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Table of Co n t e n t s

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13991

MFA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Maryland

13-3974868

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One Vanderbilt Ave., 48th Floor

New York

10017

(Address of principal executive offices)

(Zip Code)

(212) 207-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	MFA	New York Stock Exchange
7.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share	MFA/PB	New York Stock Exchange
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share	MFA/PC	New York Stock Exchange
8.875% Senior Notes due 2029	MFAN	New York Stock Exchange
9.00% Senior Notes due 2029	MFAO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

102,195,703 shares of the registrant’s common stock, $0.01 par value, were outstanding as of October 31, 2025.

Table of Contents

MFA FINANCIAL, INC.

TABLE OF CONTENTS


		Page

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of Sept ember 30 , 202 5 (Unaudited) and December 31, 20 2 4	3

	Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30 , 202 5 and September 30 , 20 2 4	4

	Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) for the Three and Nine Months Ended September 30 , 202 5 and September 30 , 202 4	5

	Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30 , 202 5 and September 30 , 202 4	6

	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30 , 202 5 and September 30 , 202 4	8

	Notes to the Unaudited Consolidated Financial Statements	9

	Note 1. Organization	9

	Note 2. Summary of Significant Accounting Policies	9

	Note 3. Residential Whole Loans	18

	Note 4. Securities, at Fair Value	25

	Note 5. Other Assets	28

	Note 6. Financing Agreements	32

	Note 7. Other Liabilities	36

	Note 8. Income Taxes	36

	Note 9. Commitments and Contingencies	38

	Note 10. Stockholders’ Equity	39

	Note 11. EPS Calculation	43

	Note 12. Equity Compensation and Other Benefit Plans	44

	Note 13. Fair Value of Financial Instruments	46

	Note 14. Use of Special Purpose Entities and Variable Interest Entities	52

	Note 15. Segment Reporting	54



Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	59

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	86

Item 4.	Controls and Procedures	90

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	90

Item 1A.	Risk Factors	90

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90

Item 3.	Defaults Upon Senior Securities	91

Item 4.	Mine Safety Disclosures	91

Item 5.	Other Information	91

Item 6.	Exhibits	91

Signatures		93


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MFA FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS
(In Thousands Except Per Share Amounts)	September 30, 2025		December 31, 2024
	(Unaudited)
Assets:
Residential whole loans, net ($7,684,865 and $7,511,210 held at fair value, respectively) (1)(2)	$	8,813,834	$	8,811,224
Securities, at fair value (2)	2,259,657		1,537,513
Cash and cash equivalents	305,172		338,931
Restricted cash	231,797		262,381
Other assets (2)	487,021		459,555
Total Assets	$	12,097,481	$	11,409,604

Liabilities:
Financing agreements ($5,952,579 and $5,516,005 held at fair value, respectively)	$	9,841,991	$	9,155,461
Other liabilities	433,979		412,351
Total Liabilities	$	10,275,970	$	9,567,812

Commitments and contingencies (See Note 9)

Stockholders’ Equity:
Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 12,050 and 8,050 shares authorized, respectively; 8,072 and 8,000 shares issued and outstanding, respectively ($201,802 and $200,000 aggregate liquidation preference, respectively)	$	81	$	80
Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 16,650 and 12,650 shares authorized, respectively; 11,123 and 11,000 shares issued and outstanding, respectively ($278,064 and $275,000 aggregate liquidation preference, respectively)	111		110
Common stock, $0.01 par value; 866,300 and 874,300 shares authorized, respectively; 102,196 and 102,083 shares issued and outstanding, respectively	1,022		1,021
Additional paid-in capital, in excess of par	3,716,912		3,711,046
Accumulated deficit	(1,900,942)		(1,879,941)
Accumulated other comprehensive income	4,327		9,476
Total Stockholders’ Equity	$	1,821,511	$	1,841,792
Total Liabilities and Stockholders’ Equity	$	12,097,481	$	11,409,604

(1)Includes approximately $7.6 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2025 and December 31, 2024, respectively. Such assets can be used only to settle the obligations of each respective VIE.

(2)See Note 6 for information regarding the Company’s pledged assets.

The accompanying notes are an integral part of the consolidated financial statements.


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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts)	2025		2024		2025		2024
Interest Income:
Residential whole loans	$	153,290	$	157,406	$	459,168	$	480,788
Securities, at fair value	27,708		14,742		81,156		41,363
Other interest-earning assets	515		4,001		1,441		6,341
Cash and cash equivalent investments	4,278		5,825		12,875		17,144
Interest Income	$	185,791	$	181,974	$	554,640	$	545,636

Interest Expense:
Asset-backed and other collateralized financing arrangements	$	124,403	$	126,833	$	365,357	$	377,030
Other interest expense	4,598		4,516		13,680		16,678
Interest Expense	$	129,001	$	131,349	$	379,037	$	393,708

Net Interest Income	$	56,790	$	50,625	$	175,603	$	151,928

Reversal/(Provision) for Credit Losses on Residential Whole Loans	$	(276)	$	1,942	$	(1,212)	$	3,481
Reversal/(Provision) for Credit Losses on Other Assets	—		—		—		(1,135)
Net Interest Income after Reversal/(Provision) for Credit Losses	$	56,514	$	52,567	$	174,391	$	154,274

Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings	$	41,293	$	143,416	$	129,284	$	148,333
Impairment and other net gain/(loss) on securities and other portfolio investments	18,004		22,928		45,828		15,310
Net gain/(loss) on real estate owned	300		241		(4,119)		3,112
Net gain/(loss) on derivatives used for risk management purposes	200		(56,818)		(49,106)		9,210
Net gain/(loss) on securitized debt measured at fair value through earnings	(24,646)		(75,273)		(53,682)		(108,377)
Lima One mortgage banking income	5,594		8,921		17,118		24,468
Net realized gain/(loss) on residential whole loans held at carrying value	—		—		(882)		418
Other, net	(9,786)		(3,131)		(16,720)		61
Other Income/(Loss), net	$	30,959	$	40,284	$	67,721	$	92,535

Operating and Other Expense:
Compensation and benefits	$	18,185	$	22,417	$	60,750	$	69,632
Other general and administrative expense	10,769		11,430		31,681		34,260
Loan servicing, financing and other related costs	10,216		8,503		26,052		24,262
Amortization of intangible assets	300		800		1,900		2,400
Operating and Other Expense	$	39,470	$	43,150	$	120,383	$	130,554

Income/(loss) before income taxes	$	48,003	$	49,701	$	121,729	$	116,255
Provision for/(benefit from) income taxes	(101)		1,518		(735)		2,913
Net Income/(Loss)	$	48,104	$	48,183	$	122,464	$	113,342
Less Preferred Stock Dividend Requirement	$	10,834	$	8,219	$	29,613	$	24,656
Net Income/(Loss) Available to Common Stock and Participating Securities	$	37,270	$	39,964	$	92,851	$	88,686

Basic Earnings/(Loss) per Common Share	$	0.36	$	0.38	$	0.89	$	0.85
Diluted Earnings/(Loss) per Common Share	$	0.35	$	0.37	$	0.87	$	0.83

The accompanying notes are an integral part of the consolidated financial statements.


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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)
	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2025		2024		2025		2024
Net income/(loss)	$	48,104	$	48,183	$	122,464	$	113,342
Other Comprehensive Income/(Loss):
Unrealized gains/(losses) on securities available-for-sale	32		(202)		(4,329)		2,410
Reclassification adjustment for securities sales included in net income/(loss)	(594)		(7,328)		(820)		(9,986)


Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk	—		—		—		—

Other Comprehensive Income/(Loss)	(562)		(7,530)		(5,149)		(7,576)
Comprehensive Income/(Loss) before preferred stock dividends	$	47,542	$	40,653	$	117,315	$	105,766
Dividends required on preferred stock	(10,834)		(8,219)		(29,613)		(24,656)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities	$	36,708	$	32,434	$	87,702	$	81,110

The accompanying notes are an integral part of the consolidated financial statements.


