Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 264

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 264
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%6.50% Coupon25,607 100.4 %102.7 %26,289 1536.1 %  Total$1,403,891 100.2 %99.2 %$1,392,635 119.2 %(1)  Reflects the average of the one month CPR for the number of months the security was held during the most recent three month period.Term Notes Backed by MSR Collateral During the second quarter of 2025, the Term Notes Backed by MSR Collateral were repaid in full. At December 31, 2024, the Company had $54.6 million of term notes issued by SPVs that had acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs.  Payment of principal and interest on these term notes was considered to be largely dependent on cash flows generated by the underlying MSRs, as this impacts the cash flows available to the SPV that issued the term notes.  CRT SecuritiesCRT securities are debt obligations issued by or sponsored by Fannie Mae and Freddie Mac.  The coupon payments on CRT securities are paid by the issuer and the principal payments received are dependent on the performance of loans in either a reference pool or an actual pool of loans. At June 30, 2025 and December 31, 2024, the Company had $61.2 million and $67.6 million, respectively, of CRT securities. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company.  The Company assesses the credit risk associated with its investments in CRT securities by assessing the current and expected future performance of the associated loan pool.  The Company pledges a portion of its CRT securities as collateral against its borrowings under repurchase agreements (see Note 6).Non-Agency MBSNon-Agency MBS are primarily secured by pools of residential mortgages, which are not guaranteed by an agency of the U.S. Government or any federally chartered corporation.  At June 30, 2025, and December 31, 2024, the Company had $22.5 million and $22.6 million, respectively, of Non-Agency MBS.  These securities were acquired on the de-consolidation of certain trusts that held previously securitized Agency