Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 136

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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 2035.Restricted Stock Units Under the terms of the Equity Plan, RSUs are instruments that provide the holder with the right to receive, subject to the satisfaction of conditions set by the Compensation Committee at the time of grant, a payment of a specified value, which may be a share of the Company’s common stock, the fair market value of a share of the Company’s common stock, or such fair market value to the extent in excess of an established base value, on the applicable settlement date. Although the Equity Plan permits the Company to issue RSUs that can settle in cash, all of the Company’s outstanding RSUs as of September 30, 2025 are designated to be settled in shares of the Company’s common stock. The Company granted 0 and 1,560,201 RSUs during the three and nine months ended September 30, 2025, respectively, and granted 0 and 1,881,837 RSUs during the three and nine months ended September 30, 2024, respectively. There were 70,994 and 344,977 RSUs forfeited during the three and nine months ended September 30, 2025, respectively, and 304,440 and 670,674 RSUs forfeited during the three and nine months ended September 30, 2024, respectively. There were 489,212 and 129,949 RSUs surrendered to satisfy tax obligations during the nine months ended September 30, 2025 and 2024, respectively. All holders of RSUs outstanding at September 30, 2025 may be entitled to receive dividend equivalent payments depending on the terms and conditions of the award either in cash at the time dividends are paid by the Company or at the time of settlement of the RSU award, or for performance-based RSU awards, as a grant of stock at the time such awards are settled. At September 30, 2025 and December 31, 2024, the Company had unrecognized compensation expense of $8.8 million and $6.3 million, respectively, related to RSUs. The unrecognized compensation expense at September 30, 2025, is expected to be recognized over a weighted average period of 1.9 years.Restricted Stock The Company did not grant any shares of restricted common stock during the nine months ended September 30, 2025 and 2024. At September 30, 2025, the Company did not have any unvested shares of restricted