Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 26

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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8.23 4.61.8

(1)Reflects annualized net income divided by average total assets.

(2)Reflects annualized net income divided by average total stockholders’ equity. 

(3)Reflects dividends declared per share of common stock divided by earnings per share.  The ratio has not been calculated for periods where earnings per share is negative as the calculations are not meaningful.

(4)Reflects total average stockholders’ equity divided by total average assets. 

(5)Represents the sum of our borrowings under financing agreements and payable for unsettled purchases divided by stockholders’ equity.

(6)Represents the sum of our borrowings under financing agreements (excluding securitized debt and other non-recourse debt) and payable for unsettled purchases divided by stockholders’ equity. 

73  

Nine Month Period Ended September 30, 2025 Compared to the Nine Month Period Ended September 30, 2024 

The following table summarizes the changes in our results of operations for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.  

Nine Months Ended(In Thousands, Except Per Share Amounts)September 30, 2025 September 30, 2024YoY ChangeInterest Income:Residential whole loans$459,168 $480,788 $(21,620)Securities, at fair value81,156 41,363 39,793 Other interest-earning assets1,441 6,341 (4,900)Cash and cash equivalent investments12,875 17,144 (4,269)Interest Income$554,640 $545,636 $9,004 Interest Expense:Asset-backed and other collateralized financing arrangements$365,357 $377,030 $(11,673)Other interest expense13,680 16,678 (2,998)Interest Expense$379,037 $393,708 $(14,671)Net Interest Income$175,603 $151,928 $23,675 Reversal/(Provision) for Credit Losses on Residential Whole Loans$(1,212)$3,481 $(4,693)Reversal/(Provision) for Credit Losses on Other Assets— (1,135)1,135 Net Interest Income after Reversal/(Provision) for Credit Losses$174,391