Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 192

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 192
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 believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results. 

Distributable earnings should be used in conjunction with results presented in accordance with GAAP.  Distributable earnings does not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP net income/(loss) used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods below:  

Quarter Ended(In Thousands, Except Per Share Amounts)June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024GAAP Net income/(loss) used in the calculation of basic EPS$22,424 $32,751 $(2,396)$39,870 $33,614 $14,827 Adjustments:Unrealized and realized gains and losses on:Residential whole loans held at fair value(33,612)(54,380)102,339 (143,416)(16,430)11,513 Securities held at fair value(4,008)(20,201)26,273 (17,107)4,026 4,776 Residential whole loans and securities at carrying value343 305 — (7,324)(2,668)(418)Interest rate swaps and ERIS swap futures32,565 44,842 (46,632)84,629 10,237 (23,182)Securitized debt held at fair value3,712 18,575 (47,267)71,475 7,597 20,169 Other portfolio investments(2,637)(744)(94)1,503 1,484 — Expense items:Amortization of intangible assets800800800800 800 800 Equity based compensation2,274 6,052 1,637 2,104 3,899 6,243 Securitization-related transaction costs1,753 1,696 5,252 3,485 3,009 1,340 Depreciation1,087 879 938