Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 337

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 337
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32 Weighted average common shares for basic earnings per share103,675 103,647 103,446 103,175 102,266 102,255 102,186 102,155 

Selected Financial Ratios (using Distributable earnings)

The following table presents information regarding certain of our financial ratios at or for the dates presented:

At or for the Quarter EndedReturn on Average Total Assets (1)Return on Average Total Stockholders’ Equity (2)Dividend Payout Ratio (3)December 31, 20241.72 %10.49 %0.90September 30, 20241.69 9.89 0.95June 30, 20241.98 11.53 0.78March 31, 20241.66 9.12 0.97December 31, 20232.27 12.47 0.70September 30, 20232.01 10.53 0.85June 30, 20232.09 9.95 0.88March 31, 20231.66 9.12 1.09

(1)Reflects annualized Distributable earnings divided by average total assets.

(2)Reflects annualized Distributable earnings before preferred dividends divided by average total stockholders’ equity.

(3)Reflects dividends declared per share of common stock divided by Distributable earnings per share.

55  

Reconciliation of GAAP Book Value per Common Share to non-GAAP Economic Book Value per Common Share

“Economic book value” is a non-GAAP financial measure of our financial position.  To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments.  These adjustments are also reflected in the table below in our end of period stockholders’ equity.  Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes.  Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may