Company: MFAN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001055160-25-000007
Chunk: 172

Company: MFA FINANCIAL, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 172
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 by $9.7 million, or 20.3%, to $57.5 million for the three months ended March 31, 2025 compared to net interest income of $47.8 million for the three months ended March 31, 2024.  For the three months ended March 31, 2025, net interest income, which does not include the benefit of swap carry, includes higher net interest income from our residential whole loan portfolio of $5.6 million compared to the three months ended March 31, 2024, primarily due to lower average balances of, and rates on, our financing agreements and an increase in yields on our residential whole loan portfolio, partially offset by an increase in average balances of, and rates, on our securitized debt and lower average balances of our residential whole loan portfolio. Net interest income for the three months ended March 31, 2025 also includes higher net interest from our securities portfolio of $4.6 million compared to the three months ended March 31, 2024, primarily due to an increase in average balance of securities and lower rates on securities repurchase agreements, partially offset by and increase in average balances of securities repurchase agreements and lower yield on securities. 

71  

Analysis of Net Interest Income

The following table sets forth certain information about the average balances of our assets and liabilities and their related yields and costs for the three months ended March 31, 2025 and 2024.  Average yields are derived by dividing annualized interest income by the average amortized cost of the related assets, and average costs are derived by dividing annualized interest expense by the daily average balance of the related liabilities, for the periods shown.  The yields and costs may include premium amortization and discount accretion which are considered adjustments to interest income or expense. 

 Three Months Ended March 31, 20252024 Average BalanceInterestAverage Yield/CostAverage Balance InterestAverage Yield/Cost(Dollars in Thousands) Assets:      Interest-earning assets (1):      Residential whole loans$8,945,010 $151,310 6.77 %$9,513,309 $157,665 6.63 %Securities, at fair value1,625,980 24,670 6.07 717,348 12,992 7.24 Cash and cash equivalents (2)496,435 4,127