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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, 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

102,455,065 shares of the registrant’s common stock, $0.01 par value, were outstanding as of April 28, 2022.



MFA FINANCIAL, INC.

TABLE OF CONTENTS
 Page
 
 
 
 
 
 





MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
 (In Thousands Except Per Share Amounts)March 31,
2022
December 31,
2021
 (Unaudited) 
Assets: 
Residential whole loans, net ($5,977,315 and $5,305,349 held at fair value, respectively) (1)(2)
$8,261,905 $7,913,000 
Securities, at fair value (2)
250,171 256,685 
Cash and cash equivalents410,939 304,696 
Restricted cash144,600 99,751 
Other assets (2)
857,343 565,556 
Total Assets$9,924,958 $9,139,688 
Liabilities:  
Financing agreements ($3,804,906 and $3,266,773 held at fair value, respectively)
$7,028,211 $6,378,782 
Other liabilities547,792 218,058 
Total Liabilities$7,576,003 $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; 105,036 and 108,138 shares issued
  and outstanding, respectively
1,050 1,082 
Additional paid-in capital, in excess of par3,722,974 3,775,482 
Accumulated deficit(1,417,115)(1,279,484)
Accumulated other comprehensive income41,856 45,578 
Total Stockholders’ Equity$2,348,955 $2,542,848 
Total Liabilities and Stockholders’ Equity$9,924,958 $9,139,688 

(1)Includes approximately $3.2 billion and $3.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 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
March 31,
(In Thousands, Except Per Share Amounts)2022 2021
Interest Income: 
Residential whole loans$99,466 $64,538 
Securities, at fair value5,275 16,459 
Other interest-earning assets1,506  
Cash and cash equivalent investments102 54 
Interest Income$106,349 $81,051 
Interest Expense: 
Asset-backed and other collateralized financing arrangements$39,365 $26,050 
Other interest expense3,931 4,020 
Interest Expense$43,296 $30,070 
Net Interest Income$63,053 $50,981 
Reversal of Provision for Credit Losses on Residential Whole Loans$3,511 $22,750 
Net Interest Income after Reversal of Provision for Credit Losses$66,564 $73,731 
Other Income, net:
Net mark-to-market and other net (loss)/gain on residential whole loans measured at fair value$(288,375)$31,490 
Net gains on derivatives used for risk management purposes94,101  
Net mark-to-market on Securitized debt measured at fair value64,117 (1,011)
Net gain on real estate owned8,732 2,440 
Lima One - origination, servicing and other fee income14,494  
Other, net(585)1,400 
Other (Loss)/Income, net$(107,516)$34,319 
Operating and Other Expense:
Compensation and benefits$19,556 $8,437 
Other general and administrative expense8,697 6,792 
Loan servicing, financing and other related costs10,401 7,299 
Amortization of intangible assets3,300  
Operating and Other Expense$41,954 $22,528 
Net (Loss)/Income$(82,906)$85,522 
Less Preferred Stock Dividend Requirement$8,219 $8,219 
Net (Loss)/Income Available to Common Stock and Participating Securities$(91,125)$77,303 
Basic (Loss)/Earnings per Common Share$(0.86)$0.68 
Diluted (Loss)/Earnings per Common Share$(0.86)$0.67 

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)20222021
Net (loss)/income$(82,906)$85,522 
Other Comprehensive (Loss):  
Unrealized (losses) on securities available-for-sale(4,977)(3,855)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk1,255 235 
Other Comprehensive (Loss)(3,722)(3,620)
Comprehensive (loss)/income before preferred stock dividends$(86,628)$81,902 
Dividends required on preferred stock(8,219)(8,219)
Comprehensive (Loss)/Income Available to Common Stock and Participating Securities$(94,847)$73,683 
 
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, 2022
(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, 202111,000 $110 8,000 $80 108,138 $1,082 $3,775,482 $(1,279,484)$45,578 $2,542,848 
Net Income— — — — — — — (82,906)— (82,906)
Issuance of common stock, net of expenses
— — — — 150 1 485 — — 486 
Repurchase of shares of common stock (1)
— — — — (3,252)(33)(55,709)— — (55,742)
Equity based compensation expense— — — — — — 2,642 — — 2,642 
Change in accrued dividends attributable to stock-based awards— — — — — — 74 (150)— (76)
Dividends declared on common stock ($0.110 per share) (2)
— — — — — — — (46,215)— (46,215)
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— — — — — — — (141)— (141)
Change in unrealized gains on securities, net— — — — — — — — (4,977)(4,977)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk— — — — — — — — 1,255 1,255 
Balance at March 31, 202211,000 $110 8,000 $80 105,036 $1,050 $3,722,974 $(1,417,115)$41,856 $2,348,955 
(1)  For the three months ended March 31, 2022 includes approximately $1.0 million (56,690 shares) surrendered for tax purposes related to equity-based compensation awards.
(2) Based on the number of shares held by stockholders at the record date and before giving effect to the Company’s 1 for 4 reverse stock split effected on April 4, 2022.




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


4

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended March 31, 2021
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
(In Thousands, Except Per Share Amounts)SharesAmountSharesAmountSharesAmount
Balance at December 31, 202011,000 $110 8,000 $80 112,929 $1,129 $3,851,517 $(1,405,327)$77,293 $2,524,802 
Net Income— — — — — — — 85,522 — 85,522 
Issuance of common stock, net of expenses
— — — — 139 1 381 — — 382 
Repurchase of shares of common stock (1)
— — — — (1,540)(15)(25,121)— — (25,136)
Equity based compensation expense— — — — — — 1,686 — — 1,686 
Change in accrued dividends attributable to stock-based awards— — — — — — 489 — — 489 
Dividends declared on common stock ($0.075 per share) (2)
— — — — — — — (33,521)— (33,521)
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)
— — — — — — — (4,468)— (4,468)
Dividends attributable to dividend equivalents— — — — — — — (120)— (120)
Change in unrealized losses on securities, net— — — — — — — — (3,855)(3,855)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk— — — — — — — — 235 235 
Balance at March 31, 202111,000 $110 8,000 $80 111,528 $1,115 $3,828,952 $(1,361,664)$73,673 $2,542,266 

(1)  For the three months ended March 31, 2021, includes approximately $799,000 (53,281 shares) surrendered for tax purposes related to equity-based compensation awards
(2) Based on the number of shares held by stockholders at the record date and before giving effect to the Company’s 1 for 4 reverse stock split effected on April 4, 2022.

The accompanying notes are an integral part of the consolidated financial statements.
5

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31,
(In Thousands)20222021
Cash Flows From Operating Activities:  
Net (loss)/income$(82,906)$85,522 
Adjustments to reconcile net income to net cash provided by operating activities: 
(Gains)/losses on residential whole loans and real estate owned, net277,273 (35,893)
(Gains)/losses on securities, net2,921 (100)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities, and amortization of terminated hedging instruments(4,135)(9,645)
(Reversal of provision)/provision for credit and valuation losses on residential whole loans and other financial instruments(4,038)(23,967)
Net other non-cash (gains)/losses included in net income(134,618)5,212 
(Increase)/Decrease in other assets78,454 (1,939)
Increase/(Decrease) in other liabilities609 4,975 
Net cash provided by operating activities$133,560 $