Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 186

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 186
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 us with financing.  In addition, there is no assurance that favorable market conditions will exist to permit us to consummate additional securitization transactions if we determine to seek that form of financing.

Our ability to meet future margin calls will be affected by our ability to use cash or obtain financing from unpledged collateral, the amount of which can vary based on the market value of such collateral, our cash position and margin requirements.  Our cash position fluctuates based on the timing of our operating, investing and financing activities and is managed based on our anticipated cash needs.  (See our Consolidated Statements of Cash Flows, included under Item 1 of this Quarterly Report on Form 10-Q and “Interest Rate Risk” included under Item 3 of this Quarterly Report on Form 10-Q.) 

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The table below presents certain information about our borrowings under asset-backed financing agreements and securitized debt:

 Asset-backed Financing AgreementsSecuritized DebtQuarter Ended (1)Quarterly Average BalanceEnd of Period BalanceMaximum Balance at Any Month-EndQuarterly Average BalanceEnd of Period BalanceMaximum Balance at Any Month-End(In Thousands)      March 31, 2025$3,217,776 $3,309,541 $3,309,541 $5,774,172 $5,873,718 $5,873,718 December 31, 20243,321,754 3,176,824 3,455,758 5,586,928 5,794,977 5,794,977 September 30, 20243,441,493 3,450,136 3,450,136 5,257,841 5,288,997 5,288,997 June 30, 20243,556,701 3,660,342 3,660,342 5,029,703 5,047,613 5,078,946 March 31, 20243,645,218 3,611,212 3,686,018 4,792,515 4,794,400 4,812,304 

(1)The information presented in the table above excludes Senior notes (Note 6).

Cash Flows and Liquidity for the Three Months Ended March 31, 2025 

Our cash, cash equivalents and restricted cash decreased by $128.0 million