XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.25.3

Financing Agreements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Disclosure of Repurchase Agreements [Abstract] |
Schedule of Financing Agreements | The following tables present the components of, and certain information with respect to, the Company’s Financing agreements at September 30, 2025 and December 31, 2024:
|  | September 30, 2025
(Dollars In Thousands) |  | Collateral |  | Unpaid Principal Balance |  | Fair Value/Carrying Value (1) |  | Weighted Average Cost of Funding (2) |  | Weighted Average Term to Maturity (Months)
Agreements with mark-to-market collateral provisions |  | Residential whole loans and REO | $ | 1,250,481 |  |  | $ | 1,249,862 |  |  | 6.08 | % |  | 9.2
Agreements with mark-to-market collateral provisions |  | Securities |  | 1,878,417 |  |  | 1,878,417 |  |  | 4.50 | % |  | 0.3
Total Agreements with mark-to-market collateral provisions |  | $ | 3,128,898 |  |  | $ | 3,128,279 |  |  | 5.25 | % |  |
Agreements with non-mark-to-market collateral provisions |  | Residential whole loans and REO | 166,243 |  |  | 166,126 |  |  | 6.93 | % |  | 23.1
Securitized debt |  | Residential whole loans |  | 6,396,928 |  |  | 6,353,974 |  |  | 5.12 | % |  | See Note 14
Other secured financing (3) |  | Other |  | 9,035 |  |  | 9,035 |  |  | 6.94 | % |  | 56.6
8.875% Senior Notes due 2029 |  | Unsecured |  | 115,000 |  |  | 111,841 |  |  | 9.83 | % |  | 40.6
9.00% Senior Notes due 2029 |  | Unsecured |  | 75,000 |  |  | 72,736 |  |  | 9.94 | % |  | 46.5
Impact of net Swap carry |  |  |  |  |  |  |  | (0.65) | % |  |
Total Financing agreements (2) |  |  |  | $ | 9,891,104 |  |  | $ | 9,841,991 |  |  | 4.64 | % |  |
|  | December 31, 2024
(Dollars In Thousands) |  | Collateral |  | Unpaid Principal Balance |  | Fair Value/Carrying Value (1) |  | Weighted Average Cost of Funding (2) |  | Weighted Average Term to Maturity (Months)
Agreements with mark-to-market collateral provisions |  | Residential whole loans and REO | $ | 1,321,584 |  |  | $ | 1,321,043 |  |  | 6.72 | % |  | 7.9
Agreements with mark-to-market collateral provisions |  | Securities |  | 1,279,007 |  |  | 1,279,007 |  |  | 5.02 | % |  | 0.2
Total Agreements with mark-to-market collateral provisions |  | $ | 2,600,591 |  |  | $ | 2,600,050 |  |  | 6.01 | % |  |
Agreements with non-mark-to-market collateral provisions |  | Residential whole loans and REO | 577,231 |  |  | 576,774 |  |  | 7.31 | % |  | 10.4
Securitized debt |  | Residential whole loans |  | 5,891,815 |  |  | 5,794,977 |  |  | 4.98 | % |  | See Note 14
8.875% Senior Notes due 2029 |  | Unsecured |  | 115,000 |  |  | 111,270 |  |  | 9.83 | % |  | 49.5
9.00% Senior Notes due 2029 |  | Unsecured |  | 75,000 |  |  | 72,390 |  |  | 9.94 | % |  | 55.5
Impact of net Swap carry |  |  |  |  |  |  |  | (1.07) | % |  |
Total Financing agreements (2) |  |  |  | $ | 9,259,637 |  |  | $ | 9,155,461 |  |  | 4.47 | % |  |
(1)The Company has both financing agreements held at fair value and financing agreements held at their carrying value (amortized cost basis). Financing agreements held at fair value are reported at estimated fair value each period as a result of the Company’s fair value option election. The fair value option was not elected for financing agreements held at carrying value. Consequently, total financing agreements as presented reflects a summation of balances reported at fair and carrying value. At September 30, 2025, the Company had $65.6 million of agreements with mark-to-market collateral provisions held at fair value, $39.7 million of agreements with non-mark-to-market collateral provisions held at fair value, and $5.8 billion of securitized debt held at fair value, with amortized cost bases of $65.6 million, $39.7 million, and $5.8 billion, respectively. At December 31, 2024, the Company had $19.8 million of agreements with mark-to-market collateral provisions held at fair value, $284.8 million of agreements with non-mark-to-market collateral provisions held at fair value, and $5.2 billion of securitized debt held at fair value, with amortized cost bases of $19.8 million, $284.8 million, and $5.3 billion, respectively. (2)Weighted average cost of funding reflects annualized quarter-to-date interest expense (inclusive of the amortization of deferred financing costs) divided by average balance for the financing agreements. The cost of funding for the total financing agreements includes the impact of the net Swap carry (the difference between Swap interest income received and Swap interest expense paid) on the Company’s Swaps. For the three months ended September 30, 2025, this decreased the overall funding cost by 65 basis points, and for the three months ended December 31, 2024, this decreased the overall funding cost by 107 basis points. The Company does not allocate the impact of the net Swap carry by type of financing agreement. (3)Up to $5 million of the unpaid principal balance is subject to a 60-day call period at the counterparty’s option. The following table presents maturities with respect to the Company’s financing agreements with mark-to-market and non-mark-to-market collateral provisions:
|  | As of September 30, 2025
|  | Unpaid Principal Balance, Maturing In
(In Thousands) |  | Collateral |  | 0-3 Months (1) |  | 3-6 Months |  | 6-12 Months |  | Greater than 12 Months (2) |  | Total
Agreements with mark-to-market collateral provisions |  | Residential whole loans |  | $ | 587,975 |  |  | $ | 111,768 |  |  | $ | 316,774 |  |  | $ | 233,964 |  |  | $ | 1,250,481 |
Agreements with mark-to-market collateral provisions |  | Securities |  | 1,878,417 |  |  | — |  |  | — |  |  | — |  |  | 1,878,417 |
Total Agreements with mark-to-market collateral provisions |  |  |  | 2,466,392 |  |  | 111,768 |  |  | 316,774 |  |  | 233,964 |  |  | 3,128,898 |
Agreements with non-mark-to-market collateral provisions |  | Residential whole loans |  | 79,026 |  |  | — |  |  | — |  |  | 87,217 |  |  | 166,243 |
(1)$2.4 billion of the mark-to-market agreements (included in the 0-3 months category) can be terminated by either party. (2)Amounts presented are based on the assumed exercise of the Company’s unilateral option to extend by one year the maturity of an agreement with mark-to-market collateral provisions with $191.2 million outstanding. The longest maturity date is approximately 48 months.
Schedule of Financing Agreements with Non-Mark-to-Market Collateral Provisions and Associated Assets Pledged as Collateral | The following table presents information with respect to the Company’s financing agreements with mark-to-market collateral provisions and associated assets pledged as collateral at September 30, 2025 and December 31, 2024:
(Dollars in Thousands) |  | September 30, 2025 |  | December 31, 2024
Mark-to-market financing agreements secured by residential whole loans (1) |  | $ | 1,230,756 |  |  | $ | 1,295,653 |
Fair value of residential whole loans pledged as collateral under financing agreements |  | $ | 1,554,603 |  |  | $ | 1,608,344 |
Weighted average haircut on residential whole loans (2) |  | 20.81 | % |  | 19.24 | %
Mark-to-market financing agreements secured by securities at fair value |  | $ | 1,878,417 |  |  | $ | 1,279,007 |
Securities at fair value pledged as collateral under financing agreements |  | $ | 1,960,923 |  |  | $ | 1,352,918 |
Weighted average haircut on securities at fair value (2) |  | 4.13 | % |  | 4.99 | %
Mark-to-market financing agreements secured by real estate owned |  | $ | 19,106 |  |  | $ | 25,390 |
Fair value of real estate owned pledged as collateral under financing agreements |  | $ | 41,645 |  |  | $ | 62,659 |
Weighted average haircut on real estate owned (2) |  | 47.51 | % |  | 55.71 | %
(1)Includes an aggregate of $482.9 million and $394.9 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $627.8 million and $506.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of September 30, 2025 and December 31, 2024, respectively. (2)Haircut represents the percentage amount by which the collateral value is contractually required to exceed the amount borrowed.
