Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 170

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 170
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Securities, at Fair Value

The following table presents information with respect to our Securities, at fair value at September 30, 2025 and December 31, 2024: 

(Dollars in Thousands)September 30, 2025 December 31, 2024Agency MBSFace/Par$2,152,097 $1,403,891 Fair Value2,176,032 1,392,635 Amortized Cost2,147,114 1,405,900 Weighted average yield (1)5.55 %5.45 %Weighted average time to maturity28.8 years29.1 yearsTerm notes backed by MSR collateralFace/Par$— $55,000 Fair Value— 54,588 Amortized Cost— 50,639 Weighted average yield (1)— %13.95 %Weighted average time to maturityN/A0.8 yearsCRT SecuritiesFace/Par$59,000 $64,602 Fair Value61,180 67,642 Amortized Cost54,358 58,930 Weighted average yield (1)13.01 %9.35 %Weighted average time to maturity8.3 years15.0 yearsNon-Agency MBSFace/Par$26,185 $27,206 Fair Value22,444 22,648 Amortized Cost21,916 22,633 Weighted average yield (1)5.66 %5.67 %Weighted average time to maturity26.0 years26.8 years

(1)Weighted average yield is annualized interest income divided by average amortized cost for Securities, at fair value held at September 30, 2025 and December 31, 2024.

Tax Considerations

Current period estimated taxable income

We estimate that for the nine months ended September 30, 2025, our REIT taxable income was approximately $95.7 million.  

Key differences between GAAP net income and REIT Taxable Income

Residential Whole Loans and Securities

The determination of taxable income attributable to residential whole loans and securities is dependent on a number of factors, including principal payments, defaults, loss mitigation efforts and loss severities.  In estimating taxable income for such investments during the year, management considers estimates of the amount of discount expected to be accreted.  Such estimates