Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 37

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 37
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 should be used in conjunction with results presented in accordance with GAAP.  Distributable earnings does not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP net income/(loss) used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods below:  

Quarter Ended(In Thousands, Except Per Share Amounts)September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024GAAP Net income/(loss) used in the calculation of basic EPS$37,082 $22,424 $32,751 $(2,396)$39,870 $33,614 $14,827 Adjustments:Unrealized and realized gains and losses on:Residential whole loans held at fair value(41,293)(33,612)(54,380)102,339 (143,416)(16,430)11,513 Securities held at fair value(17,310)(4,008)(20,201)26,273 (17,107)4,026 4,776 Residential whole loans and securities at carrying value(668)343 305 — (7,324)(2,668)(418)Interest rate swaps and ERIS swap futures14,826 32,565 44,842 (46,632)84,629 10,237 (23,182)Securitized debt held at fair value21,303 3,712 18,575 (47,267)71,475 7,597 20,169 Other portfolio investments(26)(2,637)(744)(94)1,503 1,484 — Expense items:Amortization of intangible assets300800800800 800 800 800 Equity based compensation1,861 2,274 6,052 1,637 2,104 3,899 6,243 Securitization-related transaction costs3,550 1,753 1,696 5,252 3,485 3,009 1