Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 186

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 186
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 cash.  

(3)Includes both securitized debt, at carrying value, and securitized debt, at fair value.

(4)Collateralized financing agreements include the following: mark-to-market asset based financing and non-mark-to-market asset based financing.  For additional information, see Note 6, included under Item 1 of this Quarterly Report on Form 10-Q.  

(5)Net interest rate spread reflects the difference between the yield on average interest-earning assets and average cost of funds.

(6)Reflects the impact of positive or negative net Swap carry.  Positive net Swap carry results when income from the receive leg of a Swap is greater than the expense on the pay leg.  Negative net Swap carry results when income from the receive leg is less than the expense on the pay leg.

(7)Net interest margin reflects annualized net interest income (including net Swap carry) divided by average interest-earning assets.  

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Rate/Volume Analysis

Six Months Ended June 30, 2025Compared to Six Months Ended June 30, 2024 Increase/(Decrease) due toTotal Net Change in Interest Income/Expense(In Thousands)VolumeRateInterest-earning assets:   Residential whole loans$(18,933)$1,429 $(17,504)Securities, at fair value30,076 (3,249)26,827 Cash and cash equivalents(381)(2,341)(2,722)Other interest-earning assets(3,088)1,674 (1,414)Total net change in income from interest-earning assets$7,674 $(2,487)$5,187 Interest-bearing liabilities:   Securitized debt21,469 8,969 30,438 Residential whole loan financing agreements$(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 $