Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 95

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 5
Chunk 95
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576)Total Lease Liability (Note 7)$41,050 Additionally, in December 2024, Lima One executed a lease agreement on new office space in Greenville, South Carolina for an 8.5-year term. The Company expects the average annual lease rental expense to be approximately $2.4 million, which is not included in the table above. Lima One expects to relocate to the space in the latter half of 2025. (b) Representations and Warranties in Connection with Loan Securitization and Other Loan Sale Transactions In connection with the loan securitization and sale transactions entered into by the Company, the Company has the obligation under certain circumstances to repurchase assets previously transferred to securitization vehicles, or otherwise sold, upon breach of certain representations and warranties.  As of December 31, 2024, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14).  (c) Loan Commitments At December 31, 2024, the Company had unfunded commitments in connection with its Single-family and Multifamily transitional loans of $320.9 million and $58.5 million, respectively (see Note 3). These commitments are subject to certain conditions that the respective borrowers must meet before funding is required. In addition, from time to time, Lima One makes short-term commitments to originate mortgage loans; such commitments were not significant at December 31, 2024.(d) GuaranteeIn connection with one of its investments in a loan origination partner, the Company has guaranteed up to $42.5 million of such investee’s warehouse financing.  As of December 31, 2024, the Company has not recorded a liability in connection with this guarantee.

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

10.    Stockholders’ Equity 

(a) Preferred Stock 7.50% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”)On April 15, 2013, the Company completed the issuance of 8.0 million shares of its Series B Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering.  The Company’s Series B Preferred Stock is entitled to receive a dividend at