Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 146

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 146
---
5.    Other Assets 

The following table presents the components of the Company’s Other assets at December 31, 2024 and 2023:(In Thousands)December 31, 2024December 31, 2023REO130,854 110,174 Commercial REO18,373 22,717 Goodwill61,076 61,076 Intangibles, net (1)4,800 8,000 Capital contributions made to loan origination partners16,793 19,780 Commercial loans7,435 51,426 Interest receivable104,395 98,924 Other loan related receivables21,643 24,084 Lease right-of-use asset (2)35,461 37,819 Other58,725 63,097 Total Other Assets$459,555 $497,097 (1)Net of aggregate accumulated amortization of $23.2 million and $20.0 million as of December 31, 2024 and 2023, respectively.(2)An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2 and 9).  

92  

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

(a)   Real Estate Owned and Commercial REO The below table summarizes the aggregate carrying value of REO properties by loan source prior to foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement.(Dollars In Thousands)December 31, 2024December 31, 2023Business purpose loans$71,090 $28,328 Non-QM loans1,278 3,374 Legacy RPL/NPL loans58,486 78,472 Total$130,854 $110,174 Number of properties416 300 At December 31, 2024, $130.7 million of residential real estate property was held by the Company that was acquired either through a completed foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement.  In addition, formal foreclosure proceedings were in process with respect to $55.4 million of residential whole loans held at carrying value and $324.3 million of residential whole loans held at fair value at December 31, 2024.