NQCPU, VQ KORTQXG QWVEQOGU CPF GZRGEVGF TGVWTPU. d 5VTQPI ETGFKV HWPFCOGPVCNU EQPVKPWG VQ FTKXG RGTHQTOCPEG QH QWT .GICE[ 0QP-#IGPE[ RQTVHQNKQ, YJKEJ IGPGTCVGF C [KGNF KP VJG UGEQPF SWCTVGT QH 9.89%. 4

+PXGUVOGPV UVTCVGI[ #EVKXGN[ GZRCPF QWT WPKXGTUG QH KPXGUVOGPV CUUGVU d 2TKOCT[ HQEWU QP ETGFKV-TGNCVGF CUUGVU YKVJ KPJGTGPVN[ NGUU KPVGTGUV TCVG UGPUKVKXKV[. d 2TQFWEG CVVTCEVKXG TGVWTPU VJCV CTG EQORCTCDNG VQ RGGTU, DWV YKVJ NGUU TKUM FWG VQ NQYGT NGXGTCIG, NGUU KPVGTGUV TCVG GZRQUWTG CPF TGFWEGF RTGRC[OGPV UGPUKVKXKV[. d 9G EQPVKPWG VQ GZRCPF QWT KPXGUVOGPV QRRQTVWPKV[ UGV YKVJKP VJG TGUKFGPVKCN OQTVICIG URCEG, WVKNK\KPI VJG UCOG FKUEKRNKPGF CRRTQCEJ VQ TKUM/TGYCTF CU YG JCXG KP VJG RCUV. d /CKPVCKP UVC[KPI RQYGT CPF RTGUGTXG VJG CDKNKV[ VQ KPXGUV QRRQTVWPKUVKECNN[: d 2GTOCPGPV GSWKV[ ECRKVCN CPF CXCKNCDNG NKSWKFKV[ d 5WDUVCPVKCN WPNGXGTGF CUUGVU EQWNF DG NGXGTGF KP VJG HWVWTG VQ GPCDNG RQTVHQNKQ ITQYVJ 5

/CTMGV EQPFKVKQPU CPF KPXGUVOGPV CEVKXKV[ d &GURKVG C EJCNNGPIKPI KPXGUVOGPV NCPFUECRG, /(# RWTEJCUGF QT EQOOKVVGF VQ RWTEJCUG OQTG VJCP $1 DKNNKQP KP CUUGVU KP VJG UGEQPF SWCTVGT. d 9G EQPVKPWG VQ UGG CFFKVKQPCN QRRQTVWPKVKGU VQ RWTEJCUG PQP-RGTHQTOKPI CPF TG-RGTHQTOKPI ETGFKV UGPUKVKXG YJQNG NQCPU. d 5KPEG GCTN[ 2017, YG JCXG DGGP RWTUWKPI PGY KPXGUVOGPV QRRQTVWPKVKGU KP VJG HQTO QH PGYN[ QTKIKPCVGF RGTHQTOKPI YJQNG NQCPU. #ESWKTKPI VJGUG CUUGVU KU C WPKSWG RTQEGUU: d .QPI IGUVCVKQP RGTKQFU d %TGCVKXG CRRTQCEJ VQ RCTVPGTKPI YKVJ QTKIKPCVQTU d (NQY XU DWNM CTTCPIGOGPVU

32 2018 PGV KPEQOG RGT EQOOQP UJCTG QH $0.17 d 6JG UGEQPF SWCTVGT FGENKPG KP PGV KPEQOG YCU RTKOCTKN[ FWG VQ: $O $O .QYGT KPEQOG HTQO HCKT XCNWG NQCPU, YJKEJ EQPVKPWG VQ RGTHQTO YGNN CPF CICKP FGNKXGTGF OCTM VQ OCTMGV ICKPU, DWV NGUU VJCP VJG RTKQT SWCTVGT. d d 0GV KPVGTGUV KPEQOG YCU NQYGT CU RQTVHQNKQ TWP-QHH CPF UCNGU QEEWTTGF GCTN[ KP VJG SWCTVGT, YJKNG VJG OCLQTKV[ QH NQCP CPF /$5 CESWKUKVKQPU ENQUGF NCVGT KP VJG SWCTVGT QT YGTG RGPFKPI UGVVNGOGPV CV SWCTVGT-GPF. d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

