NEW YORK, July 1, 2020 /PRNewswire/ -- 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").
In accordance with the terms of the Series B Preferred Stock,
the Board of Directors has declared a preferred stock dividend of
$0.93750 per share. This
dividend is payable on July 31, 2020,
to Series B Preferred stockholders of record as of July 15, 2020. Upon payment of this
dividend, the Company will have paid in full all accumulated but
unpaid dividends on the Series B Preferred Stock, and the next
quarterly dividend payable in respect of the Series B Preferred
will, subject to approval by the Board of Directors and declaration
by the Company, be for the quarter ending, and payable on,
September 30, 2020.
In addition, in accordance with the terms of the Series C
Preferred Stock, the Board of Directors has declared a preferred
stock dividend of $0.53264 per
share. This dividend is payable on July 31, 2020, to Series C Preferred stockholders
of record as of July 15, 2020.
The dividend with respect to the Series C Preferred Stock is the
first dividend being paid by the Company in respect of the Series C
Preferred Stock and is a "long first dividend" payable in respect
of the period commencing on March 2,
2020, the date of original issue of the Series C Preferred
Stock, and ending on, and including, June
30, 2020. Upon payment of this dividend, the Company
will have paid in full all accumulated but unpaid dividends on the
Series C Preferred Stock, and the next quarterly dividend payable
in respect of the Series C Preferred will, subject to approval by
the Board of Directors and declaration by the Company, be for the
quarter ending, and payable on, September
30, 2020.
As MFA previously disclosed, in March
2020, the Company had revoked the payment of the dividend on
the Series B Preferred Stock for the quarter ended March 31, 2020. Thereafter, in June 2020, the Company announced that it had
suspended the payment of dividends on the Series B Preferred Stock
and the Series C Preferred Stock for the quarter ended June 30, 2020. The Company took these
actions due to the turmoil in the financial markets resulting from
the global COVID-19 virus pandemic and in order to preserve
liquidity, as well as to comply with provisions in the
now-terminated forbearance agreements that it had entered into with
its repurchase agreement financing counterparties, which had
restricted distributions that could be made to the Company's
stockholders.
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.
CONTACT:
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InvestorRelations@mfafinancial.com
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212-207-6488
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www.mfafinancial.com
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SOURCE MFA Financial, Inc.