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

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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, a non-GAAP financial measure, was $13.69 as of September 30, 2025, flat from $13.69 as of June 30, 2025.  GAAP book value and Economic book value during the third quarter of 2025 were relatively unchanged, as dividends declared on our common stock matched our GAAP comprehensive income. For additional information regarding the calculation of Economic book value per share, including a reconciliation to GAAP book value per share, refer to “Reconciliation of GAAP and Non-GAAP Financial Measures” below. 

For more information regarding market factors which impact our portfolio, see Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and Item 3. “Quantitative and Qualitative Disclosures About Market Risk” of this Quarterly Report on Form 10-Q.

Information About Our Assets

The table below presents certain information about our asset allocation at September 30, 2025:

ASSET ALLOCATION

(Dollars in Millions)Non-QM loansSingle-family rental loansSingle-family transitional loansMultifamily transitional loansLegacy RPL/NPL loansSecurities, at fair valueOther, net (1)TotalAsset Amount$5,121$1,246$791$604$1,000$2,260$759$11,781Receivable/(Payable) for Unsettled Transactions—————(117)—(117)Financing Agreements with Non-mark-to-market Collateral Provisions—(11)(77)(78)———(166)Financing Agreements with Mark-to-market Collateral Provisions(576)(239)(178)(115)(78)(1,878)(64)(3,128)Securitized Debt(3,975)(825)(421)(288)(838)—(7)(6,354)Senior Notes and Other secured financing——————(194)(194)Net Equity Allocated$570$171$115$123$84$265$494$1,822Debt/Net Equity Ratio (2)8.0x6.3x5.9x3.9x10.9x7.5x5.5x

(1)Includes $305.2 million of cash and cash equivalents, $231.8 million of restricted cash, $51.9 million of Other loans and $20.2 million of capital contributions made to loan origination