Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 206

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 206
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for Margin ActivityCash and SecuritiesReceived for Reverse MarginNet Assets Received/(Pledged) for Margin ActivityFor the Quarter Ended (1)Fair Value of Securities PledgedCash PledgedAggregate AssetsPledged for Margin(In Thousands)     September 30, 2025$34,529 $18,697 $53,226 $62,671 $9,445 June 30, 202563,384 10,109 73,493 81,349 7,856 March 31, 202515,676 18,471 34,147 37,890 3,743 December 31, 202430,607 30,806 61,413 36,992 (24,421)September 30, 20247,368 7,076 14,444 15,361 917 June 30, 2024— 6,795 6,795 17,348 10,553 March 31, 202417,379 3,358 20,737 16,514 (4,223)

(1) Excludes variation margin payments on our cleared Swaps which are treated as a legal settlement of the exposure under the Swap contract.

We are subject to various financial covenants under our financing agreements, which include minimum liquidity and net worth requirements, net worth decline limitations and maximum debt-to-equity ratios. We were in compliance with all financial covenants as of September 30, 2025.

During the nine months ended September 30, 2025, we paid $110.9 million for cash dividends on our common stock and dividend equivalents and paid cash dividends of $29.6 million on our preferred stock. On September 11, 2025, we declared our third quarter 2025 dividend on our common stock of $0.36 per share; on October 31, 2025, we paid this dividend, which totaled approximately $37.3 million, including dividend equivalents of approximately $0.5 million.  

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

We seek to manage our risks related to interest rates, liquidity, prepayment speeds, market value and the credit quality of our assets while, at the same time, seeking to provide an opportunity to stockholders to realize attractive total returns through ownership of our capital stock.  While we do not