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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
	Nine Months Ended September 30, 2025
(In Thousands, Except Per Share Amounts)	Preferred Stock 7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share			Preferred Stock 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable - Liquidation Preference $25.00 per Share			Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 31, 2024	8,000	$	80	11,000	$	110	102,083	$	1,021	$	3,711,046	$	(1,879,941)	$	9,476	$	1,841,792
Net Income/(Loss)	—	—		—	—		—	—		—		41,176		—		41,176
Issuance of common stock, net of expenses	—	—		—	—		1,081	11		(20)		—		—		(9)
Repurchase of shares of common stock (1)	—	—		—	—		(511)	(5)		(5,189)		—		—		(5,194)
Equity based compensation expense	—	—		—	—		—	—		5,791		—		—		5,791
Change in accrued dividends attributable to stock-based awards	—	—		—	—		—	—		1,296		431		—		1,727
Dividends declared on common stock ($0.36 per share)	—	—		—	—		—	—		—		(36,955)		—		(36,955)
Dividends declared on Series B Preferred Stock ($0.46875 per share)	—	—		—	—		—	—		—		(3,750)		—		(3,750)
Dividends declared on Series C Preferred Stock ($0.40625 per share)	—	—		—			—	—		—		(4,469)		—		(4,469)
Dividends attributable to dividend equivalents	—	—		—	—		—	—		—		(445)		—		(445)
Change in unrealized gains on securities, net	—	—		—	—		—	—		—		—		(1,260)		(1,260)

Balance at March 31, 2025	8,000	$	80	11,000	$	110	102,653	$	1,027	$	3,712,924	$	(1,883,953)	$	8,216	$	1,838,404
Net Income/(Loss)	—	—		—	—		—	—		—		33,184		—		33,184
Issuance of common stock, net of expenses	—	—		—	—		16	—		(20)				—		(20)

Equity based compensation expense	—	—		—	—		—	—		3,039		—		—		3,039
Change in accrued dividends attributable to stock-based awards	—	—		—	—		—	—		—		(1,020)		—		(1,020)
Dividends declared on common stock ($0.36 per share)	—	—		—	—		—	—		—		(36,961)		—		(36,961)
Dividends declared on Series B Preferred Stock ($0.46875 per share)	—	—		—	—		—	—		—		(3,750)		—		(3,750)
Dividends declared on Series C Preferred Stock ($0.61911 per share)	—	—		—	—		—	—		—		(6,810)		—		(6,810)
Dividends attributable to dividend equivalents	—	—		—	—		—	—		—		(612)		—		(612)
Change in unrealized gains on securities, net	—	—		—	—		—	—		—		—		(3,327)		(3,327)

Balance at June 30, 2025	8,000	$	80	11,000	$	110	102,669	$	1,027	$	3,715,943	$	(1,899,922)	$	4,889	$	1,822,127
Net Income/(Loss)	—	—		—	—		—	—				48,104		—		48,104
Issuance of preferred stock, net of expenses	72	1		123	1		—	—		4,456		—		—		4,458
Issuance of common stock, net of expenses	—	—		—	—		20	—		(21)		—		—		(21)
Repurchase of shares of common stock (1)	—	—		—	—		(493)	(5)		(5,072)		—		—		(5,077)
Equity based compensation expense	—	—		—	—		—			1,606		—		—		1,606
Change in accrued dividends attributable to stock-based awards	—	—		—	—		—	—		—		(956)		—		(956)
Dividends declared on common stock ($0.36 per share)	—	—		—	—		—	—		—		(36,791)		—		(36,791)
Dividends declared on Series B Preferred Stock ($0.46875 per share)	—	—		—	—		—	—		—		(3,755)		—		(3,755)
Dividends declared on Series C Preferred Stock ($0.639521 per share)	—	—		—	—		—	—		—		(7,079)		—		(7,079)
Dividends attributable to dividend equivalents	—	—		—	—		—	—		—		(543)		—		(543)
Change in unrealized gains on securities, net	—	—		—	—		—	—		—				(562)		(562)

Balance at September 30, 2025	8,072	$	81	11,123	$	111	102,196	$	1,022	$	3,716,912	$	(1,900,942)	$	4,327	$	1,821,511

(1) For the nine months ended September 30, 2025 includes approximately $5.0 million (489,212 shares) surrendered for tax purposes related to equity-based compensation awards.


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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
	Nine Months Ended September 30, 2024
	Preferred Stock 7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share			Preferred Stock 6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable - Liquidation Preference $25.00 per Share			Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total
(In Thousands, Except Per Share Amounts)	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 31, 2023	8,000	$	80	11,000	$	110	101,916	$	1,019	$	3,698,767	$	(1,817,759)	$	17,698	$	1,899,915
Net Income/(Loss)	—	—		—	—		—	—		—		23,213		—		23,213
Issuance of common stock, net of expenses	—	—		—	—		297	3		(20)		—		—		(17)
Repurchase of shares of common stock (1)	—	—		—	—		(131)	(1)		(1,491)		—		—		(1,492)
Equity based compensation expense	—	—		—	—		—	—		5,986		—		—		5,986
Change in accrued dividends attributable to stock-based awards	—	—		—	—		—	—		—		(1,011)		—		(1,011)
Dividends declared on common stock ($0.35 per share)	—	—		—	—		—	—		—		(35,729)		—		(35,729)
Dividends declared on Series B Preferred Stock ($0.46875 per share)	—	—		—	—		—	—		—		(3,750)		—		(3,750)
Dividends declared on Series C Preferred Stock ($0.40625 per share)	—	—		—	—		—	—		—		(4,469)		—		(4,469)
Dividends attributable to dividend equivalents	—	—		—	—		—	—		—		(287)		—		(287)
Change in unrealized gains on securities, net	—	—		—	—		—	—		—		—		1,828		1,828

Balance at March 31, 2024	8,000	$	80	11,000	$	110	102,082	$	1,021	$	3,703,242	$	(1,839,792)	$	19,526	$	1,884,187
Net Income/(Loss)	—	—		—	—		—	—		—		41,946		—		41,946
Issuance of common stock, net of expenses	—	—		—	—		1	—		(18)		—		—		(18)

Equity based compensation expense	—	—		—	—		—	—		4,662		—		—		4,662
Change in accrued dividends attributable to stock-based awards	—	—		—	—		—	—		—		(1,395)		—		(1,395)
Dividends declared on common stock ($0.35 per share)	—	—		—	—		—	—		—		(35,729)		—		(35,729)
Dividends declared on Series B Preferred Stock ($0.46875 per share)	—	—		—	—		—	—		—		(3,750)		—		(3,750)
Dividends declared on Series C Preferred Stock ($0.40625 per share)	—	—		—	—		—	—		—		(4,469)		—		(4,469)
Dividends attributable to dividend equivalents	—	—		—	—		—	—		—		(318)		—		(318)
Change in unrealized gains on securities, net	—	—		—	—		—	—		—		—		(1,874)		(1,874)

Balance at June 30, 2024	8,000	$	80	11,000	$	110	102,083	$	1,021	$	3,707,886	$	(1,843,507)	$	17,652	$	1,883,242
Net Income/(Loss)	—	—		—	—		—	—		—		48,183		—		48,183
Issuance of common stock, net of expenses	—	—		—	—		—	—		(20)		—		—		(20)
Repurchase of shares of common stock (1)	—	—		—	—		—	—		—		—		—		—
Equity based compensation expense	—	—		—	—		—	—		1,668		—		—		1,668
Change in accrued dividends attributable to stock-based awards	—	—		—	—		—	—		—		(836)		—		(836)
Dividends declared on common stock ($0.35 per share)	—	—		—	—		—	—		—		(35,729)		—		(35,729)
Dividends declared on Series B Preferred Stock ($0.46875 per share)	—	—		—	—		—	—		—		(3,750)		—		(3,750)
Dividends declared on Series C Preferred Stock ($0.40625 per share)	—	—		—	—		—	—		—		(4,469)		—		(4,469)
Dividends attributable to dividend equivalents	—	—		—	—		—	—		—		(291)		—		(291)
Change in unrealized gains on securities, net	—	—		—	—		—	—		—		—		(7,530)		(7,530)

Balance at September 30, 2024	8,000	$	80	11,000	$	110	102,083	$	1,021	$	3,709,534	$	(1,840,399)	$	10,122	$	1,880,468

(1) For the nine months ended September 30, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards.

The accompanying notes are an integral part of the consolidated financial statements.


