Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 33

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 33
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 liabilities:   Securitized debt21,469 8,969 30,438 Residential whole loan financing agreements$(38,258)$(16,535)$(54,793)Securities, at fair value repurchase agreements19,844 (4,523)15,321 REO financing agreements(107)(102)(209)Convertible Senior Notes(5,539)— (5,539)8.875% Senior Notes337 — 337 9.00% Senior Notes2,122 — 2,122 Total net change in expense of interest-bearing liabilities$(132)$(12,191)$(12,323)Net change in net interest income$7,806 $9,704 $17,510 

77  

The following table presents the components of the net interest spread earned on our Residential mortgage assets for the periods presented:

 Six Months EndedJune 30, 2025June 30, 2024Non-QM LoansNet Yield (1)5.79 %5.44 %Cost of Funding (2)(5.11)%(5.16)%Impact of net Swap carry (3)0.73 %1.66 %Net Interest Spread1.41 %1.94 %Business Purpose LoansNet Yield (1)8.04 %7.83 %Cost of Funding (2)(6.11)%(6.70)%Impact of net Swap carry (3)0.44 %0.96 %Net Interest Spread2.37 %2.09 %Legacy RPL/NPL LoansNet Yield (1)7.85 %8.16 %Cost of Funding (2)(4.27)%(4.64)%Impact of net Swap carry (3)0.36 %1.07 %Net Interest Spread3.94 %4.59 %Total Residential Whole LoansNet Yield (1)6.81 %6.78 %Cost of Funding (2)(5.36)%(5.79)%Impact of net Swap carry (3)0.59 %1.30 %Net Interest Spread2.04 %2.29 %Securities, at fair valueNet Yield (1)6.34 %7.13 %Cost of Funding (2)(4.56)%(5.77)%Impact of net Swap carry (3