Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 180

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 180
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%1.07 %Net Interest Spread4.75 %4.80 %3.08 %3.48 %3.67 %5.02 %4.18 %Total Residential Whole LoansNet Yield (1)6.81 %6.85 %6.77 %6.65 %6.74 %6.92 %6.63 %Cost of Funding (2)(5.36)%(5.35)%(5.36)%(5.51)%(5.76)%(5.82)%(5.75)%Impact of net Swap carry (3)0.58 %0.58 %0.60 %1.01 %1.31 %1.28 %1.32 %Net Interest Spread2.03 %2.08 %2.01 %2.15 %2.29 %2.38 %2.20 %Securities, at fair valueNet Yield (1)5.79 %6.60 %6.07 %6.05 %6.48 %7.03 %7.24 %Cost of Funding (2)(4.50)%(4.55)%(4.58)%(5.02)%(5.65)%(5.74)%(5.79)%Impact of net Swap carry (3)1.05 %1.05 %1.08 %1.68 %1.71 %1.90 %1.79 %Net Interest Spread2.34 %3.10 %2.57 %2.71 %2.54 %3.19 %3.24 %

(1)Reflects annualized interest income on Residential whole loans divided by average amortized cost of Residential whole loans.  Excludes servicing costs. 

(2)Reflects annualized interest expense divided by average balance of agreements with mark-to-market collateral provisions (repurchase agreements), agreements with non-mark-to-market collateral provisions, and securitized debt.  

(3)Reflects the difference between Swap interest income received and Swap interest expense paid on our Swaps. While we have not elected hedge accounting treatment for Swaps and, accordingly, net Swap carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net