Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 138

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 138
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, 2025 and December 31, 2024 are a total of $8.8 billion and $8.8 billion, respectively, of residential whole loans.  These assets, excluding certain loans originated and held by Lima One, and certain of the Company’s REO assets, are directly owned by certain trusts established by the Company to acquire the loans and entities established in connection with the Company’s loan securitization transactions.  The Company has assessed that these entities are required to be consolidated (see Notes 3 and 5(a)). 

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSMARCH 31, 2025

15.    Segment Reporting

At March 31, 2025, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured senior notes (see Note 6), securitization issuance costs, and preferred stock dividends.  The Company’s segments are managed by its “chief operating decision maker” or “CODM” as defined under GAAP; the Company’s CODM is its Chief Executive Officer. The CODM utilizes the segment reporting as part of their analysis of relative segment performance in deciding where to focus resources to enhance the Company’s future performance.The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:   (In Thousands)Mortgage-Related AssetsLima OneCorporateTotalThree months ended March 31, 2025Interest Income$112,767 $65,272 $2,466 $180,505 Interest Expense77,361 41,070 4,537 122,968 Net Interest Income/(Expense)$35,406 $24,202 $(2,071)$57,537 Reversal/(Provision) for Credit Losses on Residential Whole Loans(145)— — (145)Reversal/(Provision) for Credit Losses on Other Assets— — — — Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses$35,261 $24,202 $(2,071)$57,392 Net