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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, 2022
 
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

101,796,941 shares of the registrant’s common stock, $0.01 par value, were outstanding as of October 28, 2022.



MFA FINANCIAL, INC.

TABLE OF CONTENTS
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MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
 (In Thousands Except Per Share Amounts)September 30,
2022
December 31,
2021
 (Unaudited) 
Assets: 
Residential whole loans, net ($6,315,966 and $5,305,349 held at fair value, respectively) (1)(2)
$8,194,049 $7,913,000 
Securities, at fair value (2)
227,407 256,685 
Cash and cash equivalents434,086 304,696 
Restricted cash167,310 99,751 
Other assets (2)
496,994 565,556 
Total Assets$9,519,846 $9,139,688 
Liabilities:  
Financing agreements ($4,397,470 and $3,266,773 held at fair value, respectively)
$7,289,440 $6,378,782 
Other liabilities196,475 218,058 
Total Liabilities$7,485,915 $6,596,840 
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; 101,797 and 108,138 shares issued
  and outstanding, respectively
1,018 1,082 
Additional paid-in capital, in excess of par3,681,784 3,775,482 
Accumulated deficit(1,680,129)(1,279,484)
Accumulated other comprehensive income31,068 45,578 
Total Stockholders’ Equity$2,033,931 $2,542,848 
Total Liabilities and Stockholders’ Equity$9,519,846 $9,139,688 

(1)Includes approximately $4.4 billion and $3.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2022 and December 31, 2021, 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)2022 20212022 2021
Interest Income: 
Residential whole loans$114,415 $79,602 $316,235 $213,156 
Securities, at fair value5,612 10,629 16,181 42,433 
Other interest-earning assets2,216 524 5,071 632 
Cash and cash equivalent investments1,629 126 2,055 239 
Interest Income$123,872 $90,881 $339,542 $256,460 
Interest Expense:  
Asset-backed and other collateralized financing arrangements$67,636 $25,135 $159,806 $72,827 
Other interest expense3,943 3,930 11,811 11,863 
Interest Expense$71,579 $29,065 $171,617 $84,690 
Net Interest Income$52,293 $61,816 $167,925 $171,770 
(Provision)/Reversal of Provision for Credit Losses on Residential Whole Loans$(588)$9,709 $1,106 $41,326 
Provision for Credit Losses on Other Assets  (28,579) 
Net Interest Income after (Provision)/Reversal of Provision for Credit Losses$51,705 $71,525 $140,452 $213,096 
Other (Loss)/Income, net:
Net mark-to-market and other net (loss)/gain on residential whole loans measured at fair value$(291,875)$21,815 $(796,664)$59,325 
Gain on investment in Lima One common equity 38,933  38,933 
Net gains on derivatives used for risk management purposes111,816 2,085 253,721 1,028 
Net mark-to-market on Securitized debt measured at fair value98,858 857 247,548 8,254 
Net gain on real estate owned3,860 6,829 19,777 13,725 
Lima One - origination, servicing and other fee income12,372 9,638 37,539 9,638 
Other, net778 14,289 (10,076)19,510 
Other (Loss)/Income, net$(64,191)$94,446 $(248,155)$150,413 
Operating and Other Expense:
Compensation and benefits$21,063 $16,210 $59,679 $33,533 
Other general and administrative expense8,812 8,659 28,016 23,338 
Loan servicing, financing and other related costs11,357 5,291 34,993 18,591 
Amortization of intangible assets1,300 3,300 7,900 3,300 
Operating and Other Expense$42,532 $33,460 $130,588 $78,762 
Net (Loss)/Income$(55,018)$132,511 $(238,291)$284,747 
Less Preferred Stock Dividend Requirement$8,218 $8,218 24,656 24,656 
Net (Loss)/Income Available to Common Stock and Participating Securities$(63,236)$124,293 $(262,947)$260,091 
Basic (Loss)/Earnings per Common Share$(0.62)$1.12 $(2.54)$2.33 
Diluted (Loss)/Earnings per Common Share$(0.62)$1.08 $(2.54)$2.28 

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)2022202120222021
Net (loss)/income$(55,018)$132,511 $(238,291)$284,747 
Other Comprehensive (Loss):  
Unrealized (losses) on securities available-for-sale(5,851)(8,029)(15,765)(21,473)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 209 1,255 935 
Other Comprehensive (Loss)(5,851)(7,820)(14,510)(20,538)
Comprehensive (loss)/income before preferred stock dividends$(60,869)$124,691 $(252,801)$264,209 
Dividends required on preferred stock(8,218)(8,218)(24,656)(24,656)
Comprehensive (Loss)/Income Available to Common Stock and Participating Securities$(69,087)$116,473 $(277,457)$239,553 
 
The accompanying notes are an integral part of the consolidated financial statements.
3