Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 48

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 48
---
 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 six months ended June 30, 2025, $282.1 million was used in our investing activities. We utilized $1.4 billion for acquisitions and origination of residential whole loans, loan related investments and capitalized advances. During the six months ended June 30, 2025, we received $1.2 billion of principal payments on residential whole loans and loan related investments, $137.0 million of proceeds from the sale of residential whole loans, and $46.6 million of proceeds on sales of REO. In addition, during the six months ended June 30, 2025, we utilized $461.8 million for acquisitions of securities and received $128.6 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 calls”) to our counterparties.  Margin calls and reverse margin calls, which requirements vary over time, may occur daily between us and any of our counterparties when the value of collateral pledged changes from the amount contractually required.  The value of securities pledged as collateral fluctuates reflecting changes in: (i) the face (or par) value of our assets; (ii) market interest rates and/or other market conditions; and (iii) the market value of our Swaps.  Margin calls and reverse margin calls are satisfied when we pledge or receive additional collateral in the form of additional assets and/or cash.

85  

The table below summarizes our margin activity with respect to our repurchase agreement financings and derivative hedging instruments for the quarterly periods presented:

 Collateral Pledged for Margin ActivityCash and SecuritiesReceived for Reverse MarginNet Assets Received/(Pledged) for Margin ActivityFor the Quarter Ended (1)Fair Value of Securities PledgedCash PledgedAggregate AssetsPledged for Margin(In Thousands)     June 30, 2025$63,384 $10,109 $73,493 $81,349 $7