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MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Nine Months Ended September 30,
(In Thousands)	2025		2024
Cash Flows From Operating Activities:
Net income/(loss)	$	122,464	$	113,342
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Net (gain)/loss on residential whole loans	(133,033)		(152,682)

Impairment and other net (gain)/loss on securities and other portfolio investments, net	(45,828)		(16,597)
Net (gain)/loss on real estate owned	4,210		(2,715)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	(682)		(6,265)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	1,212		(2,346)
Net (gain)/loss on derivatives used for risk management purposes	66,214		44,155
Net (gain)/loss on securitized debt measured at fair value through earnings	43,589		99,241
Net margin received/(paid) for derivatives used for risk management purposes	(96,176)		(31,221)
Net other non-cash (gains)/losses included in net income	59,688		60,099
(Increase)/decrease in other assets	9,164		(14,228)
Increase/(decrease) in other liabilities	7,797		(2,110)
Net cash provided by/(used in) operating activities	$	38,619	$	88,673
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	$	(2,030,362)	$	(2,020,095)
Proceeds from sales of residential whole loans	220,293		407,702
Principal payments on residential whole loans and loan related investments	1,845,793		1,610,746
Purchases of securities	(817,636)		(404,016)
Proceeds from sales of securities and other assets	20,790		45,619
Principal payments on securities	171,918		44,584
Proceeds from sales of real estate owned	73,957		68,156

Other investing activities	(38,779)		64,509
Net cash provided by/(used in) investing activities	$	(554,026)	$	(182,795)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	$	(2,014,431)	$	(1,526,702)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	2,477,850		1,938,406
Principal payments on other collateralized financing agreements	(1,293,259)		(2,036,761)
Proceeds from borrowings under other collateralized financing agreements	1,461,303		1,927,401
Payments made for other collateralized financing agreement related costs	(8,039)		(5,054)
Redemption and repurchase of convertible senior notes			(209,558)
Proceeds from issuance of senior notes	—		182,676
Payments made for settlements and unwinds of Swaps	(26,020)		(27,530)
Proceeds from issuance of preferred stock	4,532		—
Payments made for costs related to preferred stock issuance	(74)		—
Proceeds from issuances of common stock, net of expenses	(61)		(61)
Payments made for the repurchase of common stock	(10,266)		(1,491)
Dividends paid on preferred stock	(29,613)		(24,656)
Dividends paid on common stock and dividend equivalents	(110,858)		(107,851)
Net cash provided by/(used in) financing activities	$	451,064	$	108,819
Net increase/(decrease) in cash, cash equivalents and restricted cash	$	(64,343)	$	14,697
Cash, cash equivalents and restricted cash at beginning of period	$	601,312	$	488,211
Cash, cash equivalents and restricted cash at end of period	$	536,969	$	502,908

Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	377,290	$	389,456

Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	$	85,059	$	82,083
Transfer from commercial loans to real estate owned	$	—	$	15,217
Dividends and dividend equivalents declared and unpaid	$	37,330	$	36,020
Payable for unsettled investment purchases	$	116,939	$	65,338

The accompanying notes are an integral part of the consolidated financial statements.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

1. Organization

MFA Financial, Inc. (the “Company”) was incorporated in Maryland on July 24, 1997 and began operations on April 10, 1998. The Company has elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. In order to maintain its qualification as a REIT, the Company must comply with a number of requirements under federal tax law, including that it must distribute at least 90% of its annual REIT taxable income to its stockholders. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate related business (see Note 8).

2. Summary of Significant Accounting Policies

(a) Basis of Presentation and Consolidation

The interim unaudited consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in accordance with these SEC rules and regulations. Management believes that the disclosures included in these interim unaudited consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2025 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2025 should not be construed as indicative of the results to be expected for the full year.

The accompanying consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could differ from those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas: impairment, valuation allowances and loss allowances on residential whole loans (see Note 3), certain securities designated as available-for- sale (“AFS”) (see Note 4), certain Other assets (see Note 5), valuation of Securities, at fair value (see Notes 4 and 13), income recognition and valuation of residential whole loans (see Notes 3 and 13), valuation of financing agreements (Notes 6 and 13), and valuation of derivative instruments (see Notes 5(e) and 13). In addition, estimates are used in the determination of taxable income used in the assessment of REIT compliance and contingent liabilities for related taxes, penalties and interest (see Note 8), and litigation liability (Note 9(e)). Actual results could differ from those estimates.

The consolidated financial statements of the Company include the accounts of all subsidiaries. All intercompany accounts and transactions have been eliminated. In addition, the Company consolidates entities established to facilitate transactions related to the acquisition and securitization of residential whole loans. Certain prior period amounts have been reclassified to conform to the current period presentation.

(b) Residential Whole Loans (including Residential Whole Loans transferred to consolidated VIEs)

Residential whole loans included in the Company’s consolidated balance sheets are primarily comprised of pools of fixed- and adjustable-rate residential mortgage loans acquired through consolidated trusts in secondary market transactions or originated by our indirect wholly owned subsidiary, Lima One Capital, LLC (together with its parent company, Lima One Holdings, LLC, “Lima One”). The accounting model utilized by the Company is determined at the time each loan package is initially acquired or each loan is originated. Prior to the second quarter of 2021, the Company typically elected the fair value option on loans that were 60 or more days delinquent at purchase. All other loans purchased prior to the second quarter of 2021 were typically held at carrying value. Starting in the second quarter of 2021, the Company began to elect the fair value option for all loans originated or acquired. The accounting model initially applied to loan originations and acquisitions is not permitted to be subsequently changed. Consequently, the Company is not permitted to retroactively apply fair value accounting to loans held at carrying value acquired in periods prior to the second quarter of 2021.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The Company’s residential whole loans pledged as collateral against financing agreements are included in the consolidated balance sheets with amounts pledged disclosed in Note 6. Purchases and sales of residential whole loans are recorded on the settlement date.

The Company’s residential whole loans are primarily comprised of: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), (ii) business purpose loans primarily originated by Lima One, to finance (or refinance) non-owner occupied one-to-four family residential properties that are rented to one or more tenants (“Single-family rental loans”), (iii) short-term business purpose loans primarily originated by Lima One, collateralized by residential properties made to non-occupant borrowers that generally intend to rehabilitate or construct residential housing and then refinance or sell the properties (“Single-family transitional loans”), (iv) short-term business purpose loans primarily originated by Lima One, collateralized by multifamily properties, typically with a loan balance below $10 million, made to non-occupant borrowers that generally intend to moderately rehabilitate or stabilize and then refinance or sell the properties (“Multifamily transitional loans,” collectively with Single-family transitional loans, “Transitional loans,” also sometimes referred to as “Rehabilitation loans” or “Fix and Flip loans” and, collectively with Single-family rental loans, “Business purpose loans”), (v) loans primarily secured by residential real estate that were generally either non-performing or re-performing at acquisition (“Legacy RPL/NPL loans”) and (vi) loans on investor properties that conform to the standards for purchase by a federally chartered corporation, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”) (“Agency eligible investor loans,” which are included in “Other loans”). Residential whole loans are initially recorded at their purchase price (or amount funded for originated loans). Interest income is accrued based on each loan’s current interest bearing balance and current interest rate. Interest income on loans acquired at a premium/discount to par is recorded each period based on the contractual coupon net of any amortization of premium or accretion of discount, adjusted for actual prepayment activity. For loans acquired with related servicing rights retained by the seller, interest income is reported net of related servicing costs.

For loans acquired prior to the second quarter of 2021 for which the fair value option was not elected, an allowance for credit losses is recorded at acquisition, and maintained on an ongoing basis, for all credit losses expected over the life of the respective loan. Any required credit loss allowance would reduce the net carrying value of the loan with a corresponding charge to earnings, and may increase or decrease over time. Judgments are required in determining any allowance for credit loss, including assumptions regarding the loan cash flows expected to be collected, the value of the underlying collateral and the ability of the Company to collect on any other forms of security, such as a personal guaranty provided either by the borrower or an affiliate of the borrower.

Income recognition is suspended, and interest accruals are reversed against income, for loans at the earlier of the date on which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful (i.e., such loans are placed on nonaccrual status). For nonaccrual loans, interest income is recorded when interest payments are received. Interest accruals are resumed when the loan becomes contractually current. A loan is written off when it is no longer realizable and/or it is legally discharged.

Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized.

The aggregate allowance for credit losses is equal to the sum of the losses expected over the life of each respective loan. Expected losses are generally calculated based on the estimated probability of default and loss severity of loans in the portfolio, which involves projecting each loan’s expected cash flows based on their contractual terms, expected prepayments, and estimated default and loss severity rates. The expected losses in these projected cash flows are not discounted. The default and severity rates were estimated based on the following steps: (i) obtained the Company’s historical experience through an entire economic cycle for each loan type or, to the extent the Company did not have sufficient historical loss experience for a given loan type, publicly available data derived from the historical loss experience of certain banks, which data the Company believes is generally representative of its portfolio, (ii) obtained historical economic data (U.S. unemployment rates and home price appreciation) over the same period, and (iii) estimated default and severity rates during three distinct future periods based on historical default and severity rates during periods when economic conditions similar to those forecasted were experienced. The default and severity rates were applied to the estimated amount of loans outstanding during each future period, based on contractual terms and expected prepayments. Expected prepayments are estimated based on historical experience and current and expected future economic conditions, including market interest rates. The three periods were as follows: (i) a one-year forecast of economic conditions based


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

on U.S. unemployment rates and home price appreciation, followed by (ii) a two-year “reversion” period during which economic conditions (U.S. unemployment rates and home price appreciation) are projected to revert to historical averages on a straight line basis, followed by (iii) the remaining life of each loan, during which period economic conditions (U.S. unemployment rates and home price appreciation) are projected to equal historical averages. In addition, a liability is established (and recorded in Other Liabilities) each period using a similar methodology for committed but undrawn loan amounts. The Company forecasts future economic conditions based on forecasts provided by an external preparer of economic forecasts, as well as its own knowledge of the market and its portfolio. The Company may consider multiple scenarios and select the one that it believes results in the most reasonable estimate of expected losses. The Company may apply qualitative adjustments to these results as further described in Note 3. For certain loans where foreclosure has been deemed to be probable, loss estimates are based on whether the value of the underlying collateral is sufficient to recover the carrying value of the loan. This methodology has not changed significantly from the calculation of the allowance for credit losses in prior periods, although certain modeling factors have been refined over time and the data utilized has, in some cases, been updated to better align with actual and expected loss experiences.

