Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 204

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 204
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,463,727 $3,294,404 $3,536,947 $6,015,557 $6,353,973 $6,353,973 June 30, 20253,429,344 3,417,505 3,573,607 5,864,368 5,904,033 5,964,106 March 31, 20253,217,776 3,309,541 3,309,541 5,774,172 5,873,718 5,873,718 December 31, 20243,321,754 3,176,824 3,455,758 5,586,928 5,794,977 5,794,977 September 30, 20243,441,493 3,450,136 3,450,136 5,257,841 5,288,997 5,288,997 June 30, 20243,556,701 3,660,342 3,660,342 5,029,703 5,047,613 5,078,946 March 31, 20243,645,218 3,611,212 3,686,018 4,792,515 4,794,400 4,812,304 

(1)The information presented in the table above excludes Senior notes and Other secured financing (Note 6).

Cash Flows and Liquidity for the Nine Months Ended September 30, 2025 

Our cash, cash equivalents and restricted cash decreased by $64.3 million during the nine months ended September 30, 2025, reflecting:  $554.0 million used in our investing activities, $451.1 million provided by our financing activities and $38.6 million provided by our operating activities.

At September 30, 2025, our debt-to-equity multiple was 5.5 times compared to 5.0 times at December 31, 2024.  Our recourse leverage multiple at September 30, 2025 was 1.9 times compared to 1.7 times at December 31, 2024. At September 30, 2025, we had borrowings under asset-backed financing agreements of $3.3 billion, of which $1.4 billion were secured by residential whole loans, $1.