Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 188

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 188
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 impact of net Swap carry)$222,377 1.89 %$239,822 2.14 %Net interest-earning assets/net interest margin (7)$1,806,788 2.64 %$1,970,177 2.96 %

(1)Yields presented throughout this Quarterly Report on Form 10-Q are calculated using average amortized cost data for residential whole loans and securities, which excludes unrealized gains and losses.  For GAAP reporting purposes, securities purchases and sales are reported on the trade date.  Average amortized cost data used to determine yields is calculated based on the settlement date of the associated purchase or sale as interest income is not earned on purchased assets and continues to be earned on sold assets until settlement date.  

(2)Includes average interest-earning cash, cash equivalents and restricted cash.  

(3)Includes both securitized debt, at carrying value, and securitized debt, at fair value.

(4)Collateralized financing agreements include the following: mark-to-market asset based financing and non-mark-to-market asset based financing.  For additional information, see Note 6, included under Item 1 of this Quarterly Report on Form 10-Q.  

(5)Net interest rate spread reflects the difference between the yield on average interest-earning assets and average cost of funds.

(6)Reflects the impact of positive or negative net Swap carry.  Positive net Swap carry results when income from the receive leg of a Swap is greater than the expense on the pay leg.  Negative net Swap carry results when income from the receive leg is less than the expense on the pay leg.

(7)Net interest margin reflects annualized net interest income (including net Swap carry) divided by average interest-earning assets.  

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Rate/Volume Analysis

Nine Months Ended September 30, 2025Compared to Nine Months Ended September 30, 2024 Increase/(Decrease) due toTotal Net Change in Interest Income/Expense(In Thousands)VolumeRateInterest-earning assets:   Residential whole loans$(25,089)$3,469 $(21,620)Securities, at fair value44,682 (4,889)39,793 Cash and cash equivalents(799)(3,470)(4,269)Other interest-earning assets(6,684)1,784 (4,900)Total net change in income from