Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 164

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 164
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)Deferred provision/(benefit)Federal— 251 166 State— 48 29 Total deferred provision/(benefit)— 299 195 Total provision/(benefit)$443 $278 $(851)The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at December 31, 2024, 2023, and 2022:  For the Year EndedDecember 31, 2024December 31, 2023December 31, 2022Federal statutory rate21.0 %21.0 %21.0 %Non-taxable REIT income (dividends paid deduction)(21.0)%(34.9)%2.6 %Other differences in taxable income/(loss) from GAAP12.1 %23.7 %(13.0)%State and local taxes— %— %— %Change in valuation allowance on DTAs(11.8)%(9.5)%(10.1)%Effective tax rate0.3 %0.3 %0.5 %

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

9.    Commitments and Contingencies 

 (a) Lease Commitments  The Company’s primary lease commitment relates to its corporate headquarters.  For the years ended December 31, 2024, 2023, and 2022 the Company recorded an expense in connection with this lease of approximately $5.4 million, $5.2 million, and $5.0 million, respectively. The original term specified in this lease is approximately fifteen years with a termination date of December 2036 and an option to renew for an additional five years.  The Company recognized total lease expense of $7.4 million, $6.7 million and $6.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in Other general and administrative expense on the Company’s consolidated statements of operations.At December 31, 2024, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) for the Company’s lease commitments were as follows:   Year Ended December 31, Minimum Rental Payments(In Thousands) 2025$5