Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 178

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 178
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Three Months Ended September 30, 2025Compared to Three Months Ended June 30, 2025 Increase/(Decrease) due toTotal Net Change in Interest Income/Expense(In Thousands)VolumeRateInterest-earning assets:   Residential whole loans$(384)$(894)$(1,278)Securities, at fair value2,652 (3,722)(1,070)Cash and cash equivalents(152)(40)(192)Other interest earning assets(6)(7)(13)Total net change in income from interest-earning assets$2,110 $(4,663)$(2,553)Interest-bearing liabilities:  Securitized debt$1,399 $848 $2,247 Residential whole loan financing agreements(1,798)(451)(2,249)Securities, at fair value repurchase agreements2,076 (181)1,895 REO financing agreements(13)— (13)Other secured financing45 — 45 8.875% Senior Notes5 — 5 9.00% Senior Notes3 — 3 Total net change in expense of interest-bearing liabilities$1,717 $216 $1,933 Net change in net interest income$393 $(4,879)$(4,486)

The following table presents certain quarterly information regarding our net interest spread and net interest margin for the quarterly periods presented:

 Total Interest-Earning Assets and Interest-Bearing LiabilitiesQuarter EndedNet Interest Spread (1)Net Interest Margin (2)September 30, 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.

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