Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 22

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 22
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 exercise conversion rights upon a Change of Control. If exercisable, the change of control conversion rights described in this prospectus supplement may not adequately compensate you.

Upon the occurrence of a Change of Control, each holder of the Series B Preferred Stock and Series C Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date, we have provided notice of our election to redeem some or all of the shares of Series B Preferred Stock and Series C Preferred Stock held by such holder as described under “The Series B Preferred Stock — Redemption — Optional Redemption,” or “The Series B Preferred Stock — Redemption — Special Optional Redemption,” “The Series C Preferred Stock — Redemption — Optional Redemption” or “The Series C Preferred Stock — Redemption — Special Optional Redemption,” in which case such holder will have the right only with respect to shares of Series B Preferred Stock and Series C Preferred Stock that are not called for redemption) to convert some or all of such holder’s Series B Preferred Stock and Series C Preferred Stock, as applicable into shares of our common stock (or under specified circumstances certain alternative consideration).

We have a special optional redemption right to redeem the Series B Preferred Stock and Series C Preferred Stock in the event of a Change of Control, and holders of Series B Preferred Stock and Series C Preferred Stock will not have the right to convert any shares that we have elected to redeem prior to the

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TABLE OF CONTENTS

Change of Control Conversion Date. Please see the sections entitled “The Series B Preferred Stock — Redemption — Special Optional Redemption,” “The Series B Preferred Stock — Conversion Rights,” “The Series C Preferred Stock — Redemption — Special Optional Redemption” and “The Series C Preferred Stock — Conversion Rights.”

If we do not elect to redeem the Series B Preferred Stock prior to the Change of Control Conversion Date, then upon an exercise of the conversion rights provided to the holders of our Series B Preferred Stock, the holders of Series B Preferred Stock will be limited to a maximum number of shares of our common stock equal to the Share Cap multiplied by the number of shares of Series B Preferred Stock converted. If the Common Stock Price is less than $18.82 (which is 50% of the per-share closing sale price of our common stock reported on the NYSE on April 5, 2013, adjusted as a result of a reverse stock split of our common stock at a ratio of 1-for-4), subject to adjustment, the holders will receive a maximum number of originally 5