5GEQPF SWCTVGT 2018 KPXGUVOGPV HNQYU d d #PQVJGT CEVKXG SWCTVGT YKVJ CUUGV CESWKUKVKQPU GZEGGFKPI TWP-QHH. 9G EQPVKPWG VQ ITQY QWT TGUKFGPVKCN YJQNG NQCPU RQTVHQNKQ, RWTEJCUKPI QT EQOOKVVKPI VQ RWTEJCUG PGCTN[ $900 OKNNKQP KP VJG SWCTVGT. 9G QRRQTVWPKUVKECNN[ UQNF $104 OKNNKQP QH %46 UGEWTKVKGU CPF $75 OKNNKQP QH #IGPE[ /$5 KP VJG SWCTVGT. d 2PF 3WCTVGT 2PF 3WCTVGT 2PF 3WCTVGT $ KP /KNNKQPU /CTEJ 31, 2018 ,WPG 30, 2018 CPF QVJGT $2,838 $(155) $898 $20 $3,601 $763 CPF 4'1 $679 $(4) $e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e$7$2,335$(128) #IGPE[ /$5$2,647$(193)$e$(91)$2,363$(284) 6QVCNU$10,017$(777)$1,088$(168)$10,160$143

/(#cU d [KGNFU CPF URTGCFU TGOCKP CVVTCEVKXG &GURKVG UGXGP (GF (WPFU TCVG KPETGCUGU KP VYQ CPF C JCNH [GCTU: /(#cU KPVGTGUV TCVG URTGCF KU TGNCVKXGN[ WPEJCPIGF CPF TGOCKPU CVVTCEVKXG. ;KGNFU QP OCP[ QH QWT ETGFKV UGPUKVKXG CUUGVU JCXG TKUGP CU ETGFKV HWPFCOGPVCNU JCXG EQPVKPWGF VQ KORTQXG. 9G JCXG UWEEGUUHWNN[ KFGPVKHKGF JKIJGT [KGNFKPI CUUGVU KP C TKUKPI TCVG GPXKTQPOGPV. (WPFKPI EQUVU JCXG TKUGP OQTG UNQYN[ VJCP (GF (WPFU. d d d d 6% 5% 4% 3% 2% 1% 0% 33 '1534 '1531 '1632 '1633 '1634 '1631 '1732 '1733 '1734 '17 31c18 32 '18 9 ;KGNF (%)

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

/(#cU KPVGTGUV TCVG UGPUKVKXKV[ TGOCKPU NQY d d 'ZENWFKPI JGFIGU, QWT CUUGV FWTCVKQP TGOCKPU TGNCVKXGN[ NQY CV 1.61. 1WT CUUGVU JCXG NKOKVGF GZRQUWTG VQ NQPI VGTO KPVGTGUV TCVGU CPF VJGKT FWTCVKQP EJCPIGU NKVVNG YJGP NQPI VGTO KPVGTGUV TCVGU EJCPIG. +P CFFKVKQP, QWT NGXGTCIG TGOCKPU NQY, YKVJ C FGDV-VQ-GSWKV[ TCVKQ QH 2.3Z. &WG VQ VJG EQODKPCVKQP QH NQY NGXGTCIG CPF NQY FWTCVKQP, C 100DR RCTCNNGN KPETGCUG KP KPVGTGUV TCVGU YQWNF TGUWNV KP CP GZRGEVGF FGENKPG QH /(#cU GSWKV[ QH CRRTQZKOCVGN[ 4%. $ JO .JMMJPOT d d 11 (1) /64 = OQPVJU VQ TGUGV #UUGVU /CTMGV 8CNWG#XGTCIG %QWRQP&WTCVKQP 0QP-#IGPE[ #4/U CPF %46U (12 OQPVJU QT NGUU /64(1))$2,1114.17%0.4 42./02. /$5 $9084.53%0.5 0QP-#IGPE[ (KZGF 4CVG$7965.84%3.0 4GUKFGPVKCN 9JQNG .QCPU$3,4904.72%2.5 /54 4GNCVGF #UUGVU $3815.49%0.1 #IGPE[ #4/U (12 OQPVJU QT NGUU /64(1))$1,2233.60%0.6 #IGPE[ #4/U (13-120 /64(1))$2102.91%2.6 #IGPE[ 15-;GCT (KZGF 4CVG$9293.07%3.1 %CUJ, ECUJ GSWKXCNGPVU CPF 1VJGT #UUGVU $2500.2 616#. #55'65 $10,2981.61 *GFIKPI +PUVTWOGPVU0QVKQPCN #OQWPV&WTCVKQP 5YCRU (.GUU VJCP 3 [GCTU)$2,500-1.6 5YCRU (3-10 [GCTU)$100-4.6 616#. *'&)'5$2,600-1.7 'UVKOCVGF 0GV &WTCVKQP1.19

