Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 212

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 212
---
. For Single-family and Multifamily transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available.  For certain Single-family transitional loans, totaling $324.0 million, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 76%.  For certain Multifamily transitional loans, totaling $143.5 million, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 66%.  Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots for which the LTV ratio is not meaningful.

88  

The following table presents the five largest geographic concentrations by state of certain of our residential whole loan portfolio and in total as of September 30, 2025:

Non-QM loansBusiness purpose loansLegacy RPL/NPL loansAll LoansRankStatePercent of UPBStatePercent of UPBStatePercent of UPBStatePercent of UPB1CA45.2%FL11.6%CA22.7%CA29.5%2FL18.0%TX10.3%NY16.1%FL14.6%3TX5.4%GA9.4%FL7.3%TX6.5%4AZ3.2%NC5.6%NJ6.8%NY4.7%5WA2.4%OH5.5%MD5.1%GA4.4%

CRT Securities

We are exposed to potential credit losses from our investments in CRT securities issued by or sponsored by Fannie Mae and Freddie Mac.  While CRT securities are issued by or sponsored by these government-sponsored enterprises, payment of principal on these securities is not guaranteed.  As an investor in a CRT security, we may incur a loss if losses on the mortgage loans in the reference pool exceed the credit enhancement on the underlying CRT security owned by us or if an actual pool of loans experience losses.  We assess the credit risk associated with our investments in CRT securities by assessing the current and expected future performance of the associated loan pool. 

Credit Spread