Company: MFAN
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001055160-25-000004
Chunk: 348

Company: MFA FINANCIAL, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 348
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 and any of our counterparties when the value of collateral pledged changes from the amount contractually required.  The value of securities pledged as collateral fluctuates reflecting changes in: (i) the face (or par) value of our assets; (ii) market interest rates and/or other market conditions; and (iii) the market value of our Swaps.  Margin calls and reverse margin calls are satisfied when we pledge or receive additional collateral in the form of additional assets and/or cash.

The table below summarizes our margin activity with respect to our repurchase agreement financings and derivative hedging instruments for the quarterly periods presented:

 Collateral Pledged for Margin ActivityCash and Securities Received for Reverse MarginNet Assets Received/(Pledged) for Margin ActivityFor the Quarter Ended (1)Fair Value of Securities PledgedCash PledgedAggregate Assets Pledged for Margin(In Thousands)     December 31, 2024$30,607 $30,806 $61,413 $36,992 $(24,421)September 30, 20247,368 7,076 14,444 15,361 917 June 30, 2024— 6,795 6,795 17,348 10,553 March 31, 202417,379 3,358 20,737 16,514 (4,223)December 31, 202310,616 4,085 14,701 23,060 8,359 September 30, 202335,690 4,363 40,053 34,846 (5,207)June 30, 20235,982 2,909 8,891 5,328 (3,563)March 31, 2023676 2,965 3,641 6,529 2,888 

(1)Excludes variation margin payments on our cleared Swaps which are treated as a legal settlement of the exposure under the Swap contract. 

We are subject to various financial covenants under our financing agreements, which include minimum liquidity and net worth requirements, net worth decline limitations and maximum debt-to-equity ratios. We were in compliance with all financial covenants as of December 31, 2024.

During 2024, we paid $143.9 million for cash dividends on our common stock and dividend equivalents and paid cash dividends of $32.