Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 180

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 180
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 in our end of period stockholders’ equity.  Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes.  Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, 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 book value per common share to our non-GAAP Economic book value per common share as of the quarterly periods below:

Quarter Ended:(In Millions, Except Per Share Amounts)March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024GAAP Total Stockholders’ Equity$1,838.4 $1,841.8 $1,880.5 $1,883.2 $1,884.2 Preferred Stock, liquidation preference(475.0)(475.0)(475.0)(475.0)(475.0)GAAP Stockholders’ Equity for book value per common share1,363.4 1,366.8 1,405.5 1,408.2 1,409.2 Adjustments:Fair value adjustment to Residential whole loans, at carrying value(6.3)(15.3)6.7 (26.8)(35.4)Fair value adjustment to Securitized debt, at carrying value63.1 70.3 64.3 82.3 88.4 Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)$1,420.2 $1,421.8 $1,476.5 $1,463.7 $1,462.2 GAAP book value per common share$13.28 $13.39 $13.77 $13.80 $13.80 Economic book value per common share$13.84 $13.93 $14.46 $14.34 $14.32 Number of shares of common stock outstanding102.7 102.1 102.1 102.1