Company: MFAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001055160-25-000013
Chunk: 194

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 194
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  These adjustments are also reflected in the table below in our end of period stockholders’ equity.  Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes.  Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP book value per common share to our non-GAAP Economic book value per common share as of the quarterly periods below:

Quarter Ended:(In Millions, Except Per Share Amounts)June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024GAAP Total Stockholders’ Equity$1,822.1 $1,838.4 $1,841.8 $1,880.5 $1,883.2 $1,884.2 Preferred Stock, liquidation preference(475.0)(475.0)(475.0)(475.0)(475.0)(475.0)GAAP Stockholders’ Equity for book value per common share1,347.1 1,363.4 1,366.8 1,405.5 1,408.2 1,409.2 Adjustments:Fair value adjustment to Residential whole loans, at carrying value1.8 (6.3)(15.3)6.7 (26.8)(35.4)Fair value adjustment to Securitized debt, at carrying value57.1 63.1 70.3 64.3 82.3 88.4 Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)$1,406.0 $1,420.2 $1,421.8 $1,476.5 $1,463.7 $1,462.2 GAAP book value per common share$13.12 $13.28 $13.39 $13.77 $13.80 $13.80 E