Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 484

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7A
Chunk 484
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 origination date. Excluded from the calculation of weighted average are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.(3)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.(4)For Single-family and Multifamily transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available.  For certain Single-family transitional loans, totaling $445.6 million and $332.5 million at December 31, 2024 and December 31, 2023, respectively, and certain Multifamily transitional loans, totaling $252.1 million and $218.8 million at December 31, 2024 and December 31, 2023, respectively, an after repaired valuation was not available.  For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan.(5)Excluded from the table above are approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of December 31, 2023.  

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

Sales of Residential Whole LoansDuring 2024, Residential whole loans with an unpaid principal balance of $692.8 million were sold, realizing losses, before the impact of economic hedging and the reversal of previously recognized unrealized losses, of $42.0 million. Upon sale, the Company reversed $47.1 million of previously recognized unrealized losses, resulting in a net gain on sale of $5.1 million. During 2023, Non-QM loans with an unpaid principal balance of $101.2 million were sold, realizing losses, before the impact of economic hedging gains and the reversal of previously recognized unrealized losses, of $26.4 million.  Upon sale, the Company reversed $28.0 million of previously recognized unrealized losses, resulting in a net gain on sale of $1.7 million.Allowance for Credit LossesThe following table presents a roll-forward of the allowance for credit losses on the Company’s Residential whole loans, at carrying value: For the Year