Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 124

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 124
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 The Company granted 1,453,017 and 1,255,486 RSUs during the three months ended March 31, 2025 and 2024, respectively. There were 262,670 RSUs forfeited during the three months ended March 31, 2025, and 255,890 RSUs forfeited during the three months ended March 31, 2024. There were 482,079 and 129,949 RSUs surrendered to satisfy tax obligations during the three months ended March 31, 2025 and 2024, respectively. All holders of RSUs outstanding at March 31, 2025 may be entitled to receive dividend equivalent payments depending on the terms and conditions of the award either in cash at the time dividends are paid by the Company or at the time of settlement of the RSU award, or for performance-based RSU awards, as a grant of stock at the time such awards are settled.  At March 31, 2025 and December 31, 2024, the Company had unrecognized compensation expense of $13.2 million and $6.3 million, respectively, related to RSUs.  The unrecognized compensation expense at March 31, 2025, is expected to be recognized over a weighted average period of 2.2 years.Restricted Stock The Company did not grant any shares of restricted common stock during the three months ended March 31, 2025 and 2024.  At March 31, 2025, the Company did not have any unvested shares of restricted common stock outstanding, and no restricted shares vested during the three months ended March 31, 2025 and 2024.Dividend Equivalents A dividend equivalent is a right to receive a distribution equal to the dividend distributions that would be paid on a share of the Company’s common stock.  Dividend equivalents may be granted as a separate instrument or may be a right associated with the grant of another award (e.g., an RSU) under the Equity Plan, and they are paid typically in cash or other consideration at such times and in accordance with such rules as the Compensation Committee of the Board shall determine in its discretion.  Dividend equivalent payments are generally charged to Stockholders’ Equity when common stock dividends are declared to the extent that such equivalents are expected to vest. The Company made dividend equivalent payments associated with RSU awards of approximately $0.3 million during the three months ended March 31, 2025