Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 24

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 24
---
 such stock or that stockholders may otherwise believe is in their best interests.

Our charter contains restrictions upon transfer and ownership of our stock, which may impair the ability of holders to acquire the Series B Preferred Stock and Series C Preferred Stock or convert the Series B Preferred Stock and Series C Preferred Stock into our common stock.

Our charter contains restrictions on transfer and ownership of our stock intended to, among other purposes, assist us in maintaining our qualification as a REIT for U.S. federal income tax purposes. Among other things, our charter provides that, subject to certain exceptions, no person or entity may actually or beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our capital stock. See “The Series B Preferred Stock — Restrictions on Transfer and Ownership” and “The Series C Preferred Stock — Restrictions on Transfer and Ownership” in this prospectus supplement and “Description of Common Stock and Preferred Stock — Restrictions on Ownership and Transfer” in the accompanying prospectus. You should consider these ownership limitations prior to your purchase of the Series B Preferred Stock or Series C Preferred Stock. No holder of Series B Preferred Stock or Series C

<div align='center'>S-16</div>

TABLE OF CONTENTS

Preferred Stock will be entitled to convert such stock into our common stock to the extent that receipt of shares of our common stock would cause the holder (or any other person) to exceed any of the limitations on ownership and transfer contained in our charter. In addition, these restrictions could have antitakeover effects and could reduce the possibility that a third party will attempt to acquire control of us, which could adversely affect the market price of the Series B Preferred Stock and Series C Preferred Stock.

We may issue additional shares of Series B Preferred Stock, Series C Preferred Stock and additional classes or series of preferred stock that rank on parity with or senior to the Series B Preferred Stock and Series C Preferred Stock as to dividend rights, rights upon liquidation or voting rights.

The issuance of additional shares of Series B Preferred Stock, Series C Preferred Stock and additional series of Parity Stock or Senior Stock would dilute the interests of the holders of the Series B Preferred Stock and Series C Preferred Stock, and any issuance of Senior Stock to the Series B Preferred Stock and Series C Preferred Stock or of additional indebtedness could affect our ability to pay dividends on, redeem or pay the liquidation preference on the