Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 1

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 1
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44 per share. Sales of the Preferred Stock, if any, may be made in negotiated transactions or will be made by means of ordinary brokers’ transactions on the NYSE at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices or through a market maker other than on an exchange, directly on or through any other existing trading market or by any other method permitted by law, including but not limited to in privately negotiated transactions and in block trades. The sales agents will be entitled to compensation of up to 2% of the gross sales price per share for any shares of Preferred Stock sold under the Distribution Agreement. Under the terms of the Distribution Agreement, we may also sell the Preferred Stock to a sales agent as principal for its own account at a price agreed upon at the time of sale. If we sell Preferred Stock to a sales agent as principal, we will enter into a separate terms agreement with that sales agent, and we will describe this agreement in a separate prospectus supplement or pricing supplement. The Series B Preferred Stock and Series C Preferred Stock are subject to certain restrictions on ownership designed to preserve our qualification as a real estate investment trust for federal income tax purposes. See “Description of Common Stock and Preferred Stock — Restrictions on Ownership and Transfer” in the accompanying prospectus. Investing in the Preferred Stock involves certain risks. Before buying any shares, you should read the discussion of material risks of investing in the Preferred Stock under the caption “Risk Factors” beginning on page S-14of this prospectus supplement and beginning on page 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is incorporated by reference into this prospectus supplement and the accompanying prospectus. Neither the Securities and Exchange Commission, or SEC, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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The date of this prospectus supplement is August 15, 2025

TABLE OF CONTENTS

TABLE OF CONTENTS PROSPECTUS SUPPLEMENT

| ​ | ABOUT THIS PROSPECTUS SUPPLEMENT                                 | ​ | ​ | ​ | ​ | S-1  | ​ | ​ |
| ​ | FORWARD-LOOKING STATEMENTS                                       | ​ | ​ | ​ | ​ | S-2  | ​ | ​ |
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