Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 41

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 41
---
, 2024, at 47.5% of “target” number of awards. Value realized is based on our closing stock price ($10.19 per share) as of December 31, 2024. Value realized excludes dividend equivalents to be paid on settlement of vested awards in January 2026. Per the terms of the PRSUs, no dividends are paid on unvested/forfeited awards. |

Consideration of 2024 Advisory Vote on Executive Compensation At our Annual Meeting of Stockholders held in June 2024, 92.6% of the votes cast with respect to the say-on-pay proposal voted to approve our executive compensation for 2023. The Compensation Committee has reviewed the results of the 2024 say-on-pay vote and believes that the significant support of MFA stockholders in this vote reflects support for MFA’s approach to executive compensation. The Compensation Committee will continue to consider the outcome of future Say-on-Pay votes and other stockholder input, as well as available market data, in making future decisions regarding executive compensation. Compensation Philosophy and Objectives Through our executive compensation programs, we seek to attract, motivate and retain top quality senior executives who are committed to our core values of excellence and integrity. The Compensation Committee’s fundamental philosophy is to closely align these compensation programs with the achievement of annual and long-term performance goals tied to our financial success and the creation of stockholder value. The Compensation Committee’s principal objectives in developing and administering the executive compensation programs are to:

| • | Align the interests of the senior executive team with the interests of our stockholders by motivating executives to increase long-term stockholder value consistent with appropriate levels of leverage and risk; |

| • | Retain, motivate and attract a highly skilled senior executive team that will contribute to the successful performance of the Company; |

| • | Provide compensation opportunities that are competitive within industry standards thereby reflecting the value of the executive’s particular position in the marketplace; |

| MFA Financial, Inc. | 35 | 2025 Proxy Statement |

TABLE OF CONTENTS

| • | Support a culture committed to paying for performance where compensation is commensurate with the level of risk-adjusted returns that are achieved; and |

| • | Maintain a degree of flexibility and discretion to allow us to recognize the unique characteristics of our operations and strategy and our prevailing business environment, as well as changing labor market dynamics. |

The Compensation Committee periodically reviews and evaluates executive officer compensation levels and our compensation program. It is the Compensation Committee’s