Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 162

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 162
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 Single-family rental loans, $0.9 billion are Single-family transitional loans, $0.7 billion are Multifamily transitional loans and $1.0 billion are Legacy RPL/NPL loans. Loan acquisition activity of $744.8 million for the three months ended June 30, 2025 included $187.5 million of Single-family transitional loans (including draws), $503.0 million of Non-QM loans, $49.5 million of Single-family rental loans and $4.7 million of Multifamily transitional loans (including draws). For the three months ended June 30, 2025, we recognized approximately $154.6 million of residential whole loan interest income on our consolidated statements of operations, representing an effective yield of 6.85%, with Single-family transitional loans generating an effective yield of 9.79%, Multifamily transitional loans generating an effective yield of 8.39%, Single-family rental loans generating an effective yield of 6.45%, Non-QM loans generating an effective yield of 5.79% and Legacy RPL/NPL loans generating an effective yield of 8.69%.  Since the second quarter of 2021 we have elected the fair value option for all loan acquisitions, and 86% of our total loan portfolio is measured at fair value through earnings.  Included in earnings in Other Income/(Loss), net are net gains/(losses) on these loans of $33.6 million for the three months ended June 30, 2025. At June 30, 2025 and March 31, 2025, we had REO with an aggregate carrying value of $135.8 million and $130.6 million, respectively, which is included in Other assets on our consolidated balance sheets.  

At June 30, 2025, we held $1.8 billion of Securities, at fair value, including $1.7 billion of Agency MBS, $61.2 million of CRT securities and $22.5 million of Non-Agency MBS.  For the three months ended June 30, 2025, we purchased $131.1 million of 

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Agency MBS securities and $55.0 million of MSR-related assets were repaid in full. The net yield on our Securities, at fair value was 6.60% for the three months ended June 30, 2025, compared to 6.07% for the three months ended March