Certain Legacy RPL/NPL loans acquired by the Company for which the Company did not elect the fair value option are accounted for as credit deteriorated as they have experienced a deterioration in credit quality since origination and prior to our purchase and were acquired at discounted prices that reflect, in part, the impaired credit history of the borrower. Substantially all of these loans have previously experienced payment delinquencies and the amount owed may exceed the value of the property pledged as collateral. Consequently, these loans generally have a higher likelihood of default than newly originated mortgage loans with loan-to-value ratios (“LTVs”) of 80% or less to creditworthy borrowers. The Company believes that amounts paid to acquire these loans represent fair market value at the date of acquisition. Loans considered credit deteriorated are initially recorded at their purchase price on a net basis, after establishing an initial allowance for credit losses (their initial cost basis is equal to their purchase price plus the initial allowance for credit losses). Subsequent to acquisition, the gross recorded amount for these loans reflects the initial cost basis, plus accretion/amortization of interest income, less principal and interest cash flows received. These credit deteriorated loans are presented on the Company’s consolidated balance sheets at carrying value, which reflects the recorded cost basis reduced by any allowance for credit losses. Interest income on such loans purchased is recorded each period based on the contractual coupon net of accretion/amortization of the difference between their cost basis and unpaid principal balance (“UPB”), subject to the Company’s nonaccrual policy.

Loans Held-for-Sale

For loans for which the fair value option was not elected, once a decision has been made to sell loans previously classified as held for investment, such loans are considered held-for-sale and are carried at the lower of cost or fair value.

Residential Whole Loans at Fair Value

Certain of the Company’s residential whole loans are presented at fair value on its consolidated balance sheets as a result of a fair value election made at the time of acquisition or origination. The Company generally considers accounting for these loans at fair value to be more reflective of the expected pattern of returns from these loans under current economic conditions. The Company determines the fair value of its residential whole loans held at fair value after considering portfolio valuations obtained from third-parties that specialize in providing valuations of residential mortgage loans and trading activity observed in the marketplace. Subsequent changes in fair value are reported in current period earnings and presented in Net gain/(loss) on residential whole loans measured at fair value through earnings on the Company’s consolidated statements of operations.

Interest income is recorded on these loans based on their yield and is presented as part of interest income in the Company’s consolidated statements of operations. Cash outflows associated with loan-related advances made by the Company on behalf of the borrower are included in the basis of the loan and are reflected in unrealized gains or losses reported each period. Income and costs associated with originating loans on which the fair value option was elected are recorded in other income and expense, respectively, in the period in which they are earned or incurred.

Residential Mortgage Securities

The Company has invested in residential mortgage-backed securities (“MBS”) that are issued or guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as the Government National Mortgage Association (“Ginnie Mae”) (collectively, “Agency MBS”), and residential MBS that are not guaranteed by any agency of the U.S. Government or any federally chartered corporation (“Non-Agency MBS”). In addition, the


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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Company has investments in credit risk transfer (“CRT”) securities that are issued by or sponsored by Fannie Mae and Freddie Mac. The coupon payments on CRT securities are paid by the issuer and the principal payments received are dependent on the performance of loans in either a reference pool or an actual pool of loans. As the loans in the underlying pool are paid, the principal balance of the CRT securities is paid. As an investor in a CRT security, the Company may incur a principal loss if the performance of the actual or reference pool loans results in either an actual or calculated loss that exceeds the credit enhancement of the security owned by the Company.

Term Notes Backed by Mortgage Servicing Rights (“MSR”) Collateral

The Company has invested in term notes that are issued by special purpose vehicles (“SPV”) that have acquired rights to receive cash flows representing the servicing fees and/or excess servicing spread associated with certain MSRs. The Company considers payment of principal and interest on these term notes to be largely dependent on the cash flows generated by the underlying MSRs as this impacts the cash flows available to the SPV that issued the term notes. Credit risk borne by the holders of the term notes is also mitigated by structural credit support in the form of over-collateralization. Credit support is also provided by a corporate guarantee from the ultimate parent or sponsor of the SPV that is intended to provide for payment of interest and principal to the holders of the term notes if cash flows generated by the underlying MSRs are insufficient. During the second quarter of 2025, the Term Notes Backed by MSR Collateral were repaid in full.

Designation

Securities that the Company generally intends to hold until maturity, but that it may sell from time to time as part of the overall management of its business, are designated as AFS. Such securities, which include term notes backed by MSR collateral and certain CRT securities, are carried at their fair value with unrealized gains and losses excluded from earnings (except when an allowance for loan losses is recognized, as discussed below) and reported in accumulated other comprehensive income/(loss) (“AOCI”), a component of Stockholders’ Equity.

Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of AOCI to earnings as a realized gain or loss using the specific identification method.

The Company has elected the fair value option for its Agency and Non-Agency MBS and certain of its CRT securities. These securities are carried at their fair value with changes in fair value included in earnings for the period and reported in Other Income/(Loss), net on the Company’s consolidated statements of operations.

Revenue Recognition, Premium Amortization and Discount Accretion

Interest income on securities is accrued based on their outstanding principal balance and their contractual terms. Premiums and discounts associated with MBS assessed as high credit quality at the time of purchase are amortized into interest income over the life of such securities using the effective yield method. Adjustments to premium amortization are made for actual prepayment activity. Premiums and discounts associated with MBS not assessed as high credit quality at the time of purchase are amortized into interest income over the life of such securities using the effective yield method based upon current expected future cash flows. Any adjustment to yield is made on a prospective basis.

Determination of Fair Value for Securities

In determining the fair value of the Company’s residential mortgage securities, management considers a number of observable market data points, including prices obtained from pricing services, brokers and repurchase agreement counterparties, dialogue with market participants, as well as management’s observations of market activity (see Note 13). For term notes backed by MSR collateral, other factors taken into consideration include estimated changes in fair value of the related underlying MSR collateral, as applicable, and the financial performance of the ultimate parent or sponsoring entity of the issuer, which has provided a guarantee that is intended to provide for payment of interest and principal to the holders of the term notes if cash flows generated by the related underlying MSR collateral are insufficient.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Allowance for Credit Losses

When the fair value of an AFS security is less than its amortized cost at the balance sheet date, the security is considered impaired. The Company assesses its impaired securities, as well as securities for which a credit loss allowance had been previously recorded, on at least a quarterly basis and determines whether any changes to the allowance for credit losses are required. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then the Company must recognize a write-down through charges to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the balance sheet date. If the Company does not expect to sell an impaired security, only the portion of the impairment related to credit losses is recognized through a loss allowance charged to earnings with the remainder recognized through AOCI on the Company’s consolidated balance sheets. Impairments recognized through other comprehensive income/(loss) (“OCI”) do not impact earnings. Credit loss allowances are subject to reversal through earnings resulting from improvements in expected cash flows. The determination as to whether to record (or reverse) a credit loss allowance is subjective, as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of future performance and cash flow projections. As a result, the timing and amount of losses constitute material estimates that are susceptible to significant change (see Note 4).

Balance Sheet Presentation

The Company’s securities pledged as collateral against financing agreements and derivatives are included on the consolidated balance sheets with the fair value of the securities pledged disclosed in Notes 6 and 5, respectively. Purchases and sales of securities are recorded on the trade date.

(d) Cash and Cash Equivalents

Cash and cash equivalents include cash on deposit with financial institutions and investments in money market funds, all of which have original maturities of three months or less. Cash and cash equivalents may also include cash pledged as collateral to the Company by its financing counterparties as a result of reverse margin calls (i.e., margin calls made by the Company). The Company did not hold any cash pledged by its counterparties at September 30, 2025 and December 31, 2024. At September 30, 2025 and December 31, 2024, the Company had cash and cash equivalents of $305.2 million and $338.9 million, respectively. At September 30, 2025 and December 31, 2024, the Company had $170.0 million and $217.8 million, respectively, of investments in overnight money market funds, which are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. In addition, deposits in FDIC insured accounts generally exceed insured limits (see Notes 6 and 13).

(e) Restricted Cash

Restricted cash primarily represents the Company’s cash collections held in connection with certain of the Company’s financing agreements, derivative financial instruments, consolidated securitization trusts and/or loan servicing activities that are not available to the Company for general corporate purposes. Restricted cash may be applied against amounts due to financing agreements, derivative financial instrument counterparties and/or trust obligations or may be returned to the Company when the related collateral requirements are exceeded or at the maturity of financing agreements, Swaps and/or securitizations. The Company had aggregate restricted cash of $231.8 million and $262.4 million at September 30, 2025 and December 31, 2024, respectively (see Notes 5(e), 6 and 13).

