Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 406

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 406
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 respectively, refer to “Reconciliation of GAAP and Non-GAAP Financial Measures” below.

2024 Portfolio Activity and impact on financial results

At December 31, 2024, our residential mortgage asset portfolio, which includes residential whole loans and REO, and Securities, at fair value, was approximately $10.5 billion compared to $9.9 billion at December 31, 2023.  

The following table presents the activity for our residential mortgage asset portfolio for the year ended December 31, 2024:

(In Millions)December 31, 2023Runoff (1)Acquisitions & Originations (2)Other (3)December 31, 2024ChangeResidential whole loans and REO$9,151 $(2,239)$2,634 $(604)$8,942 $(209)Securities, at fair value746 (83)932 (57)1,538 792 Totals$9,897 $(2,322)$3,566 $(661)$10,480 $583 

(1)Primarily includes principal repayments and sales of REO.

(2)Includes draws on previously originated Transitional loans.  

(3)Primarily includes sales, changes in fair value and changes in the allowance for credit losses.  

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At December 31, 2024, our total recorded investment in residential whole loans and REO was $8.9 billion, or 85.3% of our residential mortgage asset portfolio. Of this amount, $4.3 billion are Non-QM loans, $1.4 billion are Single-family rental loans, $1.1 billion are Single-family transitional loans, $0.9 billion are Multifamily transitional loans and $1.1 billion are Legacy RPL/NPL loans. Loan acquisition activity of $2.6 billion during 2024 included $991.5 million of Single-family transitional loans (including draws), $1.2 billion of Non-QM loans, $331.7 million of Single-family rental loans and $145.0 million of Multifamily transitional loans (including draws). During 2024, we recognized approximately $633.6 million of residential whole loan interest income on our consolidated statements of operations, representing an effective yield of 6.74%, with Single-family transitional loans generating an effective yield of 9.45%, Multifamily transitional loans generating an effective yield of