Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 23

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 23
---
Net Yield (1)8.09 %7.73 %7.91 %7.99 %7.66 %Cost of Funding (2)5.70 %5.59 %5.65 %5.80 %5.67 %Net Interest Spread2.39 %2.14 %2.26 %2.19 %1.99 %Non-QM LoansNet Yield (1)5.78 %5.63 %5.47 %5.49 %5.39 %Cost of Funding (2)4.31 %3.76 %3.47 %3.55 %3.44 %Net Interest Spread1.47 %1.87 %2.00 %1.94 %1.95 %Legacy RPL/NPL LoansNet Yield (1)7.01 %7.52 %7.75 %8.72 %7.62 %Cost of Funding (2)3.93 %4.04 %4.08 %3.70 %3.44 %Net Interest Spread3.08 %3.48 %3.67 %5.02 %4.18 %Total Residential Whole LoansNet Yield (1)6.77 %6.65 %6.74 %6.92 %6.63 %Cost of Funding (2)4.76 %4.50 %4.45 %4.54 %4.43 %Net Interest Spread2.01 %2.15 %2.29 %2.38 %2.20 %

(1)Reflects annualized interest income on Residential whole loans divided by average amortized cost of Residential whole loans.  Excludes servicing costs. 

(2)Reflects annualized interest expense divided by average balance of agreements with mark-to-market collateral provisions (repurchase agreements), agreements with non-mark-to-market collateral provisions, and securitized debt.  Cost of funding shown in the table above includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our Swaps. While we have not elected hedge accounting treatment for Swaps and, accordingly, net carry is not presented in interest expense in our consolidated statement of operations, we