Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 29

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 29
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 lower average balances of our residential whole loan portfolio. In addition, the nine months ended September 30, 2025 had $9.2 million lower interest income from other interest earnings assets and cash and cash equivalents when compared to the nine months ended September 30, 2024, as well as $3.0 million lower interest expense from our senior notes.

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Analysis of Net Interest Income

The following table sets forth certain information about the average balances of our assets and liabilities and their related yields and costs for the nine months ended September 30, 2025 and 2024.  Average yields are derived by dividing annualized interest income by the average amortized cost of the related assets, and average costs are derived by dividing annualized interest expense by the daily average balance of the related liabilities, for the periods shown.  The yields and costs may include premium amortization and discount accretion which are considered adjustments to interest income or expense. 

 Nine Months Ended September 30, 20252024 Average BalanceInterestAverage Yield/CostAverage Balance InterestAverage Yield/Cost(Dollars in Thousands) Assets:      Interest-earning assets (1):      Residential whole loans$8,994,537 $459,168 6.81 %$9,477,822 $480,788 6.76 %Securities, at fair value1,762,921 81,156 6.14 801,373 41,363 6.88 Cash and cash equivalents (2)511,063 12,875 3.36 537,181 17,144 4.26 Other interest-earning assets7,406 1,441 25.95 45,001 6,341 18.79 Total interest-earning assets11,275,927 554,640 6.56 10,861,377 545,636 6.70 Liabilities:Interest-bearing liabilities:Securitized debt (3)$5,913,021 $224,782 5.07 %$5,084,775 $181,623 4.76 %Collateralized financing agreements (4)3,371,183 140,575 5.50 3,547,416 195,407 7.24 Convertible Senior Notes— — — 108,178 5,540 6