(f) Goodwill & Intangible Assets

At September 30, 2025 and December 31, 2024, the Company had goodwill of $61.1 million, which represents the excess of the fair value of consideration paid over the fair value of net assets acquired in connection with the acquisition of Lima One, and other intangible assets of $2.9 million and $4.8 million, respectively (net of amortization), primarily comprised of customer relationships (fully amortized as of June 30, 2025), non-competition agreements (fully amortized as of June 30, 2022), trademarks and trade names, and internally developed software recognized as part of the acquisition of Lima One (see Note 5(b)). The intangible assets are amortized over their expected useful lives, which ranged from one to ten years at acquisition. Goodwill, which is not subject to amortization, and intangible assets are tested for impairment at least annually, or more frequently under certain circumstances that could reduce the fair value of the Lima One reporting unit (a component of the Lima One segment) below its carrying amount. Through September 30, 2025, the Company had not recognized any impairment against its goodwill or intangible assets. Goodwill and intangible assets are included in Other assets on the Company’s consolidated balance sheets.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(g) Real Estate Owned (“REO”)

REO represents real estate acquired by the Company, including through foreclosure, deed in lieu of foreclosure, or purchased in connection with the acquisition of residential whole loans. Generally, REO acquired through foreclosure or deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs. REO acquired in connection with the acquisition of residential whole loans is initially recorded at its purchase price. Subsequent to acquisition, REO is reported, at each reporting date, at the lower of the current carrying amount or fair value less estimated selling costs and for presentation purposes is included in Other assets on the Company’s consolidated balance sheets. Changes in fair value that result in an adjustment to the reported amount of an REO property that has a fair value at or below its carrying amount are reported in Other Income/(Loss), net on the Company’s consolidated statements of operations (see Note 5).

Certain multifamily REO properties and Commercial properties held within unconsolidated VIEs acquired by the Company are not immediately available for sale because we generally intend to stabilize the operations at such properties. Therefore, each property is measured at fair value at acquisition and then depreciated over the expected useful life. The amounts reported in the balance sheet at any given period represent the amortized cost of the property until there is a planned sale, at which point the carrying value would be updated to fair value less estimated selling costs.

(h) Leases and Depreciation

Leases

The Company records its operating lease liabilities and operating lease right-of-use assets on its consolidated balance sheets. The operating lease liabilities are equal to the present value of the remaining fixed lease payments (excluding real estate tax and operating expense escalations) discounted at the Company’s estimated incremental borrowing rate at the date of lease commencement, and the operating lease right-of-use assets are equal to the operating lease liabilities adjusted for lease incentives and initial direct costs. As lease payments are made, the operating lease liabilities are reduced to the present value of the remaining lease payments and the operating lease right-of-use assets are reduced by the difference between the lease expense (straight-lined over the lease term) and the theoretical interest expense amount (calculated using the incremental borrowing rate at the date of lease commencement). See Notes 5 and 9 for further discussion on leases.

Leasehold Improvements, Real estate and Other Depreciable Assets

Depreciation is computed on the straight-line method over the estimated useful life of the related assets or, in the case of leasehold improvements, over the shorter of the useful life or the lease term. Furniture, fixtures, computers and related hardware have estimated useful lives ranging from five to fifteen years at the time of purchase. Multifamily REO properties have estimated useful lives of 30 years at the time of acquisition and Commercial properties held within unconsolidated VIEs have estimated useful lives of 39 years.

(i) Loan Securitization and Other Debt Issuance Costs

Loan securitization related costs are costs associated with the issuance of beneficial interests by consolidated VIEs and incurred by the Company in connection with various financing transactions completed by the Company. These costs may include underwriting, rating agency, legal, accounting, diligence, bank and other fees. Such costs, which reflect deferred charges (unless the debt is recorded at fair value, as discussed below), are included on the Company’s consolidated balance sheets as a direct deduction from the corresponding debt liability. These deferred charges are amortized as an adjustment to interest expense using the effective interest method. For certain financing agreements, such costs are amortized over the shorter of the period to the expected or stated legal maturity of the debt instruments. The Company periodically reviews the recoverability of these deferred costs and, in the event an impairment charge is required, such amount will be included in Operating and Other Expense on the Company’s consolidated statements of operations. To the extent that the Company has elected the fair value option for the related debt liability, these costs are expensed at the closing of the transaction.

(j) Mortgage servicing rights (“MSRs”)

MSRs represent the contractual right to service residential mortgage loans. The Company generally recognizes MSRs created through the sale of loans it originates. Under the accounting guidance for transfers and servicing, the Company initially measures a mortgage servicing asset that qualifies for separate recognition at fair value on the date of transfer. The Company has elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

of prepayment risk and other market factors on MSRs. Under this election, the Company records a valuation adjustment on its MSRs on a quarterly basis to recognize the changes in fair value in net income. MSRs are aggregated into pools as applicable; each pool of MSRs is accounted for in the aggregate. Income from MSRs, other than valuation adjustments, is recorded in Lima One mortgage banking income; valuation adjustments are recorded in Impairment and other net gain/(loss) on securities and other portfolio investments. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs.

(k) Financing Agreements

The Company finances the majority of its residential mortgage assets with financing agreements that include securitized debt, repurchase agreements and other forms of collateralized financing. Under repurchase agreements, the Company sells assets to a lender and agrees to repurchase the same assets in the future for a price that is higher than the original sale price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although legally structured as sale and repurchase transactions, the Company accounts for repurchase agreements as secured borrowings. Under its repurchase agreements and other forms of collateralized financing, the Company pledges its assets as collateral to secure the borrowing, in an amount which is equal to a specified percentage of the fair value of the pledged collateral, while the Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase financing, unless the repurchase financing is renewed with the same counterparty, the Company is required to repay the loan including any accrued interest and concurrently receives back its pledged collateral from the lender. With the consent of the lender, the Company may renew a repurchase financing at the then prevailing financing terms. Margin calls, whereby a lender requires that the Company pledge additional assets or cash as collateral to secure borrowings under its repurchase financing with such lender, are routinely experienced by the Company when the value of the assets pledged as collateral declines as a result of principal amortization and prepayments or due to changes in market interest rates, spreads or other market conditions. The Company also may make margin calls on counterparties when collateral values increase.

Should a counterparty decide not to renew a financing arrangement at maturity, the Company must either refinance elsewhere or be in a position to satisfy the obligation. If, during the term of a financing, a lender should default on its obligation, the Company might experience difficulty recovering its pledged assets which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to such lender, including accrued interest receivable on such collateral (see Notes 6 and 13).

The Company has elected the fair value option on certain of its financing agreements. These agreements are reported at their fair value, with changes in fair value being recorded in earnings each period (or OCI, to the extent the change results from a change in instrument specific credit risk), as further detailed in Note 6. Interest expense on such financing agreements is recorded based on the current stated interest rate and outstanding principal balance in effect for the related agreement.

(l) Equity-Based Compensation

Compensation expense for equity-based awards that are subject to vesting conditions, is recognized ratably over the vesting period of such awards, based upon the fair value of such awards at the grant date.

The Company has made annual grants of restricted stock units (“RSUs”) under the Company’s Equity Compensation Plan (the “Equity Plan”), certain of which cliff vest after a three-year period, subject only to continued employment, and others of which cliff vest after a three-year period, subject to both continued employment and the achievement of certain performance criteria based on a formula tied to the Company’s achievement of average total shareholder return (“TSR”) during that three-year period, as well as the TSR of the Company relative to the TSR of a group of peer companies (over the three-year period) selected by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) at the date of grant. The features in these awards related to the attainment of TSR over a specified period constitute a “market condition,” which impacts the amount of compensation expense recognized for these awards. Specifically, the uncertainty regarding the achievement of the market condition was reflected in the grant date fair value of the RSUs, which is recognized as compensation expense over the relevant vesting period. The amount of compensation expense recognized is not dependent on whether the market condition was or will be achieved.

(m) Earnings per Common Share (“EPS”)

Basic EPS is computed using the two-class method, which includes the weighted-average number of shares of common stock outstanding during the period and an estimate of other securities that participate in dividends, if any, to arrive at total common equivalent shares. In applying the two-class method, earnings are allocated to both shares of common stock and estimated securities


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

that participate in dividends based on their respective weighted-average shares outstanding for the period. In calculating basic EPS, no adjustment is made to income available to common stockholders for forfeitable dividends or dividend equivalents. For the diluted EPS calculation, common equivalent shares are further adjusted for the effect of RSUs outstanding that are unvested and have dividends that are subject to forfeiture, using the treasury stock method. Under the treasury stock method, common equivalent shares are calculated assuming that all dilutive common stock equivalents are exercised and the proceeds, along with future compensation expenses associated with such instruments (if any), are used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. In addition, the Company’s 6.25% Convertible Senior Notes due 2024 (the “Convertible Senior Notes”) were included in the calculation of diluted EPS if the assumed conversion into common shares was dilutive, using the “if-converted” method until their maturity and repayment in full. This calculation involved adding back the periodic interest expense associated with the Convertible Senior Notes to the numerator and by adding the shares that would have been issued in an assumed conversion (regardless of whether the conversion option is in or out of the money) to the denominator for the purposes of calculating diluted EPS (see Note 11).

