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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 September 30, 2023
 
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)
_____________________________________________

Not Applicable 
(Former name, former address and former fiscal year, if changed since last period)
____________________________________________________________________ 

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

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

101,915,797 shares of the registrant’s common stock, $0.01 par value, were outstanding as of October 31, 2023.



MFA FINANCIAL, INC.

TABLE OF CONTENTS
 Page
 
 
 
 
 
 





MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
 (In Thousands Except Per Share Amounts)September 30,
2023
December 31,
2022
 (Unaudited) 
Assets: 
Residential whole loans, net ($6,846,570 and $5,727,524 held at fair value, respectively) (1)(2)
$8,424,216 $7,518,739 
Securities, at fair value (2)
723,959 333,364 
Cash and cash equivalents300,089 334,183 
Restricted cash153,449 159,898 
Other assets (2)
503,087 766,221 
Total Assets$10,104,800 $9,112,405 
Liabilities:  
Financing agreements ($4,438,676 and $3,898,744 held at fair value, respectively)
$8,037,973 $6,812,086 
Other liabilities218,311 311,470 
Total Liabilities$8,256,284 $7,123,556 
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; 101,916 and 101,802 shares issued
  and outstanding, respectively
1,019 1,018 
Additional paid-in capital, in excess of par3,695,406 3,684,291 
Accumulated deficit(1,862,452)(1,717,991)
Accumulated other comprehensive income14,353 21,341 
Total Stockholders’ Equity$1,848,516 $1,988,849 
Total Liabilities and Stockholders’ Equity$10,104,800 $9,112,405 

(1)Includes approximately $5.1 billion and $4.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2023 and December 31, 2022, 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
September 30,
Nine Months Ended
September 30,
(In Thousands, Except Per Share Amounts)2023 20222023 2022
Interest Income: 
Residential whole loans$140,538 $114,415 $388,096 $316,235 
Securities, at fair value11,945 5,612 29,201 16,181 
Other interest-earning assets2,587 2,216 7,560 5,071 
Cash and cash equivalent investments4,095 1,629 10,863 2,055 
Interest Income$159,165 $123,872 $435,720 $339,542 
Interest Expense:  
Asset-backed and other collateralized financing arrangements$109,088 $67,636 $293,852 $159,806 
Other interest expense3,936 3,943 11,853 11,811 
Interest Expense$113,024 $71,579 $305,705 $171,617 
Net Interest Income$46,141 $52,293 $130,015 $167,925 
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans$1,258 $(588)$977 $1,106 
Provision for Credit Losses on Other Assets   (28,579)
Net Interest Income after Provision for Credit Losses$47,399 $51,705 $130,992 $140,452 
Other (Loss)/Income, net:
Net loss on residential whole loans measured at fair value through earnings$(132,894)$(291,818)$(134,423)$(797,934)
Impairment and other net loss on securities and other portfolio investments(14,161)(411)(15,799)(16,159)
Net gain on real estate owned2,409 3,861 8,504 19,777 
Net gain on derivatives used for risk management purposes34,860 111,816 74,103 253,721 
Net gain on securitized debt measured at fair value through earnings36,431 98,858 12,100 247,548 
Lima One - origination, servicing and other fee income12,109 12,372 32,562 37,539 
Other, net1,854 1,131 10,522 7,353 
Other Loss, net$(59,392)$(64,191)$(12,431)$(248,155)
Operating and Other Expense:
Compensation and benefits$24,051 $21,063 $66,452 $59,679 
Other general and administrative expense10,605 8,812 32,165 28,016 
Loan servicing, financing and other related costs8,989 11,357 26,126 34,993 
Amortization of intangible assets800 1,300 3,400 7,900 
Operating and Other Expense$44,445 $42,532 $128,143 $130,588 
Net (Loss)/Income $(56,438)$(55,018)$(9,582)$(238,291)
Less Preferred Stock Dividend Requirement$8,219 $8,218 $24,656 $24,656 
Net (Loss)/Income Available to Common Stock and Participating Securities$(64,657)$(63,236)$(34,238)$(262,947)
Basic (Loss)/Earnings per Common Share$(0.64)$(0.62)$(0.34)$(2.54)
Diluted (Loss)/Earnings per Common Share$(0.64)$(0.62)$(0.34)$(2.54)

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
September 30,
Nine Months Ended
September 30,
(In Thousands)2023202220232022
Net loss$(56,438)$(55,018)$(9,582)$(238,291)
Other Comprehensive Income/(Loss):  
Unrealized gains/(losses) on securities available-for-sale933 (5,851)(6,988)(15,765)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk   1,255 
Other Comprehensive Income/(Loss)933 (5,851)(6,988)(14,510)
Comprehensive loss before preferred stock dividends$(55,505)$(60,869)$(16,570)$(252,801)
Dividends required on preferred stock(8,219)(8,218)(24,656)(24,656)
Comprehensive Loss Available to Common Stock and Participating Securities$(63,724)$(69,087)$(41,226)$(277,457)
 
The accompanying notes are an integral part of the consolidated financial statements.
3

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Nine Months Ended September 30, 2023
(In Thousands, Except Per Share Amounts)
Preferred Stock
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable - Liquidation Preference $25.00 per Share
Preferred Stock
7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share
Common StockAdditional Paid-in CapitalAccumulated
 Deficit
Accumulated Other Comprehensive IncomeTotal
SharesAmountSharesAmountSharesAmount
Balance at December 31, 202211,000 $110 8,000 $80 101,802 $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, 202311,000 $110 8,000 $80 101,912 $1,019 $3,687,285 $(1,690,113)$20,225 $2,018,606 
Net loss    — — — (25,928)— (25,928)
Issuance of common stock, net of expenses
    4 — 16 — — 16 
Repurchase of shares of common stock (1)
    — — — — —  
Equity based compensation expense    — — 3,932 — — 3,932 
Change in accrued dividends attributable to stock-based awards    — — — (1,044)— (1,044)
Dividends declared on common stock ($0.35 per share)
    — — — (35,671)— (35,671)
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    — — — (118)— (118)
Change in unrealized gains on securities, net    — —