Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 25

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 25
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 |     |            419,996 |     |              540,370 |

| 1. | Amounts in this column represent the value of compensation deferred by the director (including dividend equivalents credited to hypothetical stock units) from the inception of the individual director’s elected participation in the Non-Employee Directors Plan, less cash distributions, if any, made at the termination of any elected deferral and payment period before the effect of distributions, if any, made during 2024. Amounts in this column represent the fair market value of hypothetical stock units in the director’s deferred compensation account (including dividend equivalents credited to hypothetical stock units) based on the closing price of the Common Stock of $11.27 per share as reported on the NYSE on December 29, 2023 (the last trading day of the year). |

| 3. | Amounts in this column represent the fair market value on December 31, 2024, of hypothetical stock units in the director’s deferred compensation account (including dividend equivalents credited to outstanding hypothetical stock units) (based upon the closing price of the Common Stock of $10.19 per share reported on the NYSE on December 31, 2024, under the Non-Employee Directors Plan. |

| MFA Financial, Inc. | 18 | 2025 Proxy Statement |

TABLE OF CONTENTS

The Non-Employee Directors are subject to a share retention/alignment requirement pursuant to which each Non-Employee Director is required to hold and maintain equity in MFA, which could include Common Stock and/or RSUs under the Non-Employee Directors Plan (collectively, the “Equivalent Shares”), in an amount equal to no less than three times (3x) the annual cash retainer (currently $100,000 per year) payable to Non-Employee Directors. Generally, this retention requirement must be met within five years after becoming a director. As of the Record Date (the close of business on April 8, 2025), all of our current Non-Employee Directors have met this retention requirement, except Christopher Small, who was elected to the Board in March 2025. The following table summarizes information regarding the number of Equivalent Shares owned by each of our current Non-Employee Directors as of the Record Date.

| Name          |     |         Shares of Common 
 Stock Beneficially Owned 
                        

# |     | Fully-Vested RSUs Owned 
                       

# |     |         Total Number of 
 Equivalent Shares Owned 
                       # |
| L