Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 47

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 47
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 by $64.3 million during the nine months ended September 30, 2025, reflecting:  $554.0 million used in our investing activities, $451.1 million provided by our financing activities and $38.6 million provided by our operating activities.

At September 30, 2025, our debt-to-equity multiple was 5.5 times compared to 5.0 times at December 31, 2024.  Our recourse leverage multiple at September 30, 2025 was 1.9 times compared to 1.7 times at December 31, 2024. At September 30, 2025, we had borrowings under asset-backed financing agreements of $3.3 billion, of which $1.4 billion were secured by residential whole loans, $1.9 billion were secured by securities and $19.1 million were secured by REO.  In addition, at September 30, 2025, we had securitized debt of $6.4 billion in connection with our loan securitization transactions. At December 31, 2024, we had borrowings under asset-backed financing agreements of $3.2 billion, of which $1.9 billion were secured by residential whole loans, $1.3 billion were secured by securities and $25.4 million were secured by REO. In addition, at December 31, 2024, we had securitized debt of $5.8 billion in connection with our loan securitization transactions.  

During the nine months ended September 30, 2025, $554.0 million was used in our investing activities. We utilized $2.0 billion for acquisitions and origination of residential whole loans, loan related investments and capitalized advances. During the nine months ended September 30, 2025, we received $1.8 billion of principal payments on residential whole loans and loan related investments, $220.3 million of proceeds from the sale of residential whole loans, and $74.0 million of proceeds on sales of REO. In addition, during the nine months ended September 30, 2025, we utilized $817.6 million for acquisitions of securities and received $171.9 million from principal payments on our securities and cash proceeds of $20.8 million from sales of securities and other assets.  

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In connection with our repurchase agreement financings and Swaps, we routinely receive margin calls from our counterpart