Schedule of Financing Agreements with Mark-to-Market Collateral Provisions and Associated Assets Pledged as Collateral | The following table presents information with respect to the Company’s financing agreements with non-mark-to-market collateral provisions and associated assets pledged as collateral at September 30, 2025 and December 31, 2024:
(Dollars in Thousands) |  | September 30, 2025 |  | December 31, 2024
Non-mark-to-market financing secured by residential whole loans |  | $ | 166,126 |  |  | $ | 576,774 |
Fair value of residential whole loans pledged as collateral under financing agreements |  | $ | 208,911 |  |  | $ | 740,494 |
Weighted average haircut on residential whole loans |  | 18.15 | % |  | 21.40 | %
Non-mark-to-market financing secured by real estate owned |  | $ | — |  |  | $ | — |
Fair value of real estate owned pledged as collateral under financing agreements |  | $ | — |  |  | $ | — |
Weighted average haircut on real estate owned |  | — | % |  | — | %
Schedule of Repricing Information about Borrowings under Financing Agreements | The following table presents repricing information (excluding the impact of associated derivative hedging instruments, if any) about the Company’s financing agreements that have non-mark-to-market collateral provisions as well as those that have mark-to-market collateral provisions, at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
| Amortized Cost Basis |  | Weighted Average Interest Rate | Amortized Cost Basis |  | Weighted Average Interest Rate
Time Until Interest Rate Reset
(Dollars in Thousands) |  |  |  |  |  |  |  |
Within 30 days |  | $ | 3,295,142 |  |  | 5.07 | % |  | $ | 3,177,822 |  |  | 5.85 | %
Over 30 days to 3 months |  | — |  |  | — |  |  | — |  |  | — |
Over 3 months to 12 months |  | — |  |  | — |  |  | — |  |  | — |
Over 12 months |  | — |  |  | — |  |  | — |  |  | — |
Total financing agreements |  | $ | 3,295,142 |  |  | 5.07 | % |  | $ | 3,177,822 |  |  | 5.85 | %
Schedule of Information about Counterparty for Financing Agreements for which Entity had Greater than 5% of Stockholders' Equity at risk | The following table presents information with respect to each counterparty under financing agreements for which the Company had greater than 5% of stockholders’ equity at risk in the aggregate at September 30, 2025:
|  | September 30, 2025
Counterparty |  | Amount at Risk (1) |  | Weighted Average Months to Maturity |  | Percent of Stockholders’ Equity
(Dollars in Thousands) |  |  |  |  |  |
Wells Fargo |  | $ | 111,629 |  |  | 0.9 |  | 6.13%
Barclays |  | $ | 116,526 |  |  | 5.6 |  | 6.40%
(1)The amount at risk reflects the difference between (a) the amount loaned to the Company through financing agreements, including interest payable, and (b) the cash and the fair value of the assets pledged by the Company as collateral, including accrued interest receivable on such assets.
