Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 439

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 439
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548 4,750,805  4,750,805 September 30, 20233,574,547 3,486,440  3,766,848 4,014,161 4,332,936  4,332,936 June 30, 20233,148,269 3,370,327  3,370,327 3,924,422 3,969,274 4,043,482 March 31, 20233,145,555 3,042,802 3,189,587 3,680,042 3,830,309 3,838,654 

(1)The information presented in the table above excludes Senior notes (Note 6).

Cash Flows and Liquidity for the Year Ended December 31, 2024 

Our cash, cash equivalents and restricted cash increased by $113.1 million during 2024, reflecting:  $424.6 million used in our investing activities, $337.6 million provided by our financing activities and $200.1 million provided by our operating activities.

59  

At December 31, 2024, our debt-to-equity multiple was 5.0 times compared to 4.5 times at December 31, 2023.  Our recourse leverage multiple at December 31, 2024 and December 31, 2023 was 1.7 times. At December 31, 2024, we had borrowings under asset-backed financing agreements of $3.2 billion, of which $1.9 billion were secured by residential whole loans, $1.3 billion were secured by securities and $25.4 million were secured by REO.  In addition, at December 31, 2024, we had securitized debt of $5.8 billion in connection with our loan securitization transactions. At December 31, 2023, we had borrowings under asset-backed financing agreements of $3.6 billion, of which $2.9 billion were secured by residential whole loans, $622.6 million were secured by securities and $25.2 million were secured by REO.  In addition, at December 31, 2023, we had securitized debt of $4.8 billion in connection with our loan securitization transactions. 

During 2024, $0.4 billion was used in our