Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 28

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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 we had net income available to our common stock and participating securities of $92.9 million, or $0.89 per basic common share and $0.87 per diluted common share, compared to a net income available to our common stock and participating securities of $88.7 million, or $0.85 per basic and $0.83 per diluted common share, for the nine months ended September 30, 2024. The net income available to common stock and participating securities in the current period increased from the prior period primarily as a result of $23.7 million higher net interest income and $10.2 million lower operating and other expenses, partially offset by a decrease of $24.8 million in Other income/(loss), net, as well as a $5.0 million increase in preferred stock dividends paid as a result of the higher floating rate payable on our Series C preferred stock.

Net Interest Income

For the nine months ended September 30, 2025, our net interest spread and margin were 1.89% and 2.64%, respectively, compared to a net interest spread and margin of 2.14% and 2.96%, respectively, for the nine months ended September 30, 2024.  Our net interest income increased by $23.7 million, or 15.6%, to $175.6 million for the nine months ended September 30, 2025 compared to net interest income of $151.9 million for the nine months ended September 30, 2024.  For the nine months ended September 30, 2025, net interest income, which does not include the benefit of net Swap carry, includes higher net interest from our securities portfolio of $16.2 million compared to the nine months ended September 30, 2024, primarily due to an increase in interest income from higher average balances of our securities portfolio, partially offset by an increase in interest expense from higher average balances of securities repurchase agreements. Net interest income for the nine months ended September 30, 2025 also includes higher net interest income from our residential whole loan portfolio of $13.1 million compared to the nine months ended September 30, 2024, primarily due to a decrease in interest expense as a result of lower average balances of, and rates on, our residential whole loan financing agreements, partially offset by an increase in interest expense from average balances of, and rates on, our securitized debt and a decrease in interest income from