Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 189

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 189
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 interest-earning assets$12,110 $(3,106)$9,004 Interest-bearing liabilities:   Securitized debt30,832 12,327 43,159 Residential whole loan financing agreements$(53,188)$(24,651)$(77,839)Securities, at fair value repurchase agreements30,881 (7,283)23,598 REO financing agreements(427)(164)(591)Convertible Senior Notes(5,540)— (5,540)Other secured financing45 — 45 8.875% Senior Notes356 — 356 9.00% Senior Notes2,141 — 2,141 Total net change in expense of interest-bearing liabilities$5,100 $(19,771)$(14,671)Net change in net interest income$7,010 $16,665 $23,675 

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The following table presents the components of the net interest spread earned on our Residential mortgage assets for the periods presented:

 Nine Months EndedSeptember 30, 2025September 30, 2024Non-QM LoansNet Yield (1)5.84 %5.45 %Cost of Funding (2)(5.14)%(5.18)%Impact of net Swap carry (3)0.69 %1.69 %Net Interest Spread1.39 %1.96 %Business Purpose LoansNet Yield (1)7.99 %7.85 %Cost of Funding (2)(6.09)%(6.69)%Impact of net Swap carry (3)0.46 %0.98 %Net Interest Spread2.36 %2.14 %Legacy RPL/NPL LoansNet Yield (1)8.08 %8.03 %Cost of Funding (2)(4.28)%(4.64)%Impact of net Swap carry (3)0.41 %0.89 %Net Interest Spread4.21 %4.28 %Total Residential Whole LoansNet Yield (1)6.81 %6.76 %Cost of Funding (2)(5.36)%(5.78)%Impact of net Swap carry (3)0.59 %1.30 %Net Interest Spread2.04 %2.28 %Securities, at fair valueNet Yield (1)6.