MFAN — what changed in the latest 10-Q
A section-by-section comparison of MFAN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-05 vs the prior 10-Q · 2026-05-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +51 | −48 | ~76 | 86 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~14 | 21 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-05
During the second quarter of 2026, market conditions continued to be adversely impacted by heightened geopolitical uncertainty, persistent concerns about inflation, and a more restrictive monetary policy posture from the Federal Reserve under the leadership of new Chairman Kevin Warsh. Treasury yiel…
For the quarter, our Lima One subsidiary originated Business purpose loans with a maximum unpaid principal balance of $316 million, an increase from the $219 million originated in the first quarter of 2026. During the quarter, Lima One sold recently originated Single-family rental loans with an unpa…
At June 30, 2026, our total recorded investment in residential whole loans and REO was $8.9 billion, or 68.2% of our residential mortgage asset portfolio. Of this amount, $5.7 billion are Non-QM loans, $1.2 billion are Single-family rental loans, $0.7 billion are Single-family transitional loans, $0…
earnings. Included in earnings in Other Income/(Loss), net are net gains/(losses) on these loans of $45.5 million for the three months ended June 30, 2026. At June 30, 2026 and March 31, 2026, we had REO with an aggregate carrying value of $128.1 million and $138.7 million, respectively, which is in…
Financing Agreements with Non-mark-to-market Collateral Provisions—(16)(41)(14)———(71)
Text removed vs the prior filing · source: 10-Q · 2026-05-05
During the first quarter of 2026, fixed-income markets saw renewed volatility as investors navigated an anticipated significant transition in Federal Reserve leadership, escalating geopolitical tensions, and persistent concerns regarding inflation and deficit spending. During the quarter, market sen…
For the quarter, our Lima One subsidiary originated Business purpose loans with a maximum unpaid principal balance of $219 million, a decrease from the $226 million originated in the fourth quarter of 2025. During the previous year, we expanded Lima One’s sales force, invested in technology initiati…
At March 31, 2026, our total recorded investment in residential whole loans and REO was $8.9 billion, or 71.3% of our residential mortgage asset portfolio. Of this amount, $5.5 billion are Non-QM loans, $1.2 billion are Single-family rental loans, $0.7 billion are Single-family transitional loans, $…
approximately $143.1 million of residential whole loan interest income on our consolidated statements of operations, representing an effective yield of 6.42%, with Single-family transitional loans generating an effective yield of 8.85%, Multifamily transitional loans generating an effective yield of…
Receivable/(Payable) for Unsettled Transactions—————(42)—(42)
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice