XML 117 R106.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value of Financial Instruments - Fair Value Methodology (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Mar. 31, 2024 USD ($) | Sep. 30, 2024 USD ($) | Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Total Residential whole loans | [1],[2] |  | $ 9,027,371 | $ 9,041,292
Residential whole loan |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Securities, at fair value |  |  | 7,674,741 | 7,511,508
UPB |  |  | 9,346,212 |
Total Residential whole loans |  |  | 9,027,371 | 9,041,292
Residential whole loan | Marked to Market Approach |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Securities, at fair value |  |  | 193,000 | 14,700
UPB |  |  | 221,200 | 15,900
Residential whole loan | Level 3 |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Securities, at fair value |  |  | 7,618,832 | 7,455,729
Residential whole loan | Level 3 | Discounted Cash Flow and Liquidation Model |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Securities, at fair value |  |  | 7,425,830 | 7,337,380
Residential whole loan | Level 3 | Discounted cash flow |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Securities, at fair value |  |  | $ 7,081,254 | $ 7,045,862
Residential whole loan | Level 3 | Discounted cash flow | Discount rate | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.073 | 0.079
Residential whole loan | Level 3 | Discounted cash flow | Discount rate | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.057 | 0.062
Residential whole loan | Level 3 | Discounted cash flow | Discount rate | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.200 | 0.292
Residential whole loan | Level 3 | Discounted cash flow | Prepayment rate | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.141 | 0.101
Residential whole loan | Level 3 | Discounted cash flow | Prepayment rate | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0 | 0
Residential whole loan | Level 3 | Discounted cash flow | Prepayment rate | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 1.000 | 0.464
Residential whole loan | Level 3 | Discounted cash flow | Default rate | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.019 | 0.006
Residential whole loan | Level 3 | Discounted cash flow | Default rate | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0 | 0
Residential whole loan | Level 3 | Discounted cash flow | Default rate | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.565 | 0.395
Residential whole loan | Level 3 | Discounted cash flow | Loss severity | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.125 | 0.108
Residential whole loan | Level 3 | Discounted cash flow | Loss severity | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0 | 0
Residential whole loan | Level 3 | Discounted cash flow | Loss severity | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 1.000 | 1.000
Residential whole loan | Level 3 | Liquidation model |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Securities, at fair value |  |  | $ 344,576 | $ 291,518
Residential whole loan | Level 3 | Liquidation model | Discount rate | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.088 | 0.080
Residential whole loan | Level 3 | Liquidation model | Discount rate | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.080 | 0.080
Residential whole loan | Level 3 | Liquidation model | Discount rate | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Measurement input |  |  | 0.200 | 0.080
Residential whole loan | Level 3 | Liquidation model | Annual change in home prices | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Annual change in home prices |  | 3.70% | 4.20% |
Residential whole loan | Level 3 | Liquidation model | Annual change in home prices | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Annual change in home prices |  | (0.40%) | (0.40%) |
Residential whole loan | Level 3 | Liquidation model | Annual change in home prices | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Annual change in home prices |  | 12.70% | 12.10% |
Residential whole loan | Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Liquidation timeline (in years) |  | 1 year 10 months 24 days | 1 year 9 months 18 days |
Residential whole loan | Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Liquidation timeline (in years) |  | 1 month 6 days | 9 months 18 days |
Residential whole loan | Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Liquidation timeline (in years) |  | 4 years 6 months | 4 years 6 months |
Residential whole loan | Level 3 | Liquidation model | Current value of underlying properties | Weighted Average |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Current value of underlying properties |  | $ 531 | $ 629 |
Residential whole loan | Level 3 | Liquidation model | Current value of underlying properties | Minimum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Current value of underlying properties |  | 24 | 21 |
Residential whole loan | Level 3 | Liquidation model | Current value of underlying properties | Maximum |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Current value of underlying properties |  | $ 5,500 | $ 8,500 |
Residential Whole Loan, Unsettled Purchases |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Total Residential whole loans |  |  |  | $ 103,700
[1] | Includes approximately $6.3 billion and $5.7 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2024 and December 31, 2023, 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.

X
- Definition Fair Value Inputs, Annual Change in Home Prices + References No definition available. + Details
Name: | mfa_FairValueInputsAnnualChangeinHomePrices
Namespace Prefix: | mfa_
Data Type: | dtr-types1:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fair Value Inputs, Liquidation Timeline + References No definition available. + Details
Name: | mfa_FairValueInputsLiquidationTimeline
Namespace Prefix: | mfa_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fair Value Inputs, Value of Underlying Property + References No definition available. + Details
Name: | mfa_FairValueInputsValueofUnderlyingProperty
Namespace Prefix: | mfa_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Financing Receivable, Unpaid Principal Balance + References No definition available. + Details
Name: | mfa_FinancingReceivableUnpaidPrincipalBalance
Namespace Prefix: | mfa_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Mortgages And Loans, Measurement Input + References No definition available. + Details
Name: | mfa_MortgagesAndLoansMeasurementInput
Namespace Prefix: | mfa_
Data Type: | xbrli:decimalItemType
Balance Type: | na
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2 + Details
Name: | us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition The balance represents the amount of loans that are secured by real estate mortgages, offset by the reserve to cover probable credit losses on the loan portfolio. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480078/944-80-55-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 55 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480078/944-80-55-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
Name: | us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=mfa_ResidentialWholeLoanMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ValuationTechniqueAxis=mfa_MarkedToMarketApproachMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ValuationTechniqueAxis=mfa_DiscountedCashFlowAndLiquidationModelMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ValuationTechniqueAxis=us-gaap_ValuationTechniqueDiscountedCashFlowMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputDiscountRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_WeightedAverageMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputPrepaymentRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputDefaultRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputLossSeverityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ValuationTechniqueAxis=mfa_LiquidationModelMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=mfa_MeasurementInputAnnualChangeInHomePricesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=mfa_MeasurementInputLiquidationTimelineMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=mfa_MeasurementInputCurrentValueOfUnderlyingPropertiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=mfa_ResidentialWholeLoanUnsettledPurchasesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |