Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 122

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 5
Chunk 122
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,152,213 Outstanding amount of Senior Bonds, at carrying value$583,597 (1)$765,433 (1)Outstanding amount of Senior Bonds, at fair value$5,211,380 $3,985,372 Outstanding amount of Senior Bonds, total$5,794,977 $4,750,805 Weighted average fixed rate for Senior Bonds issued5.02 %(2)4.51 %(2)Weighted average contractual maturity of Senior Bonds36 years(2)36 years(2)Face amount of Senior Support Certificates received by the Company (3)$1,222,029 $1,047,297 Cash received$8,574,069 $7,089,575 (1)Net of $1.1 million and $1.5 million of deferred financing costs at December 31, 2024 and 2023, respectively.(2)At December 31, 2024 and 2023, $4.2 billion and $3.4 billion, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 150, or 300 basis points or more at defined dates ranging from 30 months, up to 48 months from issuance if the bond is not redeemed before such date.(3)Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.During the years ended December 31, 2024 and 2023, the Company issued Senior Bonds with a current face of $2.1 billion and $1.8 billion to third-party investors for proceeds of $2.1 billion and $1.8 billion, respectively, before offering costs and accrued interest. The Senior Bonds issued by the Company during the years ended December 31, 2024 and 2023 are included in Financing agreements on the Company’s consolidated balance sheets (see Note 6). During the three months ended June 30, 2024, the Company liquidated one SPE (which had been formed in 2021) and repaid the remaining $68.1 million of outstanding Senior Bonds issued by such SPE.  During the three months ended September 30, 2024, the Company redeemed one SPE (which had been formed in 2022) and repaid the remaining $176.3 million of outstanding