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

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 Economic book value per share, including a reconciliation to GAAP book value per share, refer to “Reconciliation of GAAP and Non-GAAP Financial Measures” below. 

For more information regarding market factors which impact our portfolio, see Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and Item 3. “Quantitative and Qualitative Disclosures About Market Risk” of this Quarterly Report on Form 10-Q.

Information About Our Assets

The table below presents certain information about our asset allocation at June 30, 2025:

ASSET ALLOCATION

(Dollars in Millions)Non-QM loansSingle-family rental loansSingle-family transitional loansMultifamily transitional loansLegacy RPL/NPL loansSecurities, at fair valueOther, net (1)TotalAsset Amount$4,844 $1,291 $875 $731 $1,027 $1,830 $730 $11,328 Financing Agreements with Non-mark-to-market Collateral Provisions— (8)(107)(142)— — — (257)Financing Agreements with Mark-to-market Collateral Provisions(821)(251)(201)(148)(77)(1,602)(61)(3,161)Securitized Debt(3,457)(862)(418)(291)(867)— (9)(5,904)Senior Notes— — — — — — (184)(184)Net Equity Allocated$566 $170 $149 $150 $83 $228 $476 $1,822 Debt/Net Equity Ratio (2)7.6 x6.6 x4.9 x3.9 x11.4 x7.0 x5.2 x

(1)Includes $275.7 million of cash and cash equivalents, $269.2 million of restricted cash, $51.5 million of Other loans and $20.2 million of capital contributions made to loan origination partners, as well as other assets and other liabilities.    

(2)Total Debt/Net Equity ratio represents the sum of borrowings under our financing agreements as a multiple of net equity allocated. 

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Residential Whole Loans

The following table presents the contractual maturities of our residential whole loan portfolios at June