Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 20

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 20
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 Preferred Stock. Subject to limitations prescribed by Maryland law and our charter, our Board is authorized to issue, from our authorized but unissued shares of stock, preferred stock in such classes or series as our Board may determine and to establish from time to time the number of shares of preferred stock to be included in any such class or series and to set the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of any such class or series. The issuance of additional shares of Series B Preferred Stock, Series C Preferred Stock or other Parity Stock would dilute the interests of the holders of Series B Preferred Stock and Series C Preferred Stock, and the issuance of any Senior Stock or the incurrence of additional indebtedness could affect our ability to pay dividends on, redeem or pay the liquidation preference on the Preferred Stock. Other than the limited conversion rights afforded to holders of Preferred Stock that may become exercisable in connection with certain changes of control as described in this prospectus supplement under the headings “Description of the Preferred Stock — The Series B Preferred Stock — Conversion Rights” and “The Series C Preferred Stock — Conversion Rights,” none of the provisions relating to the Series B Preferred Stock and Series C Preferred Stock contain any terms relating to or limiting our indebtedness or affording the holders of Preferred Stock protection in the event of a highly leveraged or other transaction, including a merger or the sale, lease or conveyance of all or substantially all of our assets, so long as the rights of the holders of Series B Preferred Stock and Series C Preferred Stock are not materially and adversely affected.

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TABLE OF CONTENTS

The Series B Preferred Stock and Series C Preferred Stock have not been rated.

We have not sought to obtain a rating for the Series B Preferred Stock or Series C Preferred Stock, and the Series B Preferred Stock and Series C Preferred Stock may never be rated. It is possible, however, that one or more rating agencies might independently determine to assign a rating to the Series B Preferred Stock or Series C Preferred Stock or that we may elect to obtain a rating of our Series B Preferred Stock or Series C Preferred Stock in the future. Furthermore, we may elect to issue other securities for which we may seek to obtain a rating. If any ratings are assigned to the Series B Preferred Stock or Series C Preferred Stock in the future or if we issue other securities with a rating, such ratings, if they are lower than market expectations or