Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 26

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 26
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 and trading volume of the Series B Preferred Stock and Series C Preferred Stock may be volatile and could be substantially affected by various factors.

The market price of shares of our Series B preferred Stock and Series C Preferred Stock may be highly volatile and could be subject to wide fluctuations. In addition, the trading volume in our shares of Series B Preferred Stock and Series C Preferred Stock may fluctuate and cause significant price variations to occur. We cannot assure you that the market price of our shares of Series B Preferred Stock or Series C Preferred Stock will not fluctuate or decline significantly in the future. The market price of the Series B Preferred Stock and Series C Preferred Stock will depend on many factors, which may change from time to time, including:

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prevailing interest rates, increases in which may have an adverse effect on the market price of the Series B Preferred Stock and Series C Preferred Stock;

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trading prices of common and preferred equity securities issued by REITs and other similar companies;

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the annual yield from distributions on the Series B Preferred Stock and Series C Preferred Stock as compared to yields on other financial instruments;

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general economic and financial market conditions;

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government action or regulation;

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our financial condition, performance and prospects and those of our competitors;

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changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or our industry;

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our issuance of additional preferred equity securities or the incurrence of debt; and

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actual or anticipated variations in our quarterly operating results and those of our competitors.

As a result of these and other factors, investors who purchase the Series B Preferred Stock and/or the Series C Preferred Stock in this offering may experience a decrease, which could be substantial and rapid, in the market price of the Series C Preferred Stock, including decreases unrelated to our operating performance or prospects.

Future offerings of debt or equity securities may adversely affect the market price of the Series B Preferred Stock and Series C Preferred Stock.

Future issuances and sales of Senior Stock or Parity Stock, or the perception that such issuances and sales could occur, may cause prevailing market prices for the Series B Preferred Stock and Series C Preferred Stock and our common stock to decline and may adversely affect our ability to raise additional capital in the financial markets at times and prices favorable to us.

If we decide to issue debt or Senior Stock in the future, it is possible that these securities will be governed by an indenture or other instrument containing covenants or other provisions that will