Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 146

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 146
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 measurement, whereas increases in the current or expected value of the underlying properties, in isolation, would result in a higher fair value measurement.  In practice, changes in valuation assumptions may not occur in isolation and the changes in any particular assumption may result in changes in other assumptions, which could offset or amplify the impact on the overall valuation. 

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSSEPTEMBER 30, 2025

The following table presents the carrying values and estimated fair values of the Company’s financial instruments as of September 30, 2025 and December 31, 2024:September 30, 2025September 30, 2025December 31, 2024(In Thousands)Level in Fair Value HierarchyCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFinancial Assets:Residential whole loans3$8,761,897 $8,770,587 $8,759,151 $8,743,881 Residential whole loans251,937 51,937 52,073 52,073 Securities, at fair value22,259,657 2,259,657 1,537,513 1,537,513 Cash and cash equivalents1305,172 305,172 338,931 338,931 Restricted cash1231,797 231,797 262,381 262,381 Financial Liabilities (1):Financing agreements with non-mark-to-market collateral provisions3166,126 166,243 576,774 577,231 Financing agreements with mark-to-market collateral provisions31,249,862 1,250,481 1,321,041 1,321,584 Financing agreements with mark-to-market collateral provisions21,878,417 1,878,417 1,279,007 1,279,007 Securitized debt26,353,973 6,305,510 5,794,977 5,724,702 Other secured financing39,035 9,035 — — 8.875% Senior Notes2111,841 114,294 111,270 115,720 9.00% Senior Notes272,736 75,038 72,390 75,218 (1)Carrying value of securitized debt, 8