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

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 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 regarding the calculation of Economic book value per share, including a reconciliation to GAAP book value per share, refer to “Reconciliation of GAAP and Non-GAAP Financial Measures” below. 

For more information regarding market factors which impact our portfolio, see Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and Item 3. “Quantitative and Qualitative Disclosures About Market Risk” of this Quarterly Report on Form 10-Q.

Information About Our Assets

The table below presents certain information about our asset allocation at March 31, 2025:

ASSET ALLOCATION

(Dollars in Millions)Business purpose loansNon-QM loansLegacy RPL/NPL loansSecurities, at fair valueOther, net (1)TotalAsset Amount$3,137 $4,539 $1,055 $1,790 $716 $11,237 Receivable/(Payable) for Unsettled Transactions— — — (31)— (31)Financing Agreements with Non-mark-to-market Collateral Provisions(417)— — — — (417)Financing Agreements with Mark-to-market Collateral Provisions(583)(650)(50)(1,544)(66)(2,893)Securitized Debt(1,613)(3,358)(900)— (3)(5,874)Senior Notes— — — — (184)(184)Net Equity Allocated$524 $531 $105 $215 $463 $1,838 Debt/Net Equity Ratio (2)5.0 x7.5 x9.0 x7.3 x5.1