MFA's dividend is not covered by current earnings. The company reported $0.20 per share in distributable earnings for Q3 2025 while paying out $0.36 per share in dividends. That's a payout ratio of 180%. Over the trailing twelve months, earnings totaled $1.12 per share against dividends of $1.44, yielding a payout ratio of 128.6%. Full-year 2024 showed improvement, with operating cash flow of $200.1 million covering the $176.7 million dividend obligation at 1.13x.
Erie Indemnity paid $5.46 per share in dividends over the trailing twelve months against earnings of $12.39 per share. That's a 44% earnings payout ratio, well below the 60% threshold I consider healthy. In Q3, the company paid $63.6 million in dividends against net income of $183 million, a 35% payout ratio. The free cash flow picture is equally solid. In 2024, Erie generated $611.3 million in operating cash flow and spent $124.8 million on capex, leaving $486.4 million in free cash flow.
