Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 9

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 9
---
 B Preferred Stock: MFA PrB

Series C Preferred Stock: MFA PrC

Series B Preferred Stock Outstanding as of June 30, 2025

8,000,0000 shares of Series B Preferred Stock

Series C Preferred Stock Outstanding as of June 30, 2025

11,000,000 shares of Series C Preferred Stock

#### Use of Proceeds
We intend to use the net proceeds from sales of the securities offered hereby for general corporate purposes, which may include repurchases of shares of our common stock and investing in additional residential mortgage-related assets, including but not limited to, residential whole loans, BPLs, MBS and other mortgage-related investments, and for working capital, which may include, among other things, the repayment of indebtedness.

#### Restrictions on Ownership and Transfer
Our charter contains restrictions on the ownership and transfer of our capital stock that are intended to assist us in complying with the requirements for qualification as a REIT. Among other things, our charter provides that, subject to certain exceptions, no person or entity may actually or beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Internal Revenue Code of 1986, as amended, more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our capital stock. Our Board may, in its sole discretion, exempt a person from the 9.8% ownership limit under certain circumstances. See “Description of Common Stock and Preferred Stock — Restrictions on Ownership and Transfer” in the accompanying prospectus.

#### Risk Factors
Investing in the Preferred Stock involves risks that are described under the caption “Risk Factors” in this prospectus supplement and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are incorporated by reference into this prospectus supplement.

<div align='center'>S-5</div>

TABLE OF CONTENTS

#### Series B Preferred Stock

#### Ranking
The Series B Preferred Stock ranks, with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding-up of our affairs:

•

senior to our Junior Stock;

•

on a parity with our Parity Stock;

•

junior to our Senior Stock; and

•

effectively junior to all of our existing and future indebtedness (including indebtedness convertible into or