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

Company: MFA FINANCIAL, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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 sales commissions, related payroll taxes, medical insurance, 401(k) matching and other benefits expenses.  Compensation and benefits expense decreased by $1.1 million to $18.2 million for the third quarter of 2025, compared to $19.3 million for the second quarter of 2025, primarily as a result of the inclusion of severance expenses in the second quarter of 2025.

Other general and administrative expenses are comprised of leasing and other office expenses, professional fees, insurance costs, board of directors fees, and miscellaneous expenses. Other general and administrative expenses of $10.8 million for the third quarter of 2025 remained relatively consistent when compared to $10.6 million for the second quarter of 2025.

Loan servicing and other related operating expenses are composed of non-recoverable advances, upfront costs on securitization and other fees related to our residential whole loan activities. These expenses increased compared to the prior quarter period by approximately $1.6 million, or 19.0%, primarily due to higher expenses recognized on upfront costs associated with two securitizations entered into in this quarter, compared to one in the prior quarter.

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Selected Financial Ratios

The following table presents information regarding certain of our financial ratios at or for the dates presented:

At or for the Quarter EndedReturn on Average Total Assets (1)Return on Average Total Stockholders’ Equity (2)Dividend Payout Ratio (3)Total AverageStockholders’ Equity toTotal Average Assets (4)Leverage Multiple (5)Recourse Leverage Multiple (6)September 30, 20251.62 %10.50 %1.0015.46 %5.51.9June 30, 20251.14 7.21 1.6415.86 5.21.8March 31, 20251.45 8.91 1.1316.31 5.11.8December 31, 20240.21 1.26 —16.41 5.01.7September 30, 20241.74 10.17 0.9217.10 4.81.8June 30, 20241.52 8.85 1.0917.14 4.71.7March 31, 20240.85 4.69 2.501