Company: MFAN
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001104659-25-079260
Chunk: 29

Company: MFA FINANCIAL, INC.
Filing Date: 2025-08-15
Form: 424B5
Chunk 29
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 and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be materially adverse to investors in the Series C Preferred Stock.

Changes in SOFR could adversely affect the dividend that accrues on Series C Preferred Stock, and the trading prices for the Series C Preferred Stock.

Because SOFR is published by FRBNY based on data received from other sources, we have no control over its determination, calculation, publication, revision or availability. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the Series C Preferred Stock. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the dividends that accrue on the Series C Preferred Stock, which may adversely affect the trading prices of the Series C Preferred Stock. In addition, FRBNY may withdraw, modify or amend published SOFR data in its sole discretion and without notice. There is no assurance that changes in SOFR could not have a material adverse effect on the value of and market for the Series C Preferred Stock.

SOFR differs fundamentally from, and may not be a comparable substitute for, U.S. dollar LIBOR.

In June 2017, the Alternative Reference Rates Committee convened by the Federal Reserve and FRBNY announced SOFR as its recommended alternative to U.S. dollar LIBOR. However, because SOFR is a broad U.S. Treasury repo financing rate that represents overnight secured funding transactions, it differs fundamentally from U.S. dollar LIBOR. For example, SOFR is a secured overnight rate, while U.S. dollar LIBOR is an unsecured rate that represents interbank funding over different maturities. In addition, because SOFR is a transaction-based rate, it is backward-looking, whereas U.S. dollar LIBOR is forward-looking. Because of these and other differences, there can be no assurance that SOFR will perform in the same way as

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U.S. dollar LIBOR would have done at any time, and there is no guarantee that it is a comparable substitute for U.S. dollar LIBOR.

Any market for the Series C Preferred Stock may be illiquid or unpredictable.

Since SOFR is a relatively new market index, SOFR-linked equity securities may not have as established trading markets, and an established trading market for the Series C