Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 438

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 438
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 may increase their required collateral cushion (or margin) requirements on new financings, including financings that we roll with the same counterparty, thereby reducing our ability to use leverage.  Access to financing may also be negatively impacted by ongoing volatility in financial markets, thereby potentially adversely impacting our current or future lenders’ ability or willingness to provide us with financing.  In addition, there is no assurance that favorable market conditions will exist to permit us to consummate additional securitization transactions if we determine to seek that form of financing.

Our ability to meet future margin calls will be affected by our ability to use cash or obtain financing from unpledged collateral, the amount of which can vary based on the market value of such collateral, our cash position and margin requirements.  Our cash position fluctuates based on the timing of our operating, investing and financing activities and is managed based on our anticipated cash needs.  (See “Interest Rate Risk” included under Item 7A. of this Annual Report on Form 10-K and our Consolidated Statements of Cash Flows, included under Item 8 of this Annual Report on Form 10-K.)

The table below presents certain information about our borrowings under asset-backed financing agreements and securitized debt:

 Asset-backed Financing AgreementsSecuritized DebtQuarter Ended (1)Quarterly Average BalanceEnd of Period Balance Maximum Balance at Any Month-EndQuarterly Average BalanceEnd of Period Balance Maximum Balance at Any Month-End(In Thousands)        December 31, 2024$3,321,754 $3,176,824 $3,455,758 $5,586,928 $5,794,977 $5,794,977 September 30, 20243,441,493 3,450,136 3,450,136 5,257,841 5,288,997 5,288,997 June 30, 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 December 31, 20233,682,792 3,576,952  3,717,477 4,438,