/(#cU UVTCVGI[ EQPVKPWGU VQ FGNKXGT DQQM XCNWG UVCDKNKV[. d /(#cU KPXGUVOGPV UVTCVGI[ JCU EQPUKUVGPVN[ OKPKOK\GF DQQM XCNWG XQNCVKNKV[. 5KPEG 2014 /(#cU CXGTCIG SWCTVGTN[ DQQM XCNWG EJCPIG JCU DGGP NGUU VJCP 2%. 2TQVGEVKPI DQQM XCNWG IKXGU /(# VJG CDKNKV[ VQ VCMG CFXCPVCIG QH PGY QRRQTVWPKVKGU CU VJG[ CTKUG. 3WCTVGTN[ EJCPIG KP /(# U $QQM 8CNWG (NGHV CZKU) CPF /(# U #UUGV &WTCVKQP (TKIJV CZKU) D[ 3WCTVGT 15% 2.5 10% 2.0 d 5% 1.5 0% 1.0 -5% 0.5 -10% -15% 0.0 d 12 32-2014 33-2014 34-2014 31-2015 32-2015 33-2015 34-2015 31-2016 32-2016 33-2016 34-2016 31-2017 32-2017 33-2017 34-2017 31-2018 32-2018

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RPL portfolio delinquency characteristics as of 6/30/2018 • 89% of our RPL portfolio is less than 60 days delinquent. • On average over the last 12 months, 29% of the 60+ days delinquent loans are making payments. • Prepay speeds have outperformed expectations maintaining a range between 6% and 12%. 15 Reflects 3 month trailing average voluntary prepayments

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NPL asset management performance(1) • Through diligent asset management we continue to improve outcomes for our NPL portfolio by returning loans to performing or paid-in-full status, and through other forms of resolution. % Performing or Paid-in-Full by Year of Acquisition 2014 2015 2016 30% 25% 20% 15% 10% 5% 0% • After 15 months since transfer to our servicer, 27% of NPLs acquired in 2016 either started performing or paid in full versus 18% for 2015 and 17% for 2014. 1 4 7 10 13 16 19 22 25 28 31 34 Months since Boarded % Other Forms of Resolution by Year of Acquisition 2014 2015 2016 40% 35% 30% 25% 20% 15% 10% 5% 0% • After 15 months since transfer to our servicer, 31% of NPLs acquired in 2016 completed non-retention resolution versus 22% for 2015 and 18% for 2014. 1 4 7 10 13 16 19 22 25 28 31 34 17 Months since Boarded (1) Non-Performing defined as 60 days delinquent or more at purchase. Performing over time defined as current, 30 days delinquent or made a P&I payment in June 2018.

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Business purpose loans - Rehabilitation and Single Family Rental (SFR) Loans MFA has started acquiring Rehabilitation and SFR loans from a select group of origination partners. As of the end of Q2 we held $163 million of Rehabilitation loans (with an additional $30 million of undrawn commitments) and $56 million of SFR loans. Rehabilitation loans (“Fix and Flip”) • Fixed rate short term loans collateralized by residential property. Term is generally less than 24 months. Borrower intends to rehabilitate property and resell. Non-owner occupied business purpose loans. Expected yield between 6.75% and 8.25%. • • • SFR Loans • Hybrid and fixed rate loans collateralized by residential property/properties. Term is 30 years. Borrower intends to rent out property. Non-owner occupied business purpose loans. Expected yield between 5.50% and 6.00%. • • • * WA ARV-LTV: Weighted average after repair loan to value ** WA LTP: Weighted average initial loan proceeds to purchase price (when available) *** WA DSCR: Weighted average debt service coverage ratio 19 SFR Portfolio Statistics WA LTV68% WA FICO739 WA DSCR***1.5x WA Coupon6.05% 5/1 Hybrid Loans96% Rehabilitation Statistics WA ARV-LTV*64% WA LTP**81% WA FICO705 WA Term13 months WA Passthrough Rate7.65%

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MFA Financial (MFA) 8-KResults of Operations and Financial Condition