Form: 11-K

Annual report of employee stock purchase, savings and similar plans

May 30, 2025

Documents

Table of Contents








UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_____________________________________________ 
FORM 11-K

(Mark One) 
x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2024

or
 

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 

For the transition period from            to 

Commission File Number: 1-13991
 


A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

MFA FINANCIAL, INC. 401(k) SAVINGS PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

MFA FINANCIAL, INC.
One Vanderbilt Ave., 48th Floor
New York, New York 10017



Table of Contents
MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Financial Statements and Supplemental Schedules

TABLE OF CONTENTS

Page
Financial Statements
Supplemental Schedules
Exhibit Index
Signature

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Table of Contents
Report of Independent Registered Public Accounting Firm

To the Plan Administrator, Participants and Beneficiaries
of the MFA Financial Inc. 401(k) Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of MFA Financial Inc. 401(k) Savings Plan (the "Plan") as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023 and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedules of assets (held at end of year) as of December 31, 2024 and of delinquent participant contributions for the year ended December 31, 2024 has been subjected to audit procedures performed in conjunction with the audits of the Plan's financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.



EisnerAmper LLP

We have served as the Plan’s auditor since 2023.

/s/ EisnerAmper LLP

EISNERAMPER LLP
New York, New York
May 30, 2025


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Table of Contents
MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS


December 31,
2024 2023
Assets
Investments, at fair value $ 34,321,752  $ 26,481,074 
Cash equivalents including money market funds 1,111,169  1,194,359 
Receivables:
Participants’ contributions $ 47,550  $ 83,003 
Employer contributions 213,734  221,376 
Notes receivable from participants 300,107  132,010 
Total Receivables $ 561,391  $ 436,389 
Total Assets $ 35,994,312  $ 28,111,822 
Net Assets Available for Benefits $ 35,994,312  $ 28,111,822 

See accompanying notes to the financial statements.

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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS


For the year ended December 31, 2024
Additions to net assets:
Investment Income:
Interest and dividends $ 997,160 
Net appreciation in fair value of investments 4,383,935 
Total investment income 5,381,095 
Contributions:
Participants’ Contributions $ 2,926,752 
Employer Contributions 1,429,414 
Rollovers 400,297 
Total contributions 4,756,463 
Interest on notes receivable from participants $ 16,496 
Administrative expense credit 17,566 
Total increase to net assets $ 10,171,620 
Deductions from net assets:
Benefits distributed to participants $ 2,278,116 
Administrative expenses 11,014 
Total deductions from net assets $ 2,289,130 
Increase in net assets available for plan benefits $ 7,882,490 
Net assets available for benefits:
Beginning of year 28,111,822 
End of year $ 35,994,312 

See accompanying notes to the financial statements.

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Table of Contents
MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Financial Statements
December 31, 2024

1. Description of the Plan

The following description of the MFA Financial, Inc. 401(k) Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan documents for a more complete description of the Plan’s provisions, a copy of which is available from MFA Financial, Inc. (the “Company”).

General

The Plan, which became effective January 1, 2002, is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is administered by the Company’s 401(k) committee (the “401(k) Committee”) with certain administrative functions of the Plan delegated to others in accordance with the terms of the Plan. The Plan’s investments are held by a trust fund administered by Fidelity Management Trust Company (the “Trustee”).

Investment Funds, Contributions and Vesting

Under the terms of the Plan, all regular full-time and part-time employees of the Company who are 21 years of age 1) can make elective contributions to the Plan beginning as soon as practicable after the date of hire; and 2) are eligible to receive Company matching contributions.

Participants may elect to have a portion of their eligible compensation contributed to the Plan on a before-tax or after tax basis, up to the maximum deferral permitted under the Internal Revenue Code of 1986, as amended (the “Code”). For 2024, this limit was $23,000. Participants who are age 50 or older can make before-tax catch-up contributions to the Plan, the amount of which was limited to $7,500 per participant in 2024. Participants may change their deferral percentage as applicable at the beginning of each payroll period. Participant’s contributions may be invested in one or a combination of the various investment options offered by the Plan. A participant’s account balance may generally be transferred among the Plan’s investment options at any time upon receipt of instructions from the participant, except for certain limitations, including, but not limited to, the provisions of the Company’s Insider Trading Policy.