(n) Comprehensive Income/(Loss)

The Company’s comprehensive income/(loss) available to common stock and participating securities includes net income, the change in net unrealized gains/(losses) on its AFS securities and derivative hedging instruments (to the extent that such changes are not recorded in earnings), adjusted by realized net gains/(losses) reclassified out of AOCI for sold AFS securities and terminated hedging relationships, as well as the portion of unrealized gains/(losses) on its financing agreements held at fair value related to instrument-specific credit risk, and is reduced by dividends declared on the Company’s preferred stock and issuance costs of redeemed preferred stock.

(o) Derivative Financial Instruments

The Company may use derivative instruments to economically hedge a portion of its exposure to market risks, including interest rate risk and prepayment risk. The objective of the Company’s risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios.

The Company has entered into interest rate swap agreements and ERIS swap futures (collectively, “Swaps”) that are not designated as hedges for accounting purposes. Changes in the fair value of the Company’s Swaps not designated in hedging transactions are recorded in Other income/(Loss), net on the Company’s consolidated statements of operations.

(p) Fair Value Measurements and the Fair Value Option for Financial Assets and Financial Liabilities

The Company’s presentation of fair value for its financial assets and liabilities is determined within a framework that stipulates that the fair value of a financial asset or liability is an exchange price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. This definition of fair value focuses on exit price and prioritizes the use of market-based inputs over entity-specific inputs when determining fair value. In addition, the framework for measuring fair value establishes a three-level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date.

In addition to the financial instruments that it is required to report at fair value, the Company has elected the fair value option for certain of its financial assets and liabilities at the time of acquisition or issuance. Subsequent changes in the fair value of these financial instruments are generally reported in Other income/(Loss), net, in the Company’s consolidated statements of operations. A decision to elect the fair value option for an eligible financial instrument, which may be made on an instrument by instrument basis, is irrevocable (see Notes 2(b), 2(c), 3, 4, and 13).

(q) Variable Interest Entities

An entity is referred to as a VIE if it meets at least one of the following criteria: (i) the entity has equity that is insufficient to permit the entity to finance its activities without the additional subordinated financial support of other parties; or (ii) as a group, the holders of the equity investment at risk lack (a) the power to direct the activities of an entity that most significantly impact the entity’s economic performance; (b) the obligation to absorb the expected losses; or (c) the right to receive the expected residual returns; or (iii) the holders of the equity investment at risk have disproportional voting rights and the entity’s activities are


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

conducted on behalf of the investor that has disproportionately few voting rights.

The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE.

The Company has entered into several financing transactions which resulted in the Company forming entities to facilitate these transactions. In determining the accounting treatment to be applied to these transactions, the Company concluded that the entities used to facilitate these transactions are VIEs and that they should be consolidated. If the Company had determined that consolidation was not required, it would have then assessed whether the transfers of the underlying assets would qualify as sales or should be accounted for as secured financings under GAAP (see Note 14).

The Company also includes on its consolidated balance sheets certain financial assets and liabilities that are acquired/issued by trusts and/or other special purpose entities that have been evaluated as being required to be consolidated by the Company under the applicable accounting guidance.

The Company also has investments in certain VIEs, in which it is not considered to be the primary beneficiary and which are therefore not consolidated, but the VIEs are considered equity method investments. Each of these VIEs own a commercial property upon which the Company has foreclosed, as further described in Note 5.

(r) Offering Costs Related to Issuance and Redemption of Preferred Stock

Offering costs related to the issuance of preferred stock are recorded as a reduction in Additional paid-in capital, a component of Stockholders’ Equity, at the time such preferred stock is issued. On redemption of preferred stock, any excess of the fair value of the consideration transferred to the holders of the preferred stock over the carrying amount of the preferred stock in the Company’s consolidated balance sheets is included in the determination of Net Income Available to Common Stock and Participating Securities in the calculation of EPS.

(s) New Accounting Standards and Interpretations

As of September 30, 2025, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its consolidated financial statements in the third quarter of 2025.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

3. Residential Whole Loans

Included on the Company’s consolidated balance sheets at September 30, 2025 and December 31, 2024 are approximately $8.8 billion and $8.8 billion, respectively, of residential whole loans generally arising from the Company’s interests in certain trusts established to acquire the loans and certain entities established in connection with its loan securitization transactions. The Company has assessed that these entities are required to be consolidated for financial reporting purposes. Starting in the second quarter of 2021, the Company elected the fair value option for all loan acquisitions, including loans originated by Lima One subsequent to its acquisition by the Company. Prior to the second quarter of 2021, the fair value option was typically elected only for loans that were 60 or more days delinquent at purchase.

The following table presents the components of the Company’s Residential whole loans, and the accounting model designated at September 30, 2025 and December 31, 2024:


	Held at Carrying Value				Held at Fair Value				Total
(Dollars in Thousands)	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Non-QM loans	$	615,461	$	722,392	$	4,507,465	$	3,568,694	$	5,122,926	$	4,291,086
Business purpose loans:
Single-family rental loans (1)	$	92,023	$	108,203	$	1,154,572	$	1,248,197	$	1,246,595	$	1,356,400
Single-family transitional loans (2) (3)	7,051		22,430		785,028		1,078,425		792,079		1,100,855
Multifamily transitional loans	—		—		604,144		938,926		604,144		938,926
Total Business purpose loans	$	99,074	$	130,633	$	2,543,744	$	3,265,548	$	2,642,818	$	3,396,181
Legacy RPL/NPL loans	424,517		457,654		581,719		624,895		1,006,236		1,082,549
Other loans	—		—		51,937		52,073		51,937		52,073
Allowance for Credit Losses	(10,083)		(10,665)		—		—		(10,083)		(10,665)
Total Residential whole loans	$	1,128,969	$	1,300,014	$	7,684,865	$	7,511,210	$	8,813,834	$	8,811,224
Number of loans	5,069		5,582		18,647		18,588		23,716		24,170

(1)No loans were held-for-sale as of September 30, 2025 and December 31, 2024. There were no gains/(losses) on held-for-sale loans for the nine months ended September 30, 2025. For the three months ended March 31, 2024, the Company recorded a $0.5 million gain on loans resulting from their sale, which were held-for-sale as of December 31, 2023. There were no gains/(losses) on held-for-sale loans for the three months ended June 30, 2024 and September 30, 2024.

(2)Includes $323.0 million and $442.4 million of loans collateralized by new construction projects at origination as of September 30, 2025 and December 31, 2024, respectively.

(3)No loans were held-for-sale as of September 30, 2025 and December 31, 2024. For the three months ended March 31, 2025, the Company recorded a $0.5 million loss on these loans resulting from the adjustment of their carrying value to the lower of cost of market. For the three months ended June 30, 2025, the Company recorded a $0.3 million loss on these loans resulting from their sale. There were no gains/(losses) on held-for-sale loans for the three months ended September 30, 2025. There were no gains/(losses) on held-for-sale loans for the nine months ended September 30, 2024.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The following tables present additional information regarding the Company’s Residential whole loans:

September 30, 2025


	Asset Amount		Fair Value		Unpaid Principal Balance (“UPB”)		Weighted Average Coupon (1) (2)		Weighted Average Term to Maturity (Months)	Weighted Average LTV Ratio (3)		Weighted Average Original FICO (4)	Aging by UPB								60+ Days Past Due %
(Dollars In Thousands)															Past Due Days
													Current		30-59		60-89		90+
Non-QM loans	$	5,120,744	$	5,105,895	$	5,120,904	6.72	%	338	64	%	738	$	4,780,553	$	130,895	$	47,995	$	161,461	4.1	%
Business purpose loans:
Single-family rental	$	1,245,766	$	1,248,466	$	1,267,818	6.33	%	313	67	%	740	$	1,208,637	$	18,900	$	4,056	$	36,225	3.2	%
Single-family transitional (5)	791,019		791,443		804,252		10.39	%	6	69	%	749	667,779		33,374		18,293		84,806		12.8	%
Multifamily transitional (5)	604,144		604,144		635,928		9.94	%	3	64	%	752	533,567		55,599		6,210		40,552		7.4	%
Total business purpose loans	$	2,640,929	$	2,644,053	$	2,707,998	8.38	%		67	%		$	2,409,983	$	107,873	$	28,559	$	161,583	7.0	%
Legacy RPL/NPL loans	1,000,224		1,020,640		1,128,259		5.10	%	246	54	%	647	794,824		116,852		41,589		174,994		19.2	%
Other loans	51,937		51,937		60,963		3.43	%	311	63	%	757	60,586		377		—		—		—	%
Residential whole loans, total or weighted average	$	8,813,834	$	8,822,525	$	9,018,124	7.02	%		64	%		$	8,045,946	$	355,997	$	118,143	$	498,038	6.8	%

