Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 54

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 54
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 the Relative DE ROAE Peer Group, the amount of the Relative DE ROAE Bonus that would be earned by the executive would be equal 200% of the executive’s Relative DE ROAE Target. |

To the extent that MFA’s Adjusted Distributable Earnings rank for the Relative DE ROAE Performance Period were to be greater than the “threshold” percentile level (25th percentile) but less than the “target” percentile level (50th percentile), then the executive would be paid a multiple of between 37.5% and 100% of his respective target Relative DE ROAE Bonus (with the actual amount to be paid determined through linear interpolation). To the extent that MFA’s Adjusted Distributable Earnings rank for the Relative DE ROAE Performance Period were to be greater than the “target” percentile level but less than the “maximum” percentile level (80th percentile), then the executive would be paid a multiple of between 100% and 200% of his target Relative DE ROAE Bonus (with the actual amount to be paid determined through linear interpolation). For purposes of determining the Relative DE ROAE Bonus, the distributable earnings ROAE for the Relative DE ROAE Performance Period for each company in the Relative DE ROAE Peer Group would be determined using the same methodology as the

| MFA Financial, Inc. | 43 | 2025 Proxy Statement |

TABLE OF CONTENTS methodology used to calculate MFA’s Adjusted Distributable Earnings ROAE, with such assumptions, estimates and adjustments, as determined in good faith to be necessary or appropriate to achieve such consistency. IRM Bonus The Compensation Committee continues to believe that it is also important for the committee to retain a discretionary component of the annual incentive award process in order to be able to factor non-objective and non-quantifiable measures into the bonus decision-making process. With this in mind under the terms of Mr. Knutson’s and Mr. Wulfsohn’s employment agreements, for each performance period, the target amount of each executive’s IRM Bonus (the “Target IRM Bonus”) is equal to 25% of his Overall Target Bonus. For the 2024 Performance Period, the Target IRM Bonus for Mr. Knutson was $500,000 (which was unchanged from Mr. Knutson’s Target IRM Bonus for the 2023 performance period), and the Target IRM Bonus for Mr. Wulfsohn was $275,000 (which was unchanged from Mr. Wulfsohn