Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 20

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 interest margin reflects annualized net interest income (including net Swap carry) divided by average interest-earning assets.

69  

Rate/Volume Analysis

The following table presents the extent to which changes in interest rates (yield/cost) and changes in the volume (average balance) of interest-earning assets and interest-bearing liabilities have affected our interest income and interest expense during the periods indicated.  Information is provided in each category with respect to: (i) the changes attributable to changes in volume (changes in average balance multiplied by prior rate); (ii) the changes attributable to changes in rate (changes in rate multiplied by prior average balance); and (iii) the net change.  The changes attributable to the combined impact of volume and rate have been allocated proportionately, based on absolute values, to the changes due to rate and volume.

Three Months Ended September 30, 2025Compared to Three Months Ended June 30, 2025 Increase/(Decrease) due toTotal Net Change in Interest Income/Expense(In Thousands)VolumeRateInterest-earning assets:   Residential whole loans$(384)$(894)$(1,278)Securities, at fair value2,652 (3,722)(1,070)Cash and cash equivalents(152)(40)(192)Other interest earning assets(6)(7)(13)Total net change in income from interest-earning assets$2,110 $(4,663)$(2,553)Interest-bearing liabilities:  Securitized debt$1,399 $848 $2,247 Residential whole loan financing agreements(1,798)(451)(2,249)Securities, at fair value repurchase agreements2,076 (181)1,895 REO financing agreements(13)— (13)Other secured financing45 — 45 8.875% Senior Notes5 — 5 9.00% Senior Notes3 — 3 Total net change in expense of interest-bearing liabilities$1,717 $216 $1,933 Net change in net interest income$393 $(4,879)$(4,486)

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 LiabilitiesQuarter EndedNet Interest Spread (1)Net Interest Margin (2)September 30,