Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 92

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 92
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| 5. | Reflects after-tax net income/(loss) in accordance with GAAP for each of the years shown. |

| 6. | The Company has designated “Adjusted Distributable Earnings ROAE” as its Company Selected Measure, as this measure (as well as, “Adjusted GAAP ROAE”) is the most important measure identified below under “2024 Most Important Financial Measures,” which, in the Company’s assessment, represents for 2024 the most important performance measure used to link compensation actually paid to our PEO and other NEOs to the Company’s performance. Adjusted Distributable Earnings ROAE is defined on page40of this Proxy Statement and is a non-GAAP financial measure. Per SEC rules, the percentage shown is for the applicable calendar year. See Appendix D for a reconciliation of such measure to its comparable GAAP measure for the 2024 calendar year. |

| MFA Financial, Inc. | 71 | 2025 Proxy Statement |

TABLE OF CONTENTS

Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:

|                                                                                                                                                                        |     |   Year 2024 |     |             |
| Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid                                                                               |     |         PEO |     | Average for 
    Non-PEO- 
        NEOs |
| Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table                                                                         |     | -$4,000,017 |     | -$1,025,016 |
| Increase for fair value at 12/31/2024 of awards granted during 2024 that remain unvested as of year-end                                                                |     |  $3,741,480 |     |    $702,490 |
| Increase/(Deduction) for change in fair value from 12/31/2023 to 12/31/2024 of awards granted in 2023 that were outstanding and unvested as of 12/31/2024              |     |    -$61,568 |     |    -$15,161 |
| Increase/(Deduction) for change in fair value from 12/31/2023 to vesting date of awards granted in 2022 that vested during 2024                                        |     |    -$86,669 |     |    -$15,303 |
| Increase/(Deduction) for fair value at 12/31/2023 of forfeited performance-based awards granted in