Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 200

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 200
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 $100.0 million, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (or the “Preferred Stock ATM Program”). We sold an aggregate of approximately 195,000 shares of preferred stock through the Preferred Stock ATM Program during the three months ended September 30, 2025 for gross sales proceeds of approximately $4.5 million. As of September 30, 2025, approximately $96 million remained available under the current authorization for the Preferred Stock ATM Program.

On February 29, 2024, we entered into a distribution agreement pursuant to which we may offer and sell shares of our common stock having an aggregate gross sales price of up to $300 million, from time to time, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (or the Common Stock ATM Program). On August 15, 2025, this agreement was terminated and a new distribution agreement with substantially the same terms was executed. During the nine months ended September 30, 2025, we did not sell any shares of common stock through the Common Stock ATM Program. At September 30, 2025, $300 million remained available under the Common Stock ATM Program.

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On February 29, 2024, we announced our Board had authorized a $200 million stock repurchase program with respect to our common stock, which will be in effect through the end of 2025. During the three and nine months ended September 30, 2025, we repurchased 485,652 shares of our common stock through the stock repurchase program at an average cost of $10.31 per share and a total cost of approximately $5.0 million, net of fees and commissions paid to the sales agent of approximately $5,000.  At September 30, 2025, $195 million remained available under the current Board authorization for the purchase of common stock under our stock repurchase program.

In April 2024, we completed the issuance of $75.0 million in aggregate principal amount of our 9.00% Senior Notes due 2029 (or the 9.00% Senior Notes) in an underwritten public offering. The 9.00% Senior Notes are our senior unsecured obligations and bear interest at a rate equal to 9.00% per year, payable in cash quarterly in arrears on February 15, May 15, August 15,