Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 75

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 75
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 |     |              — |     |        61,334 |     |   ​690,008 |
| PRSU(6)                  |     | 01/02/2024(5)   |     | —             |     | —                                |     |         — |     |    99,499 |     |              — |     |    ​1,035,009 |     |            |

| 1. | Type of Award: |

| • | Formulaic Bonus = Formulaically-determined cash award paid as part of annual incentive award (see note 5 to Summary Compensation Table for additional information) |

| • | TRSU = Time-based RSUs |

| • | PRSU = Performance-based RSUs |

| 3. | Amounts in this column represent the aggregate grant date fair value of such awards computed in accordance with stock-based compensation accounting rules (FASB ASC Topic 718). For PRSUs, the grant date fair value is based on the assumption that the vesting condition for “target” performance will be achieved. See note 2 to the Summary Compensation Table for additional information. The closing price per share of our Common Stock on the grant date of the TRSU and PRSU awards was $11.25. |

| MFA Financial, Inc. | 58 | 2025 Proxy Statement |

TABLE OF CONTENTS

With respect to the Relative TSR PRSUs, to the extent that our TSR rank is less than or equal to the 25th percentile when compared to the TSR of the members of the peer group, 0% of the target number of Relative TSR PRSUs will vest. To the extent that our TSR rank is in the 50th percentile, 100% of the target number of Relative TSR PRSUs will vest, and to the extent that our TSR rank is greater than or equal to the 80th percentile, generally 200% of the target number of Relative TSR PRSUs will vest. Regardless of our TSR rank, in no event will an executive vest in more than 100% of the target number of Relative TSR PRSUs to the extent our absolute TSR for the three-year performance period is less than zero. PRSUs that do not vest at the end of the performance period will be forfeited. Dividend equivalents will not be paid in respect of the PRSUs during the performance period. Rather, dividend equivalents will accrue with respect to the PRSUs during the performance period, and to