Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 164

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 164
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$(6,547)$(2,320)$(8,867)Securities, at fair value repurchase agreements2,905 (1,420)1,485 REO financing agreements(178)(31)(209)Convertible Senior Notes— — — 8.875% Senior Notes4 — 4 9.00% Senior Notes3 — 3 Total net change in expense of interest-bearing liabilities$(1,494)$(3,064)$(4,558)Net change in net interest income$1,647 $5,088 $6,735 

The following table presents certain quarterly information regarding our net interest spread and net interest margin for the quarterly periods presented:

 Total Interest-Earning Assets and Interest-Bearing LiabilitiesQuarter EndedNet Interest Spread (1)Net Interest Margin (2)March 31, 20251.84 %2.63 %December 31, 20241.99 2.76 September 30, 20242.18 3.00 June 30, 20242.16 3.01 March 31, 20242.06 2.88 

(1)Reflects the difference between the yield on average interest-earning assets and average cost of funds (including net swap income or expense).

(2)Reflects annualized net interest income (including net swap income or expense) divided by average interest-earning assets.

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The following table presents the components of the net interest spread earned on our Residential whole loans for the quarterly periods presented:

 Quarter EndedMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024Business Purpose LoansNet 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.