Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 40

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 40
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 year (which “target” was also $1,100,000). The increase in annual incentive compensation for each of Mr. Knutson and Mr. Wulfsohn for 2024 as compared to 2023 was driven primarily by increases in the payouts for the components of each executive’s annual bonus that are

| MFA Financial, Inc. | 33 | 2025 Proxy Statement |

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formulaically determined, which resulted from our improved financial performance during the 2024 Performance Period as compared to the 2023 performance period.

| • | Consistent with MFA’s performance-based compensation philosophy, approximately 89.9% of the CEO’s 2024 compensation was at-risk.As in past years, Mr. Knutson’s compensation for 2024 was allocated among base salary, annual incentive compensation comprised of a formulaically determined bonus based on measures of adjusted return on average equity (“ROAE”) and a discretionary bonus (IRM Bonus), TRSUs and PRSUs. For the 2024 Performance Period, Mr. Knutson received direct compensation aggregating approximately $8.1 million, which was comprised of a base salary in the amount of $800,000, a Formulaic Bonus comprised of three components (as discussed below) in the amount of $2,767,350, an IRM Bonus (as discussed below) in the amount of $500,000, TRSUs with an aggregate grant date value of approximately $1,600,000 and PRSUs with an aggregate grant date value of approximately $2,400,000. Of the total compensation received by Mr. Knutson for 2024, approximately 50.5% was paid in cash and 49.5% was granted in the form of TRSUs and PRSUs, and approximately 89.9% of 2024 compensation was “at-risk”. |

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2024 Realized Compensation As identified above, the decline in our stock price had a significant impact on the compensation actually realized by our two most highly compensated executives. The table below summarizes the grant value and realized value of the principal components of compensation that was paid or vested during 2024.

|                       |     | Mr. Knutson |     |           |     |          |     | Mr. Wulfsohn |     |           |     |          |
| Component             |