Company: MFAN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001055160-25-000018
Chunk: 191

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 191
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 $23.5 million for the nine months ended September 30, 2024. This decrease primarily reflects a $37.6 million decrease in the average balance of other interest earning assets as well as a decrease in the yield earned on our cash and cash equivalents to 3.36% for the nine months ended September 30, 2025 from 4.26% for the nine months ended September 30, 2024.

Interest Expense

Our interest expense for the nine months ended September 30, 2025 decreased by $14.7 million, or 3.7%, to $379.0 million, from $393.7 million for the nine months ended September 30, 2024.  This decrease primarily reflects a decrease in the average balances of, and rates, on our residential whole loans financing agreements, lower financing rates on our securities repurchase agreements, and $5.5 million of lower interest expense related to our 6.25% convertible senior notes which matured and were paid in full in June 2024, partially offset by higher average balances of, and rates on, our securitized debt, higher average balances of our securities repurchase agreements and $2.5 million of higher interest expense related to our 9.00% and 8.875% senior notes issued in April and January 2024, respectively.

Provision for Credit Losses on Residential Whole Loans Held at Carrying Value

For the nine months ended September 30, 2025, we recorded a provision for credit losses on residential whole loans held at carrying value of $1.2 million compared to a reversal of provision for credit losses of $3.5 million for the nine months ended September 30, 2024. The provision for the current period primarily reflects minor changes to modeling assumptions, partially offset by the run-off of loans held at carrying value. The reversal of provision for the prior period primarily reflects the run-off of loans held at carrying value and minor changes to modeling assumptions.

Provision for Credit Losses on Other Assets

For the nine months ended September 30, 2025, we had no provision for credit losses on Other Assets. For the nine months ended September 30, 2024, we recorded a provision for credit losses on Other Assets of $1.1 million, related to an uncollectible receivable from an unrelated third party servicer.

79  

Other Income/(Loss), net

For the nine months ended September 30,