Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 21

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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20251.86 %2.57 %June 30, 20251.98 2.73 March 31, 20251.84 2.63 December 31, 20241.99 2.76 September 30, 20242.18 3.00 June 30, 20242.16 3.01 March 31, 20242.06 2.88 

(1)Reflects the difference between the yield on average interest-earning assets and average cost of funds (including net Swap carry).

(2)Reflects annualized net interest income (including net Swap carry) divided by average interest-earning assets.

70  

The following table presents the components of the net interest spread earned on our Residential mortgage assets for the quarterly periods presented:

 Quarter EndedSeptember 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024Non-QM LoansNet Yield (1)5.95 %5.79 %5.78 %5.63 %5.47 %5.49 %5.39 %Cost of Funding (2)(5.21)%(5.14)%(5.08)%(5.12)%(5.22)%(5.18)%(5.12)%Impact of net Swap carry (3)0.62 %0.70 %0.77 %1.36 %1.75 %1.63 %1.68 %Net Interest Spread1.36 %1.35 %1.47 %1.87 %2.00 %1.94 %1.95 %Business Purpose LoansNet Yield (1)7.88 %7.99 %8.09 %7.73 %7.91 %7.99 %7.66 %Cost of Funding (2)(6.03)%(6.07)%(6.15)%(6.39)%(6.66)%(6.72)%(6.66)%Impact of net Swap carry (3)0.49 %0.42 %0.45 %0.80 %1.01 %0.92