December 31, 2024


	Asset Amount		Fair Value		Unpaid Principal Balance (“UPB”)		Weighted Average Coupon (1) (2)		Weighted Average Term to Maturity (Months)	Weighted Average LTV Ratio (3)		Weighted Average Original FICO (4)	Aging by UPB								60+ Days Past Due %
(Dollars In Thousands)															Past Due Days
													Current		30-59		60-89		90+
Non-QM loans	$	4,288,961	$	4,258,298	$	4,408,660	6.50	%	339	64	%	735	$	4,114,436	$	124,765	$	50,619	$	118,840	3.8	%
Business purpose loans:
Single-family rental	$	1,356,034	$	1,355,965	$	1,416,705	6.36	%	321	68	%	739	$	1,346,312	$	15,661	$	5,445	$	49,287	3.9	%
Single-family transitional (5)	1,099,466		1,099,700		1,106,631		10.44	%	5	67	%	750	957,266		33,393		15,964		100,008		10.5	%
Multifamily transitional (5)	938,926		938,926		976,964		9.17	%	6	64	%	751	870,525		20,815		—		85,624		8.8	%
Total Business purpose loans	$	3,394,426	$	3,394,591	$	3,500,300	8.43	%		67	%		$	3,174,103	$	69,869	$	21,409	$	234,919	7.3	%
Legacy RPL/NPL loans	1,075,764		1,090,991		1,222,258		5.15	%	253	55	%	647	831,844		129,081		45,074		216,259		21.4	%
Other loans	52,073		52,073		63,614		3.44	%	320	65	%	758	62,998		616		—		—		—	%
Residential whole loans, total or weighted average	$	8,811,224	$	8,795,953	$	9,194,832	7.06	%		64	%		$	8,183,381	$	324,331	$	117,102	$	570,018	7.5	%

(1)Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees.

(2)For the quarter ended September 30, 2025, the gross coupon was 6.86% for Non-QM loans, 6.36% for Single-family rental loans, 10.40% for Single-family transitional loans, 9.95% for Multifamily transitional loans, and 5.11% for Legacy RPL/NPL loans. For the quarter ended December 31, 2024, the gross coupon was 6.65% for Non-QM loans, 6.39% for Single-family rental loans, 10.45% for Single-family transitional loans, 9.18% for Multifamily transitional loans, and 5.16% for Legacy RPL/NPL loans.

(3)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. Excluded from the calculation of weighted average are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.

(4)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.

(5)For Single-family and Multifamily transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Single-family transitional loans, totaling $324.0 million and $445.6 million at September 30, 2025 and December 31, 2024, respectively, and certain Multifamily transitional loans, totaling $143.5 million and $252.1 million at September 30, 2025 and December 31, 2024, respectively, an after repaired valuation was not available. For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Sales of Residential Whole Loans

During the first quarter of 2025, Single-family rental loans with an unpaid principal balance of $67.6 million were sold, realizing gains, before the impact of economic hedging gains/losses and the reversal of previously recognized unrealized gains, of $1.9 million. Upon sale, the Company reversed $1.2 million of previously recognized unrealized gains, resulting in a net gain of $0.7 million during the first quarter of 2025. During the second quarter of 2025, Single-family rental loans with an unpaid principal balance of $37.4 million were sold, realizing gains, before the impact of economic hedging gains/losses and the reversal of previously recognized unrealized gains, of $1.1 million. Upon sale, the Company reversed $1.2 million of previously recognized unrealized gains, resulting in a net loss of $0.1 million during the second quarter of 2025. Additionally, during the second quarter of 2025, Transitional loans with an unpaid principal balance of $31.3 million were sold, realizing losses, before the impact of economic hedging gains/losses and the reversal of previously recognized unrealized losses, of $8.5 million. Upon sale, the Company reversed $8.0 million of previously recognized unrealized losses, resulting in a net loss of $0.5 million during the second quarter of 2025. During the third quarter of 2025, Single-family rental loans with an unpaid principal balance of $65.1 million were sold, realizing gains, before the impact of economic hedging gains/losses and the reversal of previously recognized unrealized gains, of $1.6 million. Upon sale, the Company reversed $1.8 million of previously recognized unrealized gains, resulting in a net loss of $0.2 million during the third quarter of 2025. Additionally, during the third quarter of 2025, Transitional loans with an unpaid principal balance of $24.4 million were sold, realizing losses, before the impact of economic hedging gains/losses and the reversal of previously recognized unrealized losses, of $10.8 million. Upon sale, the Company reversed $10.8 million of previously recognized unrealized losses, resulting in a net gain of $0.0 million during the third quarter of 2025.

During the first quarter of 2024, Non-QM and Single-family rental loans with an unpaid principal balance of $171.0 million were sold, realizing losses, before the impact of economic hedging gains and the reversal of previously recognized unrealized losses, of $21.7 million. Upon sale, the Company reversed $23.7 million of previously recognized unrealized losses, resulting in a net gain of $2.0 million during the first quarter of 2024. During the second quarter of 2024, Residential whole loans with an unpaid principal balance of $12.4 million were sold, realizing gains, before the impact of economic hedging and the reversal of previously recognized unrealized gains, of $0.4 million. Upon sale, the Company reversed $0.2 million of previously recognized unrealized gains, resulting in a net gain of $0.2 million during the second quarter of 2024. During the third quarter of 2024, Residential whole loans with an unpaid principal balance of $235.6 million were sold, realizing gains, before the impact of economic hedging and the reversal of previously recognized unrealized gains, of $5.9 million. Upon sale, the Company reversed $5.8 million of previously recognized unrealized gains, resulting in a net gain of $0.1 million during the third quarter of 2024.

Allowance for Credit Losses

The following table presents a roll-forward of the allowance for credit losses on the Company’s Residential whole loans, at carrying value:


	Nine Months Ended September 30, 2025
(In Thousands)		Non-QM loans		Single-family rental loans		Single-family transitional loans (1)		Legacy RPL/NPL loans (2)		Totals
Allowance for credit losses at December 31, 2024		$	2,125	$	366	$	1,389	$	6,785	$	10,665
Current provision/(reversal)		(197)		614		(88)		(184)		145
Write-offs		—		—		(436)		(180)		(616)
Allowance for credit losses at March 31, 2025		$	1,928	$	980	$	865	$	6,421	$	10,194
Current provision/(reversal)		87		(43)		669		78		791
Write-offs		—		—		(1,022)		(14)		(1,036)
Allowance for credit losses at June 30, 2025		$	2,015	$	937	$	512	$	6,485	$	9,949
Current provision/(reversal)		205		(78)		548		(399)		276
Write-offs		(38)		(30)		—		(74)		(142)
Allowance for credit losses at September 30, 2025		$	2,182	$	829	$	1,060	$	6,012	$	10,083


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025


	Nine Months Ended September 30, 2024
(In Thousands)		Non-QM loans		Single-family rental loans		Single-family transitional loans (1)		Legacy RPL/NPL loans (2)		Totals
Allowance for credit losses at December 31, 2023		$	1,871	$	4,355	$	2,587	$	11,638	$	20,451
Current provision/(reversal)		(190)		228		(472)		(26)		(460)
Write-offs		—		59		(416)		(22)		(379)
Allowance for credit losses at March 31, 2024		$	1,681	$	4,642	$	1,699	$	11,590	$	19,612
Current provision/(reversal)		(326)		978		(317)		(1,414)		(1,079)
Write-offs		—		(5,011)		(81)		(170)		(5,262)
Allowance for credit losses at June 30, 2024		$	1,355	$	609	$	1,301	$	10,006	$	13,271
Current provision/(reversal)		387		205		48		(2,582)		(1,942)
Write-offs		—		(439)		(181)		(52)		(672)
Allowance for credit losses at September 30, 2024		$	1,742	$	375	$	1,168	$	7,372	$	10,657

(1)Includes $3.8 million and $18.9 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2025 and 2024, respectively.

(2)Includes $32.1 million and $39.3 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2025 and 2024, respectively.

Estimates of credit losses under credit losses on financial instruments (“CECL”) are highly sensitive to changes in assumptions and current economic conditions have increased the difficulty of accurately forecasting future conditions.

