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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 March 31, 2024
 
or 
    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)
__________________________________________________________________ 
Maryland13-3974868
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Vanderbilt Ave., 48th Floor
New YorkNew York10017
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareMFANew York Stock Exchange
7.50% Series B Cumulative Redeemable
Preferred Stock, par value $0.01 per share
MFA/PBNew York Stock Exchange
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable
Preferred Stock, par value $0.01 per share
MFA/PCNew York Stock Exchange
8.875% Senior Notes due 2029MFANNew York Stock Exchange
9.00% Senior Notes due 2029
MFAONew 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 x 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
102,082,499 shares of the registrant’s common stock, $0.01 par value, were outstanding as of April 30, 2024.


MFA FINANCIAL, INC.
TABLE OF CONTENTS
 Page
 
 
 
 
 
 




MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
 (In Thousands Except Per Share Amounts)March 31,
2024
December 31,
2023
 (Unaudited) 
Assets: 
Residential whole loans, net ($7,653,907 and $7,511,508 held at fair value, respectively) (1)(2)
$9,118,665 $9,041,292 
Securities, at fair value (2)
736,950 746,090 
Cash and cash equivalents306,266 318,000 
Restricted cash222,905 170,211 
Other assets (2)
489,344 497,097 
Total Assets$10,874,130 $10,772,690 
Liabilities:  
Financing agreements ($4,641,438 and $4,633,660 held at fair value, respectively)
$8,685,916 $8,536,745 
Other liabilities304,027 336,030 
Total Liabilities$8,989,943 $8,872,775 
Commitments and contingencies (See Note 9)
Stockholders’ Equity:  
Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)
$80 $80 
Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding ($275,000 aggregate liquidation preference)
110 110 
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 102,082 and 101,916 shares issued and outstanding, respectively
1,021 1,019 
Additional paid-in capital, in excess of par3,703,242 3,698,767 
Accumulated deficit(1,839,792)(1,817,759)
Accumulated other comprehensive income19,526 17,698 
Total Stockholders’ Equity$1,884,187 $1,899,915 
Total Liabilities and Stockholders’ Equity$10,874,130 $10,772,690 
(1)Includes approximately $5.7 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2024 and December 31, 2023, 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.
1


MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
(In Thousands, Except Per Share Amounts)2024 2023
Interest Income: 
Residential whole loans$157,665 $119,510 
Securities, at fair value12,992 7,308 
Other interest-earning assets1,163 2,351 
Cash and cash equivalent investments5,011 3,036 
Interest Income$176,831 $132,205 
Interest Expense: 
Asset-backed and other collateralized financing arrangements$123,442 $88,880 
Other interest expense5,575 3,956 
Interest Expense$129,017 $92,836 
Net Interest Income$47,814 $39,369 
Reversal/(Provision) for Credit Losses on Residential Whole Loans$460 $13 
Reversal/(Provision) for Credit Losses on Other Assets(1,109) 
Net Interest Income after Reversal/(Provision) for Credit Losses$47,165 $39,382 
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings$(11,513)$129,174 
Impairment and other net gain/(loss) on securities and other portfolio investments(4,776)2,931 
Net gain/(loss) on real estate owned991 3,942 
Net gain/(loss) on derivatives used for risk management purposes49,941 (21,208)
Net gain/(loss) on securitized debt measured at fair value through earnings(22,462)(51,725)
Lima One - origination, servicing and other fee income7,928 8,976 
Net realized gain/(loss) on residential whole loans held at carrying value418  
Other, net1,875 3,014 
Other Income/(Loss), net$22,402 $75,104 
Operating and Other Expense:
Compensation and benefits$25,468 $20,630 
Other general and administrative expense13,044 10,233 
Loan servicing, financing and other related costs7,042 9,539 
Amortization of intangible assets800 1,300 
Operating and Other Expense$46,354 $41,702 
Net Income/(Loss)$23,213 $72,784 
Less Preferred Stock Dividend Requirement$8,219 $8,219 
Net Income/(Loss) Available to Common Stock and Participating Securities$14,994 $64,565 
Basic Earnings/(Loss) per Common Share$0.14 $0.63 
Diluted Earnings/(Loss) per Common Share$0.14 $0.62 
The accompanying notes are an integral part of the consolidated financial statements.
2


MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
Three Months Ended
March 31,
(In Thousands)20242023
Net income/(loss)$23,213 $72,784 
Other Comprehensive Income/(Loss):  
Unrealized gains/(losses) on securities available-for-sale1,828 (1,116)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk  
Other Comprehensive Income/(Loss)1,828 (1,116)
Comprehensive Income/(Loss) before preferred stock dividends$25,041 $71,668 
Dividends required on preferred stock(8,219)(8,219)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities$16,822 $63,449 
The accompanying notes are an integral part of the consolidated financial statements.
3

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended March 31, 2024
(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 StockAdditional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive IncomeTotal
SharesAmountSharesAmountSharesAmount
Balance at December 31, 20238,000 $80 11,000 $110 101,916 $1,019 $3,698,767 $(1,817,759)$17,698 $1,899,915 
Net income— — — — — — — 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 30, 20248,000 $80 11,000 $110 102,082 $1,021 $3,703,242 $(1,839,792)$19,526 $1,884,187 
(1)  For the three months ended March 31, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards.


