Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 90

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 5
Chunk 90
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 Total$6,913,710 $740,260 $2,516,502 $10,170,472 December 31, 2023Financing Agreements(In Thousands)SecuritizedNon-Mark-to-Market (1)Mark-to-Market (1)TotalAssets:Residential whole loans (2)$5,696,729 $1,513,904 $1,733,674 $8,944,307 Securities, at fair value— — 689,818 689,818 Other assets: REO33,334 — 43,295 76,629 Total$5,730,063 $1,513,904 $2,466,787 $9,710,754 (1)An aggregate of $27.1 million and $36.4 million of accrued interest on those assets pledged against non-mark-to-market and mark-to-market financings agreements had also been pledged as of December 31, 2024 and 2023, respectively.  (2)Includes an aggregate of $394.9 million and $327.2 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $506.6 million and $465.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of December 31, 2024 and December 31, 2023, respectively. The Company pledges securities or cash as collateral to its counterparties in relation to certain of its financing arrangements.  The Company exchanges collateral with its counterparties based on changes in the fair value, notional amount and term of the associated financing arrangements and Swaps, as applicable.  In connection with these margining practices, either the Company or its counterparty may be required to pledge cash or securities as collateral.  When the Company’s pledged collateral exceeds the required margin, the Company may initiate a reverse margin call, at which time the counterparty may either return the excess collateral or provide collateral to the Company in the form of cash or equivalent securities.  The Company’s assets pledged as collateral are also described in Notes 2(e) - Restricted Cash and 5(e) - Derivative Instruments.  Certain of the Company’s financing arrangements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff in the event of default or in the event of a bankruptcy of either party