Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 161

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 161
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 loans and securitized debt held at carrying value, was $13.69 per common share, each representing decreases of 1% as compared to March 31, 2025. 

For the quarter, our Lima One subsidiary originated Business purpose loans with a maximum unpaid principal balance of $217 million, an increase from the $213 million originated in the first quarter of 2025. We continued to make progress augmenting Lima One’s sales force and enhancing Lima One’s technology platform. During the quarter, Lima One sold recently originated Single-family rental loans with an unpaid principal balance of $37.4 million to third parties and realized gains of $1.1 million. 

For additional information regarding the calculation of Distributable earnings and Economic book value per share, including a reconciliation to GAAP Net Income and GAAP book value per share, respectively, refer to “Reconciliation of GAAP and Non-GAAP Financial Measures” below.

Second quarter 2025 portfolio activity and impact on financial results

At June 30, 2025, our residential mortgage asset portfolio, which includes residential whole loans and REO, and Securities, at fair value, was approximately $10.8 billion, compared to $10.7 billion at March 31, 2025.  

The following table presents the activity for our residential mortgage asset portfolio for the three months ended June 30, 2025:

(In Millions)March 31, 2025Runoff (1)Acquisitions & Originations (2)Other (3)June 30, 2025ChangeResidential whole loans and REO$8,915 $(678)$745 $(27)$8,955 $40 Securities, at fair value1,790 (96)131 5 1,830 40 Total$10,705 $(774)$876 $(22)$10,785 $80 

(1)    Primarily includes principal repayments and sales of REO.

(2)    Includes draws on previously originated Transitional loans.  

(3)    Primarily includes loan sales, changes in fair value and changes in the allowance for credit losses.  

At June 30, 2025, our total recorded investment in residential whole loans and REO was $9.0 billion, or 83.0% of our residential mortgage asset portfolio. Of this amount, $4.8 billion are Non-QM loans, $1.3 billion are