Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 27

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 27
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 restrict our operating flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of the Series B Preferred Stock and Series C Preferred Stock and may result in dilution to owners of the Series B Preferred Stock and Series C Preferred Stock. We and, indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of Series B Preferred Stock and Series C Preferred Stock bear the risk of our future offerings reducing the market price of the Series B Preferred Stock and Series C Preferred Stock and diluting the value of their holdings in us.

If our common stock is delisted, your ability to transfer or sell your shares of the Series B Preferred Stock and Series C Preferred Stock may be limited and the market value of the Series B Preferred Stock and Series C Preferred Stock will likely be materially adversely affected

Other than in connection with a Change of Control, the Series B Preferred Stock and Series C Preferred Stock do not contain provisions that are intended to protect you if our common stock is delisted from the NYSE. Since the Series B Preferred Stock and Series C Preferred Stock has no stated maturity date, you may be forced to hold your shares of the Series C Preferred Stock and receive stated dividends on the Series B Preferred Stock and Series C Preferred Stock when, as and if authorized by our Board and declared and paid by us with no assurance as to ever receiving the liquidation value thereof. In addition, if our common stock is delisted from the NYSE, it is likely that the Series B Preferred Stock and Series C Preferred Stock will be delisted from the NYSE as well. Accordingly, if our common stock is delisted from the NYSE, your ability to transfer or sell your shares of the Series B Preferred Stock and Series C Preferred Stock may be limited and the market value of the Series B Preferred Stock and the Series C Preferred Stock will likely be materially adversely affected.

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TABLE OF CONTENTS

SOFR has a limited history, and you should not rely on indicative or historical data concerning SOFR.

In light of the cessation of the publication of three-month London Inter-Bank Offered Rate (“LIBOR”) after June 30, 2023, and pursuant to the Articles Supplementary for the Series