Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 148

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 148
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 any other significant assets or carry any significant liabilities, except that two entities contain properties encumbered by third-party financing. The property acquired in 2023 was considered held-for-sale, while the properties foreclosed in 2024 are considered held-for-investment.

(b)   Goodwill and Intangible AssetsOn July 1, 2021, the Company completed the acquisition of Lima One.  In connection with the acquisition of Lima One, the Company identified and recorded goodwill of $61.1 million and finite-lived intangible assets totaling $28.0 million. In 2024, the Company changed its annual goodwill impairment assessment date from November 30 to October 1. No impairment has been recorded since the goodwill was initially recognized.

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Table of ContentsMFA FINANCIAL, INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

The amortization period for each of the finite lived intangible assets and the activity for the years ended December 31, 2024, 2023 and 2022 is summarized in the table below:(Dollars in Thousands)Carrying Value at December 31, 2021Amortization Year Ended December 31, 2022Amortization Year Ended December 31, 2023Amortization Year Ended December 31, 2024Carrying Value at December 31, 2024Amortization Period (Years) (1)Trademarks / Trade Names$3,800 $(400)$(400)$(400)$2,600 10Customer Relationships12,000 (6,000)(3,000)(2,000)1,000 4Internally Developed Software3,600 (800)(800)(800)1,200 5Non-Compete Agreements2,000 (2,000)— — — 1Total Identified Intangibles$21,400 $(9,200)$(4,200)$(3,200)$4,800 

(1)Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition. 

(c)   Capital Contributions Made to Loan Origination Partners The Company has made investments in several loan originators as part of its strategy to be a reliable source of capital to select partners from whom the Company sources residential mortgage loans through both flow arrangements and bulk