The carrying value of Residential whole loans on nonaccrual status as of September 30, 2025 and December 31, 2024 was $568.0 million and $638.3 million, respectively. During the three and nine months ended September 30, 2025, the Company recognized $2.6 million and $9.8 million, respectively, of interest income on loans on nonaccrual status, including $1.7 million and $5.5 million, respectively, on its portfolio of loans which were non-performing at acquisition. At September 30, 2025 and December 31, 2024, there were approximately $28.7 million and $38.7 million, respectively, of loans held at carrying value on nonaccrual status that did not have an associated allowance for credit losses because they were determined to be collateral dependent and the estimated fair value of the related collateral exceeded the carrying value of each loan, respectively.

During the three months ended September 30, 2025, the Company granted two loan modifications in its carrying value loan portfolio, both with term extensions. The combined increase in average life for the loans with term extensions was two months. As of September 30, 2025, the carrying value of these loans was approximately $0.23 million. As of September 30, 2025, these loans were not greater than 60 days delinquent.

During the past 12 months, the Company has granted five loan modifications in its carrying value loan portfolio, which gave borrowers term extensions, with one of them including an interest rate reduction. The average increase in weighted average life was 74 months, and the interest rate reduction was 1.25%. As of September 30, 2025, the carrying value of these loans was approximately $0.43 million. As of September 30, 2025, only one of these loans was 120+ days delinquent.


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The following table presents certain additional credit-related information regarding our Residential whole loans, at carrying value:


	Amortized Cost Basis by Origination Year and LTV Bands
(In Thousands)	2025 - 2022		2021		Prior		Total
Non-QM loans
LTV <= 80% (1)	$	—	$	35,374	$	571,818	$	607,192
LTV > 80% (1)	—		1,354		6,915		8,269
Total Non-QM loans	$	—	$	36,728	$	578,733	$	615,461
Nine Months Ended September 30, 2025 Gross write-offs	$	—	$	—	$	37	$	37
Business purpose loans
LTV <= 80% (1)	$	—	$	5,719	$	91,206	$	96,925
LTV > 80% (1)	—		—		2,149		2,149
Total Business purpose loans	$	—	$	5,719	$	93,355	$	99,074
Nine Months Ended September 30, 2025 Gross write-offs	$	—	$	31	$	1,459	$	1,490
Legacy RPL/NPL loans
LTV <= 80% (1)	$	—	$	—	$	377,755	$	377,755
LTV > 80% (1)	—		—		46,762		46,762
Total Legacy RPL/NPL loans	$	—	$	—	$	424,517	$	424,517
Nine Months Ended September 30, 2025 Gross write-offs	$	—	$	—	$	268	$	268
Total LTV <= 80% (1)	$	—	$	41,093	$	1,040,779	$	1,081,872
Total LTV > 80% (1)	—		1,354		55,826		57,180
Total Residential whole loans, at carrying value	$	—	$	42,447	$	1,096,605	$	1,139,052
Nine Months Ended September 30, 2025 Total Gross write-offs	$	—	$	31	$	1,764	$	1,795

(1)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Single-family and Multifamily transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Single-family transitional loans, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV is not meaningful.

The following table presents vintage information regarding our Residential whole loans, at fair value:


	Fair Value by Origination Year
(In Thousands)	2025		2024		2023		2022		2021		Prior		Total
Non-QM loans	$	1,233,263	$	1,006,871	$	565,190	$	540,026	$	1,132,462	$	29,653	$	4,507,465
Single-family rental loans	43,816		41,040		219,207		501,361		342,007		7,141		1,154,572
Single-family transitional loans	294,134		308,854		148,401		29,446		4,156		37		785,028
Multifamily transitional loans	—		69,382		267,405		189,128		78,229		—		604,144
Legacy RPL/NPL loans	—		—		—		—		—		581,719		581,719
Other loans	—		—		—		—		51,937		—		51,937
Total Residential whole loans, at fair value	$	1,571,213	$	1,426,147	$	1,200,203	$	1,259,961	$	1,608,791	$	618,550	$	7,684,865


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The following table presents realized credit losses, net of recoveries, on liquidated residential whole loans or residential whole loans that were transferred to REO, recognized in Other, net:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2025		2024		2025		2024
Non-QM loans	$	(80)	$	—	$	(866)	$	88
Single-family rental loans	(7,489)		(669)		(11,833)		(2,123)
Single-family transitional loans	(946)		(2,393)		(4,469)		(2,012)
Multifamily transitional loans	(1,353)		(3,802)		(5,602)		(3,910)
Legacy RPL/NPL loans	(184)		(220)		(824)		(1,120)
Other loans	—		—		—		—
Total Residential whole loans	$	(10,052)	$	(7,084)	$	(23,594)	$	(9,077)

The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 60 days or more delinquent:


	September 30, 2025
(Dollars In Thousands)	Carrying Value / Fair Value		UPB		LTV (1)
Non-QM loans	$	205,052	$	209,456	64	%
Business purpose loans:
Single-family rental loans	$	32,964	$	40,281	94	%
Single-family transitional loans	91,025		103,099		78	%
Multifamily transitional loans	23,947		46,762		67	%
Total Business purpose loans	$	147,936	$	190,142
Legacy RPL/NPL loans	199,196		216,583		62	%
Other loans	—		—		—	%
Total Residential whole loans	$	552,184	$	616,181


	December 31, 2024
(Dollars In Thousands)	Carrying Value / Fair Value		UPB		LTV (1)
Non-QM loans	$	166,299	$	169,459	66	%
Business purpose loans:
Single-family rental loans	$	42,995	$	54,732	99	%
Single-family transitional loans	109,221		115,972		79	%
Multifamily transitional loans	56,970		85,624		79	%
Total Business purpose loans	$	209,186	$	256,328
Legacy RPL/NPL loans	240,356		261,333		63	%
Other loans	—		—		—	%
Total Residential whole loans	$	615,841	$	687,120


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The following tables present the components of interest income on the Company’s Residential whole loans:


	Held at Carrying Value				Held at Fair Value				Total
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
(In Thousands)	2025		2024		2025		2024		2025		2024
Non-QM loans	$	8,649	$	10,357	$	68,093	$	48,110	$	76,742	$	58,467
Business purpose loans:
Single-family rental loans	$	1,740	$	2,285	$	19,896	$	24,048	$	21,636	$	26,333
Single-family transitional loans	210		249		18,781		28,237		18,991		28,486
Multifamily transitional loans	—		—		15,356		23,479		15,356		23,479
Total Business purpose loans	$	1,950	$	2,534	$	54,033	$	75,764	$	55,983	$	78,298
Legacy RPL/NPL loans	7,377		7,763		12,709		12,376		20,086		20,139
Other loans	—		—		479		502		479		502
Total Residential whole loans	$	17,976	$	20,654	$	135,314	$	136,752	$	153,290	$	157,406


	Held at Carrying Value				Held at Fair Value				Total
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2025		2024		2025		2024		2025		2024
Non-QM loans	$	28,069	$	33,306	$	184,204	$	139,771	$	212,273	$	173,077
Business purpose loans:
Single-family rental loans	$	5,433	$	7,123	$	60,347	$	73,876	$	65,780	$	80,999
Single-family transitional loans	4,038		642		64,497		86,104		68,535		86,746
Multifamily transitional loans	—		—		52,618		73,969		52,618		73,969
Total Business purpose loans	$	9,471	$	7,765	$	177,462	$	233,949	$	186,933	$	241,714
Legacy RPL/NPL loans	21,676		23,696		36,865		40,757		58,541		64,453
Other loans	—		—		1,421		1,544		1,421		1,544
Total Residential whole loans	$	59,216	$	64,767	$	399,952	$	416,021	$	459,168	$	480,788

The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2025		2024		2025		2024
Non-QM loans	$	31,465	$	94,489	$	104,783	$	124,058
Business purpose loans:
Single-family rental loans	$	16,878	$	39,662	$	45,888	$	57,269
Single-family transitional loans	(1,770)		2,401		(16,488)		(1,720)
Multifamily transitional loans	(7,939)		(15,384)		(9,415)		(42,457)
Total Business purpose loans	$	7,169	$	26,679	$	19,985	$	13,092
Legacy RPL/NPL loans	1,769		18,923		1,885		9,002
Other loans	890		3,325		2,631		2,181
Total Residential whole loans	$	41,293	$	143,416	$	129,284	$	148,333


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MFA FINANCIAL, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

4. Securities, at Fair Value

Agency MBS

Agency MBS are guaranteed as to principal and/or interest by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae.

The following table presents certain information regarding the composition of the Company’s Agency MBS portfolio:

September 30, 2025


(Dollars in Thousands)	Current Face		Weighted Average Purchase Price		Weighted Average Market Price		Fair Value		Weighted Average Loan Age (Months)	CPR (1)
30-Year Fixed Rate:
5.00% Coupon	$	258,145	99.0	%	99.4	%	$	256,693	13	8.3	%

MFA FINANCIAL, INC. 10-Q