Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 347

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 347
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 and restricted cash increased by $113.1 million during 2024, reflecting:  $424.6 million used in our investing activities, $337.6 million provided by our financing activities and $200.1 million provided by our operating activities.

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At December 31, 2024, our debt-to-equity multiple was 5.0 times compared to 4.5 times at December 31, 2023.  Our recourse leverage multiple at December 31, 2024 and December 31, 2023 was 1.7 times. At December 31, 2024, we had borrowings under asset-backed financing agreements of $3.2 billion, of which $1.9 billion were secured by residential whole loans, $1.3 billion were secured by securities and $25.4 million were secured by REO.  In addition, at December 31, 2024, we had securitized debt of $5.8 billion in connection with our loan securitization transactions. At December 31, 2023, we had borrowings under asset-backed financing agreements of $3.6 billion, of which $2.9 billion were secured by residential whole loans, $622.6 million were secured by securities and $25.2 million were secured by REO.  In addition, at December 31, 2023, we had securitized debt of $4.8 billion in connection with our loan securitization transactions. 

During 2024, $0.4 billion was used in our investing activities. We utilized $2.7 billion for acquisitions and origination of residential whole loans, loan related investments and capitalized advances. During 2024, we received $2.2 billion of principal payments on residential whole loans and loan related investments, $654.1 million of proceeds from the sale of residential whole loans, and $86.1 million of proceeds on sales of REO.  In addition, during 2024, we utilized $869.1 million for acquisitions of securities and received cash proceeds of $45.6 million from sales of securities and other assets and $84.0 million from principal payments on our securities.  

In connection with our repurchase agreement financings and Swaps, we routinely receive margin calls from our counterparties and make margin calls (“reverse margin calls”) to our counterparties.  Margin calls and reverse margin calls, which requirements vary over time, may occur daily between us