Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 325

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 325
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 fair value927,927 61,110 6.59 559,434 42,376 7.57 Cash and cash equivalents (2)540,408 22,241 4.12 465,481 16,311 3.50 Other interest-earning assets35,941 7,058 19.64 68,959 9,027 13.09 Total interest-earning assets10,908,753 723,965 6.64 9,834,122 605,597 6.16 Liabilities:Interest-bearing liabilities:Securitized debt (3)$5,220,172 $251,582 4.82 %$4,168,322 $166,919 4.00 %Collateralized financing agreements (4)3,490,693 248,444 7.00 3,389,774 246,598 7.18 Convertible Senior Notes80,985 5,540 6.84 224,768 15,601 6.94 8.875% Senior Notes107,914 10,603 9.83 — — — 9.00% Senior Notes51,121 5,065 9.91 — — — Total interest-bearing liabilities8,950,885 521,234 5.78 7,782,864 429,118 5.47 Net interest income/net interest rate spread (5)202,731 0.86 176,479 0.69 Impact of net swap carry (6)112,771 1.24 107,154 1.36 Net interest rate spread (including the impact of Swaps)$315,502 2.10 %$283,633 2.05 %Net interest-earning assets/net interest margin (7)$1,957,868 2.91 %$2,051,258 2.90 %

(1)Yields presented throughout this Annual Report on Form 10-K 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