Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 8

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 8
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 estimated fair value each period as a result of the Company’s fair value option election.  The fair value option was not elected for financing agreements held at carrying value.  Consequently, total financing agreements as presented reflects a summation of balances reported at fair and carrying value.  At December 31, 2024, the Company had $19.8 million of agreements with mark-to-market collateral provisions held at fair value, $284.8 million of agreements with non-mark-to-market collateral provisions held at fair value, and $5.2 billion of securitized debt held at fair value, with amortized cost bases of $19.8 million, $284.8 million, and, $5.3 billion respectively.  At December 31, 2023, the Company had $178.9 million of agreements with mark-to-market collateral provisions held at fair value, $469.4 million of agreements with non-mark-to-market collateral provisions held at fair value, and $4.0 billion of securitized debt held at fair value, with amortized cost bases of $178.9 million, $469.4 million, and $4.1 billion, respectively.  (2)Weighted average cost of funding reflects year-to-date interest expense (inclusive of the amortization of deferred financing costs) divided by average balance for the financing agreements.  The cost of funding for the total financing agreements includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on the Company’s Swaps.  For the year ended December 31, 2024, this decreased the overall funding cost by 124 basis points, and for the year ended December 31, 2023, this decreased the overall funding cost by 136 basis points.  The Company does not allocate the impact of the net carry by type of financing agreement.  

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

The following table presents maturities with respect to the Company’s financing agreements with mark-to-market and non-mark-to-market collateral provisions:  As of December 31, 2024Unpaid Principal Balance, Maturing In(In Thousands)Collateral0-3 Months (1)3-6 Months6-12 MonthsGreater than 12 Months (2)TotalAgreements with mark-to-market collateral provisionsResidential whole loans$559,339 $47