Three Months Ended March 31, 2023
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 StockAdditional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive IncomeTotal
(In Thousands, Except Per Share Amounts)SharesAmountSharesAmountSharesAmount
Balance at December 31, 20228,000 $80 11,000 $110 101,802 $1,018 $3,684,291 $(1,717,991)$21,341 $1,988,849 
Net income— — — — — — — 72,784 — 72,784 
Issuance of common stock, net of expenses
— — — — 168 1 17 — — 18 
Repurchase of shares of common stock (1)— — — — (58)— (599)— — (599)
Equity based compensation expense— — — — — — 3,019 — — 3,019 
Change in accrued dividends attributable to stock-based awards— — — — — — 557 (932)— (375)
Dividends declared on common stock ($0.35 per share)
— — — — — — — (35,669)— (35,669)
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— — — — — — — (86)— (86)
Change in unrealized gains on securities, net— — — — — — — — (1,116)(1,116)
Balance at March 31, 20238,000 $80 11,000 $110 101,912 $1,019 $3,687,285 $(1,690,113)$20,225 $2,018,606 
(1)  For the three months ended March 31, 2023 includes approximately $0.6 million (58,505 shares) surrendered for tax purposes related to equity-based compensation awards.
The accompanying notes are an integral part of the consolidated financial statements.
4


MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31,
(In Thousands)20242023
Cash Flows From Operating Activities:  
Net income/(loss)$23,213 $72,784 
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: 
Net (gain)/loss on residential whole loans11,095 (129,174)
Impairment and other net (gain)/loss on securities and other portfolio investments, net4,112 (2,932)
Net gain on real estate owned(735)(3,936)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities(3,327)(4,507)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets649 (4)
Net (gain)/loss on derivatives used for risk management purposes (23,182)42,879 
Net (gain)/loss on securitized debt measured at fair value through earnings20,169 48,846 
Net margin received/(paid) for derivatives used for risk management purposes(5,112)(28,428)
Net other non-cash (gains)/losses included in net income14,103 5,674 
(Increase)/decrease in other assets19,397 (20,010)
Increase/(decrease) in other liabilities(6,915)11,471 
Net cash provided by/(used in) operating activities$53,467 $(7,337)
Cash Flows From Investing Activities:  
Purchases and origination of residential whole loans, loan related investments and capitalized advances$(761,214)$(459,012)
Proceeds from sales of residential whole loans151,664 263,014 
Principal payments on residential whole loans and loan related investments402,354 321,626 
Purchases of securities (305,858)
Proceeds from sales of securities and other assets  
Principal payments on securities8,081 5,755 
Proceeds from sales of real estate owned24,217 33,968 
Other investing activities83,496 (6,926)
Net cash provided by/(used in) investing activities
$(91,402)$(147,433)
Cash Flows From Financing Activities: 
Principal payments on financing agreements with mark-to-market collateral provisions$(290,021)$(766,604)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions438,616 640,498 
Principal payments on other collateralized financing agreements(576,135)(415,443)
Proceeds from borrowings under other collateralized financing agreements482,499 778,400 
Payment made for other collateralized financing agreement related costs(1,340)(4,602)
Redemption of convertible senior notes(39,831) 
Proceeds from issuance of senior notes110,626  
Proceeds from issuances of common stock, net of expenses(20)17 
Payments made for the repurchase of common stock(1,491) 
Dividends paid on preferred stock(8,219)(8,219)
Dividends paid on common stock and dividend equivalents(35,789)(35,769)
Net cash provided by/(used in) financing activities$78,895 $188,278 
Net increase/(decrease) in cash, cash equivalents and restricted cash$40,960 $33,508 
Cash, cash equivalents and restricted cash at beginning of period$488,211 $494,081 
Cash, cash equivalents and restricted cash at end of period$529,171 $527,589 
Supplemental Disclosure of Cash Flow Information 
Cash paid for interest$122,746 $87,057 
Non-cash Investing and Financing Activities: