Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 44

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 44
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| ​Ladder Capital Corp. (LADR)         |     | ​                                         |

For 2024, the Compensation Committee removed Broadmark Realty Capital, Inc. (“Broadmark”) from the peer group, as it was acquired by an externally managed REIT during 2023. Except for the removal of Broadmark, the Compensation Committee made no other modifications to the companies comprising the peer group for 2024 from those that it had used to inform its compensation decisions in 2023. Components of Compensation The Compensation Committee believes that it is important to create compensation programs that appropriately balance short-term, cash-based compensation with long-term, equity-based compensation. Our executive officer compensation program includes the following primary components:

| • | Base salaries paid in cash, which are based on the scope of the executive’s role, the responsibilities associated with the position and the individual’s performance in that role, as well as competitive market practices; |

| • | Annual bonus awards, which are paid in cash, are intended to motivate and reward the Company’s short-term financial and operational performance, as well as short-term individual performance; and |

| • | Long-term incentive awards (“LTIAs”), which are designed to support our objectives of aligning the interests of executive officers with those of our stockholders, promote value creation and long-term performance and retain executive officers. |

In addition to the primary components of the executive officer compensation program, we maintain our Senior Officers Deferred Bonus Plan (the “Senior Officers Plan”). The Senior Officers Plan (a description of which can be found on pages 50and 62of this Proxy Statement) permits our executive officers to defer, at their election, up to 100% of their annual bonus compensation in the form of hypothetical “stock units”. The performance of the deferred stock units is tied to the performance of our Common Stock. At present, none of our executive officers has any amounts deferred under the Senior Officers Plan. We do not provide perquisites or other benefits to our Named Executive Officers, as the Compensation Committee believes in prioritizing variable, at-risk compensation. Our Named Executive Officers receive the same benefits available to our other salaried employees (a summary of which can be found on page 11of this Proxy Statement).

| MFA Financial, Inc. | 37 | 2025 Proxy Statement |

TABLE OF CONTENTS

The discussion below regarding our primary elements of compensation and the Compensation Committee’s decisions for 2024 reflects the terms and conditions of Mr. Knutson and Mr. Wulf