Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 187

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 187
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 during the three months ended March 31, 2025, reflecting:  $251.5 million used in our investing activities, $138.1 million provided by our financing activities and $14.6 million used in our operating activities.

At March 31, 2025, our debt-to-equity multiple was 5.1 times compared to 5.0 times at December 31, 2024.  Our recourse leverage multiple at March 31, 2025 was 1.8 times compared to 1.7 times at December 31, 2024. At March 31, 2025, we had borrowings under asset-backed financing agreements of $3.3 billion, of which $1.7 billion were secured by residential whole loans, $1.5 billion were secured by securities and $21.4 million were secured by REO.  In addition, at March 31, 2025, we had securitized debt of $5.9 billion in connection with our loan securitization transactions. At December 31, 2024, we had borrowings under asset-backed financing agreements of $3.2 billion, of which $1.9 billion were secured by residential whole loans, $1.3 billion were secured by securities and $25.4 million were secured by REO. In addition, at December 31, 2024, we had securitized debt of $5.8 billion in connection with our loan securitization transactions.  

During the three months ended March 31, 2025, $251.5 million was used in our investing activities. We utilized $607.8 million for acquisitions and origination of residential whole loans, loan related investments and capitalized advances. During the three months ended March 31, 2025, we received $586.8 million of principal payments on residential whole loans and loan related investments, $72.3 million of proceeds from the sale of residential whole loans, and $24.3 million of proceeds on sales of REO.  In addition, during the three months ended March 31, 2025, we utilized $299.6 million for acquisitions of securities and received $32.5 million from principal payments on our securities and cash proceeds of $2.6 million from sales of securities and other assets.  

In connection with our repurchase agreement financings and Swaps, we routinely receive margin calls from our counterparties and make margin calls (“reverse margin