This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MFA Financial's Management Presents At The Morgan Stanley Financials Conference (Transcript)

MFA Financial, Inc. (MFA)

Morgan Stanley Financials Conference

June 12, 2012 12:05 PM EST


Craig L. Knutson – Executive Vice President

Goodmunder Christiansen – Executive Vice President



Hi, good afternoon. I’m Cheryl Pate, the Specialty Finance Analyst here at Morgan Stanley and here to introduce MFA Financial. MFA Financial is a hybrid Mortgage REIT with a long track record. It was formed back in 1998 and is one of the few mortgage REITs operating today that has been in business through an entire interest rate cycle. The company has a strong track record in evaluating non-agency MBS and we look for the company to experience some expansion as some of the high cost flats roll off the portfolio over the next couple of years. As an internally managed REIT, MFA has among the lowest operating costs in our coverage group. And with us here today to present is Craig Knutson, Executive Vice President responsible for MFA’s non-agency portfolio and Goodmunder Christiansen, EVP that worked on the Agency side of the portfolio. So we have both sides of the portfolio coverage here which should make for interesting discussion.

So I’ll turn it over to the company and I’ll kick off the Q&A session once the formal presentation has concluded.

Craig L. Knutson

Thanks Cheryl. So as Cheryl pointed out, MFA is an internally managed mortgage REIT and we do invest in both agency and non-agency RMBS. Investment opportunities continue to exist in both the Agency and non-agency sector. The Agency MBS investments that we make continue to benefit from the steep yield curve, and despite repeated government actions and policies, we are not seeing prepayment rates spike as one might expect. And we reiterate this; our goal is really to generate low double-digit returns on equity with the appropriate amount of leverage. So have we done that over time?

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.48 -0.23%
FB $101.47 -0.43%
GOOG $681.37 -0.25%
TSLA $147.30 -2.10%
YHOO $26.75 -0.04%


Chart of I:DJI
DOW 15,881.73 +221.55 1.41%
S&P 500 1,851.11 +22.03 1.20%
NASDAQ 4,301.9720 +35.1350 0.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs