Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 174

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 174
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 carrying value, and securitized debt, at fair value.

(4)Collateralized financing agreements include the following: mark-to-market asset based financing and non-mark-to-market asset based financing.  For additional information, see Note 6, included under Item 1 of this Quarterly Report on Form 10-Q.  

(5)Net interest rate spread reflects the difference between the yield on average interest-earning assets and average cost of funds.

(6)Reflects the impact of positive or negative swap carry.  Positive swap carry results when income from the receive leg of a swap is greater than the expense on the pay leg.  Negative swap carry results when income from the receive leg is less than the expense on the pay leg.

(7)Net interest margin reflects annualized net interest income (including net swap carry) divided by average interest-earning assets.  

72  

Rate/Volume Analysis

Three Months Ended March 31, 2025Compared to Three Months Ended March 31, 2024 Increase/(Decrease) due toTotal Net Change in Interest Income/Expense(In Thousands)VolumeRateInterest-earning assets:   Residential whole loans$(9,615)$3,260 $(6,355)Securities, at fair value14,078 (2,400)11,678 Cash and cash equivalents370 (1,254)(884)Other interest-earning assets(1,530)765 (765)Total net change in income from interest-earning assets$3,303 $371 $3,674 Interest-bearing liabilities:   Securitized debt11,348 5,678 17,026 Residential whole loan financing agreements$(21,139)$(7,932)$(29,071)Securities, at fair value repurchase agreements9,322 (2,207)7,115 REO financing agreements(27)(54)(81)Convertible Senior Notes(3,158)— (3,158)8.875% Senior Notes320 — 320 9.00% Senior Notes1,800 — 1,800 Total net change in expense of interest-bearing liabilities$(1,534)$(4,515)$(6,049)Net change in net interest income$4,837 $4,886 $9,723 

Interest Income

Interest income on our Securities, at fair value portfolio for the three months