Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 121

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 121
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,938 |
| Total adjustments                                                                     |     |                      -5,704,678 |
| Adjusted Distributable Earnings                                                       |     |                    $167,257,770 |
| Average stockholders’ equity                                                          |     |                  $1,894,405,344 |
| Less: Average accumulated other comprehensive income                                  |     |                     -16,432,205 |
| Less: Average liquidation preference of preferred stock equity                        |     |                    -475,000,000 |
| Less: Average Goodwill and intangibles                                                |     |                     -67,742,577 |
| Average common stockholders’ equity (as adjusted)                                     |     |                  $1,335,230,562 |
| Return on average equity - GAAP Net income/(loss) available to common stockholders(1) |     |                         ​12.19% |
| Return on average equity - Adjusted Distributable Earnings(2)                         |     |                          12.53% |

| 1. | Return on average equity on a GAAP basis is calculated by dividing (i) GAAP net income/(loss) used in the calculation of basic EPS by (ii) Average common stockholders’ equity ($1,419,405,344). |

| 2. | Return on average equity based on Adjusted Distributable Earnings (“Adjusted Distributable Earnings ROAE”) is calculated by dividing (i) Adjusted Distributable Earnings by (ii) Average common stockholders’ equity (as adjusted). |

| MFA Financial, Inc. | C-1 | 2025 Proxy Statement |

TABLE OF CONTENTS

APPENDIX D INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES RECONCILIATION OF ADJUSTED DISTRIBUTABLE EARNINGS RETURN ON AVERAGE EQUITY TO RETURN ON AVERAGE EQUITY BASED ON GAAP FINANCIAL RESULTS for the year ended December 31, 2024

|                                                                                       |     | For the year ended December 31, 2024 |
|:--------------------------------------------------------------------------------------|:----|-------------------------------------:|
| GAAP Net income/(loss) used in the calculation of basic EPS                           |     |                          $85,923,188 |
| Adjustments:                                                                          |     |                                      |
| Unrealized and realized gains and losses on:                                          |     |                                      |
| Residential whole loans held at fair value                                            |     |                          -45,994,101 |
| Securities held at fair value