Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 27

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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.  Compensation and benefits expense increased by $5.2 million to $23.3 million for the first quarter of 2025, compared to $18.0 million for the fourth quarter of 2024, primarily driven by the accelerated recognition of stock-based compensation in the first quarter of 2025 related to awards made to retirement eligible employees in January 2025.  

Other general and administrative expenses are comprised of leasing and other office expenses, professional fees, insurance costs, board of directors fees, and miscellaneous expenses.  Other general and administrative expenses of $10.3 million for the first quarter of 2025 were relatively unchanged when compared to $10.0 million for the fourth quarter of 2024.

Loan servicing and other related operating expenses are composed of non-recoverable advances, upfront costs on securitization and other fees related to our residential whole loan activities.  These expenses decreased compared to the prior quarter period by approximately $3.8 million, or 34.3%, primarily due to lower expenses recognized related to loan securitization activities.

Selected Financial Ratios

The following table presents information regarding certain of our financial ratios at or for the dates presented:

At or for the Quarter EndedReturn on Average Total Assets (1)Return on Average Total Stockholders’ Equity (2)Dividend Payout Ratio (3)Total AverageStockholders’ Equity toTotal Average Assets (4)Leverage Multiple (5)Recourse Leverage Multiple (6)March 31, 20251.45 %8.91 %1.1316.31 %5.11.8December 31, 20240.21 1.26 —16.41 5.01.7September 30, 20241.74 10.17 0.9217.10 4.81.8June 30, 20241.52 8.85 1.0917.14 4.71.7March 31, 20240.85 4.69 2.5018.23 4.61.8

(1)Reflects annualized net income divided by average total assets.

(2)Reflects annualized net income divided by average total stockholders’ equity. 

(3)Reflects dividends declared per share of common stock divided by earnings per share.  The ratio has not been calculated for periods where earnings per