Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 151

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 151
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.5 million of CRT securities and $22.9 million of Non-Agency MBS.  For the three months ended March 31, 2025, there were $267.6 million purchases of Agency MBS securities and we sold a CRT security for $2.4 million. The net yield on our Securities, at fair value was 6.07% for the three months ended March 31, 2025, compared to 6.05% for the three months ended December 31, 2024.

For the three months ended March 31, 2025, we recorded a provision for credit losses on residential whole loans held at carrying value of $0.1 million. The total allowance for credit losses recorded on residential whole loans held at carrying value at March 31, 2025 was $10.2 million.  

During the first quarter of 2025, we completed one securitization collateralized by $305.0 million UPB of Non-QM loans.  This securitization provided longer term, non-recourse, non-mark-to-market financing. During the quarter, interest rates exhibited significant volatility, but ended the quarter lower, while credit spreads widened modestly.  The net impact of interest rate fluctuations resulted in net mark-to-market gains on the GAAP value of our investment portfolio.  We continue to closely follow the actions of the Federal Reserve regarding the path and timing of changes in interest rates and the impact such rate changes would be expected to have on levels of inflation, the overall economic environment and our business. 

Our GAAP book value per common share was $13.28 as of March 31, 2025.  Book value per common share was $13.39 as of December 31, 2024.  Economic book value per common share, a non-GAAP financial measure of our financial position that adjusts GAAP book value by the amount of unrealized mark-to-market gains or losses on our residential whole loans and securitized debt held at carrying value, was $13.84 as of March 31, 2025, a decrease from $13.93 as of December 31, 2024. The decrease in GAAP book value during the first quarter of 2025 primarily reflects dividends declared on our common stock in excess of GAAP comprehensive income. The modest decrease in Economic book value during the first quarter of 2025 primarily reflects dividends declared on our common stock in excess of GAAP earnings. For additional information