Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 27

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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 offices.

Loan servicing and other related operating expenses are composed of non-recoverable advances, upfront costs on securitization and other fees related to our residential whole loan activities. These expenses increased compared to the prior quarter period by approximately $1.3 million, or 18.4%, primarily due to higher expenses recognized related to property preservation, taxes, insurance, and certain other non-recoverable carrying costs on our residential whole loan and REO portfolios.

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Selected Financial Ratios

The following table presents information regarding certain of our financial ratios at or for the dates presented:

At or for the Quarter EndedReturn on Average Total Assets (1)Return on Average Total Stockholders’ Equity (2)Dividend Payout Ratio (3)Total AverageStockholders’ Equity toTotal Average Assets (4)Leverage Multiple (5)Recourse Leverage Multiple (6)June 30, 20251.14 %7.21 %1.6415.86 %5.21.8March 31, 20251.45 8.91 1.1316.31 5.11.8December 31, 20240.21 1.26 —16.41 5.01.7September 30, 20241.74 10.17 0.9217.10 4.81.8June 30, 20241.52 8.85 1.0917.14 4.71.7March 31, 20240.85 4.69 2.5018.23 4.61.8

(1)Reflects annualized net income divided by average total assets.

(2)Reflects annualized net income divided by average total stockholders’ equity. 

(3)Reflects dividends declared per share of common stock divided by earnings per share.  The ratio has not been calculated for periods where earnings per share is negative as the calculations are not meaningful.

(4)Reflects total average stockholders’ equity divided by total average assets. 

(5)Represents the sum of our borrowings under financing agreements and payable for unsettled purchases divided by stockholders’ equity.

(6)Represents the sum of our borrowings under financing agreements (excluding securitized debt and other non-recourse debt) and payable for unsettled purchases divided by stockholders’ equity. 

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