Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 493

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7A
Chunk 493
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-Year Fixed Rate:  5.00% Coupon$76,360 100.2 %99.1 %$75,650 92.4 %5.50% Coupon277,885 100.4 100.7 279,851 115.2 6.00% Coupon177,842 100.0 101.7 180,841 74.2 6.50% Coupon22,213 100.1 102.7 22,802 41.4   Total$554,300 100.3 %100.9 %$559,144 94.3 %(1)  Reflects the average of the one month CPR for the number of months the security was held during the most recent three month period.Term Notes Backed by MSR Collateral At December 31, 2024 and 2023, the Company had $54.6 million and $79.9 million, respectively, of term notes issued by SPVs that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs.  Payment of principal and interest on these term notes is considered to be largely dependent on cash flows generated by the underlying MSRs, as this impacts the cash flows available to the SPV that issued the term notes.

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

At December 31, 2024, these term notes had an amortized cost of $50.6 million, gross unrealized gains of approximately $3.9 million, a weighted average yield of 14.0% and a weighted average term to maturity of 0.83 years. At December 31, 2023, the term notes had an amortized cost of $74.2 million, gross unrealized gains of approximately $5.7 million, a weighted average yield of 17.0% and a weighted average term to maturity of 1.84 years.  The issuer of the notes had a one-time option to extend the maturity of the notes for an additional two years, subject to satisfaction of certain conditions, which was exercised in October 2023.  The coupon stepped up by 0.75% at the time of the extension.CRT SecuritiesCRT securities are debt obligations issued by or sponsored by Fannie Mae and Freddie Mac.