Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 176

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 176
---
 Residential whole loan financing agreements1,362 (699)663 Securities, at fair value repurchase agreements1,798 (97)1,701 REO financing agreements(63)1 (62)8.875% Senior Notes5 — 5 9.00% Senior Notes3 — 3 Total net change in expense of interest-bearing liabilities$4,426 $(326)$4,100 Net change in net interest income$(842)$4,581 $3,739 

The following table presents certain quarterly information regarding our net interest spread and net interest margin for the quarterly periods presented:

 Total Interest-Earning Assets and Interest-Bearing LiabilitiesQuarter EndedNet Interest Spread (1)Net Interest Margin (2)June 30, 20251.98 %2.73 %March 31, 20251.84 2.63 December 31, 20241.99 2.76 September 30, 20242.18 3.00 June 30, 20242.16 3.01 March 31, 20242.06 2.88 

(1)Reflects the difference between the yield on average interest-earning assets and average cost of funds (including net Swap carry).

(2)Reflects annualized net interest income (including net Swap carry) divided by average interest-earning assets.

70  

The following table presents the components of the net interest spread earned on our Residential mortgage assets for the quarterly periods presented:

 Quarter EndedJune 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024Non-QM LoansNet Yield (1)5.79 %5.78 %5.63 %5.47 %5.49 %5.39 %Cost of Funding (2)(5.14)%(5.08)%(5.12)%(5.22)%(5.18)%(5.12)%Impact of net Swap carry (3)0.70 %0.77 %1.36 %1.75 %1.63 %1.68 %Net Interest Spread1.35 %1.47 %1.87 %2.00