Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 327

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 327
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53,583 $118,368 Interest-bearing liabilities:Securitized debt$46,714 $37,949 $84,663 Residential whole loan financing agreements(18,090)1,800 (16,290)Securities, at fair value repurchase agreements19,161 (1,367)17,794 REO financing agreements260 82 342 Convertible Senior Notes(10,061)— (10,061)8.875% Senior Notes10,603 — 10,603 9.00% Senior Notes5,065 — 5,065 Total net change in expense of interest-bearing liabilities$53,652 $38,464 $92,116 Net change in net interest income$11,133 $15,119 $26,252 

The following table presents certain quarterly information regarding our net interest spread and net interest margin for the quarterly periods presented:  

 Total Interest-Earning Assets and Interest-Bearing Liabilities Quarter EndedNet Interest Spread (1)Net Interest Margin (2)December 31, 20241.99 %2.76 %September 30, 20242.18 3.00 June 30, 20242.16 3.01 March 31, 20242.06 2.88 December 31, 20232.13 2.96 September 30, 20232.17 3.02 June 30, 20232.14 2.99 March 31, 20231.74 2.64 

(1)Reflects the difference between the yield on average interest-earning assets and average cost of funds (including net swap income or expense).

(2)Reflects annualized net interest income (including net swap income or expense) divided by average interest-earning assets.

50  

The following table presents the components of the net interest spread earned on our Residential whole loans for the quarterly periods presented:  

Quarter EndedDecember 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023Business Purpose LoansNet Yield (1)7.73 %7.91 %7.