Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 316

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 316
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 common stock in excess of our GAAP earnings. The decrease in Economic book value during 2024 primarily reflects dividends declared on our common stock in excess of GAAP earnings and a decrease in the fair value of our mortgage loans held at carrying value, partially offset by changes in the estimated fair value of our securities and our securitized debt at carrying value.  For additional information regarding the calculation of Economic book value per share, including a reconciliation to GAAP book value per share, refer to “Reconciliation of GAAP and Non-GAAP Financial Measures” below. 

For more information regarding market factors which impact our portfolio, see Part I, Item 1A. “Risk Factors” and Item 7A. “Quantitative and Qualitative Disclosures About Market Risk” of this Annual Report on Form 10-K.

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Information About Our Assets

The table below presents certain information about our asset allocation at December 31, 2024:

ASSET ALLOCATION

(Dollars in Millions)Business purpose loansNon-QM loansLegacy RPL/NPL loansSecurities, at fair valueOther, net (1)TotalFair Value/Carrying Value$3,394 $4,289 $1,076 $1,538 $764 $11,061 Receivable/(Payable) for Unsettled Transactions— — — (63)— (63)Financing Agreements with Non-mark-to-market Collateral Provisions(577)— — — — (577)Financing Agreements with Mark-to-market Collateral Provisions(616)(591)(45)(1,279)(69)(2,600)Securitized Debt(1,651)(3,227)(916)— (1)(5,795)Senior Notes— — — — (184)(184)Net Equity Allocated$550 $471 $115 $196 $510 $1,842 Debt/Net Equity Ratio (2)5.2 x8.1 x8.4 x6.8 x5.0 x

(1)Includes $338.9 million of cash and cash equivalents, $262.4 million of restricted cash, $52.1 million of Other loans and $16.8 million of capital contributions made to loan origination partners, as well as other assets and other liabilities.    

(2)Total Debt/