Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 45

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 45
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 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 (Note 6).

Cash Flows and Liquidity for the Three Months Ended March 31, 2025 

Our cash, cash equivalents and restricted cash decreased by $128.0 million during the three months ended March 31, 2025, reflecting:  $251.5 million used in our investing activities, $138.1 million provided by our financing activities and $14.6 million used in our operating activities.

At March 31, 2025, our debt-to-equity multiple was 5.1 times compared to 5.0 times at December 31, 2024.  Our recourse leverage multiple at March 31, 2025 was 1.8 times compared to 1.7 times at December 31, 2024. At March 31, 2025, we had borrowings under asset-backed financing agreements of $3.3 billion, of which $1.7 billion were secured by residential whole loans, $1.5 billion were secured by securities and $21.4 million were secured by REO.  In addition, at March 31, 2025, we had securitized debt of $5.9 billion in connection with our loan securitization transactions. At December 31, 2024, we had borrowings under asset-backed financing agreements of $3.2 billion, of which $1.9 billion were secured by residential whole loans, $1.3 billion were secured by securities and $25.4 million were secured by REO. In addition, at December 31, 2024, we had securitized debt of $5.8 billion in connection with our loan securitization transactions.  

During the three months ended March 31, 2025, $251.5 million was used in our investing activities. We utilized $607.8 million for acquisitions and origination of residential whole loans, loan related investments and capitalized advances. During the three months ended March 31, 2025, we received $