Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 138

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 138
---
 the Company, but rather are a liability of the Company that changes in value as would equivalent shares of the Company’s common stock. Deferred compensation liabilities are settled in cash at the termination of the deferral period, based on the value of the stock units at that time. The Deferred Plans are non-qualified plans under the Employee Retirement Income Security Act of 1974 and, as such, are not funded. Prior to the time that the deferred accounts are settled, participants are unsecured creditors of the Company. The Company’s liability for stock units in the Deferred Plans is based on the market price of the Company’s common stock at the measurement date. The following table presents the Company’s expenses (reversal) related to its Deferred Plans for the three and nine months ended September 30, 2025 and 2024: Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(In Thousands)2025202420252024Non-employee directors$23 $574 $24 $588 Total$23 $574 $24 $588  The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through September 30, 2025 and December 31, 2024 that had not been distributed and the Company’s associated liability for such deferrals at September 30, 2025 and December 31, 2024: September 30, 2025December 31, 2024(In Thousands)Undistributed Income Deferred (1) Liability Under Deferred PlansUndistributed Income Deferred (1) Liability Under Deferred PlansNon-employee directors$2,661 $2,520 $2,734 $2,561 Total$2,661 $2,520 $2,734 $2,561 (1)  Represents the cumulative amounts that were deferred by participants through September 30, 2025 and December 31, 2024, which had not been distributed through such respective date.

45  

Table of ContentsMFA FINANCIAL, INC.NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSSEPTEMBER 30, 2025

13.    Fair Value of Financial Instruments 

 GAAP requires the categorization of fair value measurements into three broad levels that form a hierarchy.  A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value