Schedule of Company's Assets (Based on Carrying Value) Pledged as Collateral for various Financing Arrangements | The following tables present the Company’s assets (based on carrying value) pledged as collateral for its various financing arrangements as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025
|  | Financing Agreements
(In Thousands) |  | Securitized |  | Non-Mark-to-Market (1) |  | Mark-to-Market (1) |  | Total
Assets: |  |  |  |  |  |  |  |
Residential whole loans (2) |  | $ | 7,610,771 |  |  | $ | 208,911 |  |  | $ | 928,382 |  |  | $ | 8,748,064 |
Securities, at fair value |  | — |  |  | — |  |  | 1,960,923 |  |  | 1,960,923 |
Other assets: REO |  | 48,487 |  |  | — |  |  | 36,876 |  |  | 85,363 |
Total |  | $ | 7,659,258 |  |  | $ | 208,911 |  |  | $ | 2,926,181 |  |  | $ | 10,794,350 |
|  | December 31, 2024
|  | Financing Agreements
(In Thousands) |  | Securitized |  | Non-Mark-to-Market (1) |  | Mark-to-Market (1) |  | Total
Assets: |  |  |  |  |  |  |  |
Residential whole loans (2) |  | $ | 6,886,776 |  |  | $ | 740,260 |  |  | $ | 1,107,079 |  |  | $ | 8,734,115 |
Securities, at fair value |  | — |  |  | — |  |  | 1,352,918 |  |  | 1,352,918 |
Other assets: REO |  | 26,934 |  |  | — |  |  | 56,505 |  |  | 83,439 |
Total |  | $ | 6,913,710 |  |  | $ | 740,260 |  |  | $ | 2,516,502 |  |  | $ | 10,170,472 |
(1)An aggregate of $20.9 million and $27.1 million of accrued interest on those assets pledged against non-mark-to-market and mark-to-market financing agreements had also been pledged as of September 30, 2025 and December 31, 2024, respectively. (2)Includes an aggregate of $482.9 million and $394.9 million of mark-to-market financing collateralized by Non-Agency MBS with a fair value of $627.8 million and $506.6 million obtained in connection with the Company’s loan securitization transactions that are eliminated in consolidation as of September 30, 2025 and December 31, 2024, respectively.

X
- Definition Finance Agreements With Non Mark to Market Collateral Provisions and Associated Assets Pledged as Collateral [Table Text Block] + References No definition available. + Details
Name: | mfa_FinanceAgreementsWithNonMarkToMarketCollateralProvisionsAndAssociatedAssetsPledgedAsCollateralTableTextBlock
Namespace Prefix: | mfa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition [Table Text Block] for Financing Agreements [Table] + References No definition available. + Details
Name: | mfa_FinancingAgreementsTableTextBlock
Namespace Prefix: | mfa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Financing Agreements with Mark-to-market Collateral Provisions and Associated Assets Pledged as Collateral + References No definition available. + Details
Name: | mfa_FinancingAgreementsWithMarkToMarketCollateralProvisionsAndAssociatedAssetsPledgedAsCollateralTableTextBlock
Namespace Prefix: | mfa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Assets Pledged As Collateral + References No definition available. + Details
Name: | mfa_ScheduleOfAssetsPledgedAsCollateralTableTextBlock
Namespace Prefix: | mfa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure, as of the balance sheet date, of the amount at risk under repurchase agreements with any individual counterparty or group of related counterparties which exceeds 5 percent of stockholders' equity. This includes the name of each counterparty or group of related counterparties, the amount at risk with each, and the weighted average maturity of the repurchase agreements with each. The amount at risk under repurchase agreements is defined as the difference between (a) the amount loaned to the Company through repurchase agreements and repurchase agreements underlying Linked Transactions, including interest payable, and (b) the cash and the fair value of the securities pledged by the Company as collateral and MBS underlying Linked Transactions, including accrued interest receivable on such securities. + References No definition available. + Details
Name: | mfa_ScheduleOfRepurchaseAgreementCounterpartiesWithWhomTheRepurchaseAgreementsExceeds5PercentOfStockholdersEquityTableTextBlock
Namespace Prefix: | mfa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts and weighted average interest rates of repurchase agreements by length of time until interest rate reset. + References No definition available. + Details
Name: | mfa_ScheduleOfRepurchaseAgreementsByRepricingPeriodTableTextBlock
Namespace Prefix: | mfa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfRepurchaseAgreementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration