MFA Financial, Inc.

Geographic concentration of Lima One BPLs — heavy exposure to housing markets in Florida, Texas, Georgia, North Carolina, South Carolina, Tennessee, Arizona

Real Estate Investors in Sun Belt statesBPL borrowers concentrated in high-growth southern and southwestern U.S. housing markets

United Kingdom (Barclays)

Counterparty risk on major repo/term borrowing facility provider

Barclays PLCNYSE:BCSUK-headquartered investment bank providing $2.0B non-mark-to-market facility

집중도

공급망을 왜곡할 수 있는 고객, 공급업체 또는 파트너 집중 노출.

Foundry

Critical

Not applicable — MFA is a financial REIT, not a manufacturing company. However, there is significant residential mortgage asset concentration risk: Non-QM loans alone represent ~42% of total assets ($5.5B of $13.2B), making the portfolio highly sensitive to U.S. housing market conditions and borrower credit performance.

Customer

High

Lima One business purpose loans are concentrated among real estate investor borrowers — a segment sensitive to interest rates, housing prices, and regulatory changes. Any disruption in the fix-and-flip or rental housing market would directly impact loan performance.

Equipment

Critical

MFA relies heavily on repurchase agreement financing (short-term secured borrowing). As of late 2025, a material portion of assets were financed via repo lines that require daily margining and are renewable at lender discretion — creating refinancing risk.

Other

High

The 2020 Apollo/Athene/Barclays financing package represents a large, concentrated source of long-term capital. While the repo book is diversified, exposure to a few large counterparties (Barclays, Apollo, Athene) creates concentration in capital provision.

매출 구성

대상 기업의 매출 구성이 공급망 영향력과 의존도로 이어지는 방식.

Mortgage-Related Assets (Non-QM Loans, Agency MBS, SFR Loans, RPL/NPL)

74.0%

$0.6B

Primary asset class; drives demand for residential whole loan acquisitions from third-party originators and MBS from GSEs. Net interest income from spread between asset yields and repo financing costs.

Lima One (Business Purpose Loan Origination & Servicing)

26.0%

$0.2B

Originates BPLs for real estate investors; generates fee income and interest income. Relies on mortgage broker network for origination volume and warehouse lines for interim funding.

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MFA Financial, Inc.

MFA 공급망

상류

Third-Party Residential Loan Originators (Banks & Non-Bank Lenders)

Fannie Mae (Federal National Mortgage Association)

Freddie Mac (Federal Home Loan Mortgage Corporation)

Barclays PLC

Apollo Global Management, Inc.

Athene Holding Ltd. (Apollo affiliate)

Various Repurchase Agreement Counterparties (Major Investment Banks)

Magnetar Capital (former Lima One owner)

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하류

Real Estate Investors (Lima One Borrowers)

Non-QM Mortgage Borrowers (Residential Homeowners)

Securitization Trust Investors (Institutional Bond Buyers)

The Vanguard Group, Inc.

BlackRock, Inc.

Wellington Management Group LLP

State Street Corporation

Invesco Ltd.

대체 기업

Annaly Capital Management, Inc.

Two Harbors Investment Corp.

Redwood Trust, Inc.

Rithm Capital Corp.

Apollo Global Management, Inc.

지역

United States (100% of assets)

Sun Belt / High-Growth U.S. States

United Kingdom (Barclays)

MFA 공급망

상류

Third-Party Residential Loan Originators (Banks & Non-Bank Lenders)

Fannie Mae (Federal National Mortgage Association)

Freddie Mac (Federal Home Loan Mortgage Corporation)

Barclays PLC

Apollo Global Management, Inc.

Athene Holding Ltd. (Apollo affiliate)

Various Repurchase Agreement Counterparties (Major Investment Banks)

Magnetar Capital (former Lima One owner)

View More

하류

Real Estate Investors (Lima One Borrowers)

Non-QM Mortgage Borrowers (Residential Homeowners)

Securitization Trust Investors (Institutional Bond Buyers)

The Vanguard Group, Inc.

BlackRock, Inc.

Wellington Management Group LLP

State Street Corporation

Invesco Ltd.

대체 기업

Annaly Capital Management, Inc.

Two Harbors Investment Corp.

Redwood Trust, Inc.

Rithm Capital Corp.

Apollo Global Management, Inc.

지역

United States (100% of assets)

Sun Belt / High-Growth U.S. States

United Kingdom (Barclays)