Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 39

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 39
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) remained relatively stable throughout the year and was approximately 4.5% during 2024. |

| • | Interest income totaled approximately $724.0 million, as compared to interest income of $605.6 million in 2023. |

| • | We continued to prioritize liquidity and prudent management of recourse leverage, closing the year with approximately $339 million in unrestricted cash and low recourse leverage (i.e., the ratio of our financing liabilities (excluding non-recourse securitized debt) to net equity) of 1.7:1. Including securitized debt, our overall leverage was 5.0:1 at December 31, 2024. |

| • | We completed eight securitization transactions, across multiple mortgage loan types, totaling $2.4 billion unpaid principal balance (UPB) of loans, which reflected the continued execution on our strategy to reduce our reliance on shorter-term, mark-to-market funding of our investment portfolio in favor of longer-term, non-mark-to-market funding. |

| • | In accordance with pay-for-performance principles, 2024 annual incentive compensation for Mr. Knutson and Mr. Wulfsohn was aligned with strong financial and individual performance during the year.Mr. Knutson was paid overall annual incentive compensation for the 2024 Performance Period (December 1, 2023 to November 30, 2024) of $3,267,350. Mr. Knutson’s annual incentive compensation for 2024 reflected a payment to him of 163.4% of his overall “target” annual incentive award of $2,000,000 for 2024, as compared to the overall annual incentive compensation of $1,827,325 paid to him for the 2023 performance period, which reflected a payment of 91.4% of his overall “target” annual incentive award for that year (which “target” was also $2,000,000). |

In addition, Mr. Wulfsohn was paid overall annual incentive compensation for the 2024 Performance Period of $1,934,542, which reflected a payment to him of 175.9% of his overall “target” annual incentive award of $1,100,000 for 2024, as compared to the overall annual incentive compensation of $1,005,029 paid for the 2023 performance period, which reflected a payment of approximately 91.4% of his overall “target” annual incentive award for that