Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 166

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 166
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 2025 December 31, 2024Agency MBSFace/Par$1,737,303 $1,403,891 Fair Value1,746,072 1,392,635 Amortized Cost1,734,775 1,405,900 Weighted average yield (1)5.59 %5.45 %Weighted average time to maturity28.8 years29.1 yearsTerm notes backed by MSR collateralFace/Par$— $55,000 Fair Value— 54,588 Amortized Cost— 50,639 Weighted average yield (1)— %13.95 %Weighted average time to maturityN/A0.8 yearsCRT SecuritiesFace/Par$59,000 $64,602 Fair Value61,246 67,642 Amortized Cost53,811 58,930 Weighted average yield (1)12.89 %9.35 %Weighted average time to maturity14.6 years15.0 yearsNon-Agency MBSFace/Par$26,560 $27,206 Fair Value22,491 22,648 Amortized Cost22,190 22,633 Weighted average yield (1)5.67 %5.67 %Weighted average time to maturity26.3 years26.8 years

(1)Weighted average yield is annualized interest income divided by average amortized cost for Securities, at fair value held at June 30, 2025 and December 31, 2024.

Tax Considerations

Current period estimated taxable income

We estimate that for the six months ended June 30, 2025, our REIT taxable income was approximately $70.7 million.  

Key differences between GAAP net income and REIT Taxable Income

Residential Whole Loans and Securities

The determination of taxable income attributable to residential whole loans and securities is dependent on a number of factors, including principal payments, defaults, loss mitigation efforts and loss severities.  In estimating taxable income for such investments during the year, management considers estimates of the amount of discount expected to be accreted.  Such estimates require significant judgment and actual results may differ from these estimates.  

Potential timing differences can arise with respect to the accretion of discount and amortization of premium into income as well as the recognition of gain or loss for tax purposes as compared to GAAP