NEW YORK, March 25, 2020 /PRNewswire/ -- 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.
Unpaid dividends on the Company's Series B Preferred Stock shall
accrue without interest. No dividends may be paid or set apart on
shares of the Company's common stock unless full cumulative
dividends on the Series B Preferred Stock for all past dividend
periods that have ended have been or contemporaneously are paid in
cash, or a sum sufficient for such payment is set apart for
payment.
The Company will continue to monitor market conditions and the
potential impact the ongoing volatility and uncertainty may have on
its business. Related thereto, the Company's Board of Directors
will continue to evaluate the payment of dividends as market
conditions evolve.
About MFA Financial, Inc.
MFA Financial, Inc. is a real estate investment trust primarily
engaged in the business of investing, on a leveraged basis, in
residential mortgage assets, including residential mortgage-backed
securities and residential whole loans.
Cautionary Language Regarding Forward-Looking
Statements
When used in this report 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," "could," "would," "may" or similar expressions, are
intended to identify "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act, and, as such, may involve known and unknown risks,
uncertainties and assumptions. Statements regarding the following
subjects, among others, may be forward-looking: the Company's
estimates of its outstanding borrowings under its financing
arrangements, uncertainties related to negotiations with the
Company's financing counterparties including with respect to any
forbearance agreement and the timing of any such agreement or the
terms thereof. Forward-looking statements are based on estimates,
projections, beliefs and assumptions of management of the Company
at the time of such statements and are not guarantees of future
performance. Forward-looking statements involve risks and
uncertainties in predicting future results and conditions. Actual
results and outcomes could differ materially from those projected
in these forward-looking statements due to a variety of factors,
including, without limitation, the Company's ability to accurately
estimate its outstanding borrowings under its financing
arrangements, uncertainties related to negotiations with the
Company's financing counterparties including with respect to any
forbearance agreement, the timing of any such agreement or the
terms thereof, changes in interest rates, changes in default rates,
changes in the yield curve, changes in prepayment rates, the
availability and terms of financing, changes in the market value of
our assets, general economic conditions, conditions in the market
for our residential mortgage backed securities, residential whole
loans, residential mortgage securities, MSR-related assets and
other assets, the timing and amount of distributions to our
stockholders, our ability to maintain our exemption from
registration under the Investment Company Act of 1940, as amended,
conditions in the real estate market, legislative and regulatory
changes that could adversely affect the business of the Company and
the ongoing spread and economic effects of the novel coronavirus
(COVID-19). Additional information concerning these and other risk
factors are contained in the Company's filings with the Securities
and Exchange Commission, including our most recent Annual Report on
Form 10-K and subsequent filings. All information in this press
release is as of March 25, 2020. The
Company undertakes no duty to update any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
Investor
Contact:
|
InvestorRelations@mfafinancial.com
|
|
MFA Investor
Relations
|
|
212-207-6488
|
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SOURCE MFA Financial, Inc.