<SEC-DOCUMENT>0001104659-21-005854.txt : 20210120
<SEC-HEADER>0001104659-21-005854.hdr.sgml : 20210120
<ACCEPTANCE-DATETIME>20210120163140
ACCESSION NUMBER:		0001104659-21-005854
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210115
FILED AS OF DATE:		20210120
DATE AS OF CHANGE:		20210120

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Yarad Stephen D.
		CENTRAL INDEX KEY:			0001501837

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13991
		FILM NUMBER:		21539150

	MAIL ADDRESS:	
		STREET 1:		350 PARK AVENUE, 21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFA FINANCIAL, INC.
		CENTRAL INDEX KEY:			0001055160
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133974868
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		350 PARK AVENUE
		STREET 2:		20TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2122076400

	MAIL ADDRESS:	
		STREET 1:		350 PARK AVE
		STREET 2:		20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MFA MORTGAGE INVESTMENTS
		DATE OF NAME CHANGE:	20020809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICA FIRST MORTGAGE INVESTMENTS INC
		DATE OF NAME CHANGE:	19980211
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
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    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-01-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001055160</issuerCik>
        <issuerName>MFA FINANCIAL, INC.</issuerName>
        <issuerTradingSymbol>MFA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001501837</rptOwnerCik>
            <rptOwnerName>Yarad Stephen D.</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet1>C/O MFA FINANCIAL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 PARK AVENUE, 20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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                <transactionPricePerShare>
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    <derivativeTable>
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                <value>2021-01-15</value>
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            <expirationDate>
                <value>2021-01-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <footnoteId id="F8"/>
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                </transactionPricePerShare>
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                    <value>D</value>
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            <expirationDate>
                <value>2021-01-15</value>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
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                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>197007</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in March 2018.</footnote>
        <footnote id="F2">Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.</footnote>
        <footnote id="F3">Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) (&quot;PRSUs&quot;) granted to the Reporting Person in March 2018 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 2,994 shares representing the settlement (in the form of additional shares of common stock) of dividend equivalents that accrued during the three-year performance period ended December 31, 2020, in respect of the PRSUs that vested and whose settlement is reported herein.</footnote>
        <footnote id="F4">The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 3 above.</footnote>
        <footnote id="F5">Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in March 2018. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.</footnote>
        <footnote id="F6">Settlement of performance-based restricted stock units (i.e., phantom stock) (&quot;PRSUs&quot;) granted to the Reporting Person in March 2018. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.</footnote>
        <footnote id="F7">The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in March 2018. Per the terms of the award agreement governing the PRSUs, the number of underlying shares of MFA common stock that the recipient ultimately became entitled to receive at the time of vesting ranged from 0% to 200% of the target number of PRSUs granted, subject to the achievement of a pre-established performance metric. The vesting of these PRSUs was based on MFA's total stockholder return for the three years ended December 31, 2020.</footnote>
        <footnote id="F8">The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level below target, as reflected in Table I above (see Note 3). In addition, per the terms of the award agreement governing the PRSUs, the number of PRSUs that vested was adjusted to reflect the value of any dividends paid on MFA's common stock during the performance period in respect of the number of PRSUs that ultimately vested.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Stephen D. Yarad</signatureName>
        <signatureDate>2021-01-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
