Financial Data and Key Metrics Changes - For Q4 2023, the company reported GAAP earnings of $81.5 million, or $0.80 per basic common share, and distributable earnings of $49.7 million, or $0.49 per basic common share, with an increase in distributable earnings driven by a release of CECL reserves [19][21] - The net interest income plus positive carry on swaps for the full year was $283.6 million, an increase of over $50 million, or 21% from 2022 [20] - As of December 31, GAAP book value was $13.98 per common share and economic book value was $14.57 per common share, representing increases of 3.7% and 5.3% respectively from the previous quarter [21][24] Business Line Data and Key Metrics Changes - The company acquired $860 million of loans in Q4 2023 with an average coupon of 10%, and $3 billion of loans in 2023 with an average coupon of 9.8% [15] - Business purpose loans and non-QM loans accounted for the majority of acquisitions in 2023, with an asset yield increase from 5.69% in Q1 to 6.46% in Q4 [26][28] Market Data and Key Metrics Changes - The U.S. economy showed strong performance with Q4 GDP growth over 3% and an unemployment rate of 3.7% [29] - Home prices rose by over 5% in 2023, supported by low supply and high demand [29] Company Strategy and Development Direction - The company’s strategy is not dependent on rate cuts, focusing on maintaining a short net duration and prioritizing stability of funding costs through securitization and swap hedges [31][41] - The company plans to continue deploying capital at attractive returns and growing its portfolio, with a focus on high-yielding loans [22][31] Management's Comments on Operating Environment and Future Outlook - Management noted that while inflation numbers are high and labor markets remain strong, the Fed's anticipated rate cuts are still a few months away [12][13] - The company expects to benefit from extensive carry on swaps and lower funding costs as $1 billion of swaps mature at the end of 2024 and early 2025 [31] Other Important Information - The company repurchased over $60 million of its convertible bond due in June, which, along with proceeds from a bond deal, largely covered this maturity [17] - The company successfully issued an unsecured senior bond early in January, upsizing the deal to $115 million [16] Q&A Session Summary Question: Discussion on call strategy and attractiveness in current rates - Management indicated that the call strategy is opportunistic and depends on the specific deal and market conditions [51][53] Question: Appetite for unsecured issuance and its role in capital structure - Management confirmed that the recent unsecured issuance was successful and will be considered as a viable source of financing in the future [54] Question: Insights on non-bank originators and specialized products - Management stated that while there are discussions about trends in banks and commercial loan portfolios, they have not identified significant opportunities outside their current focus [60][61] Question: Concerns regarding multifamily bridge products - Management expressed confidence in their multifamily portfolio, highlighting conservative underwriting and low delinquency rates [67][70]

4% 5% 6% 7% 8% 9% 10% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Average coupon in Lima One origination pipeline exceeds 10.25% 9 Lima offers a broad range of loan products to real estate investors nationwide including rehab loans, bridge loans, construction loans, rental loans and small-balance multifamily loans Legacy Non-Performing and Re-Performing Loans | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------|-------|-------| | ...

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 registra ...

Financial Data and Key Metrics Changes - MFA's GAAP book value decreased by 6.5% and economic book value decreased by 8.5% in Q3 2023 [25] - Distributable earnings were $0.40 per share, covering the $0.35 dividend, with net interest spread increasing to 217 basis points and net interest margin increasing to 302 basis points [54][87] - The average coupon on loan acquisitions was approximately 9.9%, with a significant increase in yield on interest-earning assets to 6.35%, up 25 basis points from Q2 and 111 basis points from a year ago [27][88] Business Line Data and Key Metrics Changes - Lima One originated $671 million of business purpose loans in Q3, a 15% increase from Q2, accounting for over 80% of MFA's loan acquisitions [5] - The average loan-to-value (LTV) ratio for loans originated by Lima One was 65%, with an average FICO score of 754 [67][78] - The 60-plus day delinquency rate on BPL loans originated by Lima One increased to 3.2% but remained within modeling expectations [67] Market Data and Key Metrics Changes - The interest rate environment was highly volatile, with the 10-year treasury rate increasing by about 75 basis points during the quarter [27][25] - Home prices increased by approximately 5% year-to-date, supported by low inventory and a resilient labor market [89] Company Strategy and Development Direction - MFA continues to focus on high-quality borrowers and has successfully increased its market share in the business purpose loan sector due to the exit of smaller originators [95] - The company aims to manage interest rate risk through securitization, having executed two securitizations totaling $600 million in Q3 [87][91] - MFA is committed to increasing non-mark-to-market financing, which now stands at 77% of its loan portfolio [87] Management's Comments on Operating Environment and Future Outlook - Management noted that the Fed appears to be nearing the end of its tightening cycle, which may improve the outlook for levered investor returns [2] - The company expressed confidence in its ability to manage delinquencies effectively, leveraging in-house expertise and the performance of Lima One [28][36] - The economic environment remains resilient, with GDP growth at 4.9% in Q3, supporting the credit portfolio [56] Other Important Information - MFA has executed over $6.5 billion in securitizations since 2020, with over 60% of loans financed through securitization [91] - The company sold 77 properties from its REO portfolio for $26 million, resulting in over $3 million in gains [30] Q&A Session Summary Question: What is the outlook for the fair value mark taken this quarter? - Management indicated that the fair value mark is primarily due to market interest rate movements and that recovery will take time as prepayment speeds are slower in the current environment [71] Question: How is Lima One performing in the current market? - Management highlighted that Lima One has been hiring experienced personnel from competitors and has successfully expanded its market share due to its integrated operations with MFA [95][96] Question: What are the plans for refinancing unsecured debt coming due next June? - Management noted that the convertible market is not currently viable due to stock trading below book value, and they are exploring options for refinancing [81]

Company Update SECOND QUARTER 2023 Q2 2022 Financial Snapshot When used in this presentation or other written or oral communications, statements that are not historical in nature, including those containing words such as "will," "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "could," "would," "may," the negative of these words or similar expressions, are intended to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, ...

MFA Financial, Inc. (NYSE:MFA) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Hal Schwartz - Investor Relations Craig Knutson - President and Chief Executive Officer Steve Yarad - Chief Financial Officer Gudmundur Kristjansson - Co-Chief Investment Officer Bryan Wulfsohn - Co-Chief Investment Officer Conference Call Participants Bose George - KBW Steve Delaney - JMP Securities Doug Harter - Credit Suisse Eric Hagen - BTIG Operator Ladies and gentlemen, thank you for standin ...

___________________________________________________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 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 sp ...

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, 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 a ...

MFA Financial, Inc. (NYSE:MFA) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET Company Participants Harold Schwartz - SVP, General Counsel & Secretary Craig Knutson - President, CEO & Director Gudmundur Kristjansson - SVP & Co-CIO Bryan Wulfsohn - SVP & Co-CIO Conference Call Participants Steven Delaney - JMP Securities Operator Ladies and gentlemen, thank you for standing by, and welcome to the MFA First Quarter 2023 Earnings Conference Call. [Operator Instructions]. I would now like to turn the c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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) Maryland 13-3974868 (State or other jurisdiction of i ...