Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 101

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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 Thousands)Fair Value / Carrying ValueUPBWeighted Average CouponWeighted Average Term to Maturity (Months)UPB 60+ Days DelinquentWeighted Average LTV RatioCommercial Loans - March 31, 2025$7,435 $9,385 11.26 %0$9,385 82 %Commercial Loans - December 31, 2024$7,435 $9,385 11.48 %0$4,875 82 %

(e) Derivative Instruments  SwapsThe Company’s derivative instruments include Swaps, which are used to economically hedge the interest rate risk associated with certain borrowings.  Pursuant to these arrangements, the Company agreed to pay a fixed rate of interest and receive a variable interest rate, generally based on the Secured Overnight Financing Rate (“SOFR”), on the notional amount of the Swap.  At March 31, 2025, none of the Company’s Swaps were designated as hedges for accounting purposes.Variation margin payments on the Company’s Swaps are treated as a legal settlement of the exposure under the related Swap contract, the effect of which reduces what would have otherwise been reported as the fair value of the Swap, generally to zero. The following table presents the assets pledged as collateral against the Company’s Swaps:(In Thousands)March 31,2025December 31,2024Agency MBS, at fair value$43,622 $44,411 Restricted Cash28,539 16,567  

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSMARCH 31, 2025

At March 31, 2025, the Company had Swaps with an aggregate notional amount of $3.4 billion and an average maturity of approximately 45 months with a maximum term of approximately 114 months.  The following table presents information about the Company’s Swaps at March 31, 2025 and December 31, 2024: March 31, 2025December 31, 2024Maturity (1) Notional AmountWeighted Average Fixed-Pay Interest RateWeighted Average Variable Interest Rate (2)Notional Amount Weighted Average Fixed-Pay Interest Rate Weighted Average Variable Interest Rate (2)(Dollars in Thousands)      Within 30 days