The Company makes matching contributions in cash for each eligible participant in an amount equal to the addition of 1) 100% of the first 3% of an eligible participant’s compensation contributed to the Plan; and 2) 50% of the next 2% of the eligible participant’s compensation contributed to the Plan. Company matching contributions are subject to certain limitations imposed by applicable provisions of the Plan and the Code, including compliance with applicable statutory limits and non-discrimination rules. For 2024, the annual maximum employer matching contribution for each eligible participant was $13,800. Participants are immediately vested in their before-tax or after-tax and Company matching contributions, as well as any investment earnings/losses thereon. During 2024, the Company made matching contributions of $221,376 with respect to eligible employee contributions made during 2023. In addition, on an annual basis, the Company at its discretion, may decide to make nonelective employer contributions to eligible participants in the Plan. The Plan provides that such contributions by the Company will vest 20% after two years of service with an additional 20% vesting for each year of service thereafter until the sixth year, at which time such contributions are fully vested. The nonelective employer contributions are automatically fully vested upon a participant’s termination due to retirement, death or disability, as defined in the Plan. The Company has not made any non-elective employer contributions during 2024 and 2023.

Participants are permitted to transfer eligible amounts from certain other tax qualified plans to the Plan (“Rollovers”), subject to Plan requirements.

The Plan provides for multiple investment options to be made available through the Trustee, including core investment options as determined by the 401(k) Committee, a group of target date options, an advisory asset management service and a self-directed brokerage option. In addition, the Plan document provides that the Company’s equity securities be offered as a core investment option, subject to compliance with ERISA. Contributions or Rollovers related to the Company’s common or preferred stock are also subject to the Company’s Insider Trading Policy. See Note 3 for Investment Options under the Plan.

Each participant’s account is credited with the participant's contribution and allocations of (a) the Company’s contributions, (b) Plan earnings (losses), and may be charged with an allocation of administrative expenses paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Financial Statements
December 31, 2024

Notes Receivable from Participants (Loans)

The Plan includes a provision that allows participants to apply for a loan from their account balance for a minimum amount of $1,000 up to the lesser of 50% of the value of the vested portion of their Plan assets or $50,000, subject to the certain restrictions set forth in the Plan and the Code. The loans may be repaid through payroll deductions and may have loan terms ranging up to five years, or ten years if for the purchase of a primary residence. A participant may have only two loans outstanding at a time. The loans are secured by the balance in the participant’s account and bear interest at a fixed rate throughout the duration of the loan of prime plus one percentage point. At December 31, 2024, loans outstanding to participants had interest rates ranging from 4.25% to 9.50% and will mature at various dates through December 2034.

Distributions and Withdrawals

Participants are permitted to withdraw any portion of their vested account balance due to death, permanent disability, retirement, attainment of age 59-½, or in the event of financial hardship or termination of service. The participant may elect to receive a lump sum payment, installment payments, or rollover the vested account balance to another qualified plan. Hardship withdrawals are allowed for participants incurring an “immediate and heavy financial need,” as defined by the Plan. Hardship withdrawals are strictly regulated under the Code and the regulations thereunder, and a participant must exhaust all available loan options and available distributions prior to being permitted to make a hardship withdrawal.

Administrative Expenses

Plan administrative expenses, to the extent not paid by the Company, are charged to and paid from the Plan’s assets as incurred.

Forfeitures

Forfeited nonvested accounts can be used to reduce employer contributions or pay administrative expenses. For the year ended December 31, 2024, forfeitures of approximately $149,749 were used to reduce employer contributions. Forfeited nonvested accounts available at December 31, 2024 and 2023 were approximately $48,804 and $123,847, respectively. Also the employer contribution receivable at December 31, 2024 and 2023 was reduced by $0 and $26,675, respectively, from forfeited nonvested accounts available at the time the amount was paid.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Plan’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes and schedule thereto. Actual results could differ from those estimates.

Cash Equivalents Including Money Market Funds

Participant investments in money market funds, whose underlying investments are assessed to be liquid financial instruments are considered to be cash equivalents.

Valuation of Investments and Investment Income

Investments held by the Plan are stated at estimated fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Equity securities are valued at the closing price reported on the market on which the individual securities are traded on the last business day of the Plan year. Investments in mutual funds are valued at the net asset value of units held by the Plan as reported by the mutual fund on the last business day of the Plan year. Other investments are valued using available information including information
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Financial Statements
December 31, 2024

reported on the market on which such investments are traded, net asset value of the entity that issued the investment security or other information as deemed appropriate to use to estimate fair value.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in the value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

Distributions to Participants

Distributions to participants are recorded when paid by the Plan.

Notes Receivable from Participants

Notes receivable from participants (loans) are funded directly from the participants account balance. Repayments of principal and interest related to the loan are credited to the participant’s account on a pro-rata basis in accordance with their selected investment options.

3. Investment Options

The Plan provides participants with various investment options, which are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of a participant’s investments could occur in the near term and that such changes could materially affect the account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

In addition to the self-directed brokerage account option and employer stock, set out below are the investment options made available under the Plan as of December 31, 2024:

Name of Fund / Security
Name of Fund / Security
Name of Fund / Security
Fidelity 500 Index Fund Fidelity Freedom 2045 Fund Fidelity Total Bond Fund
Fidelity Blue Chip Growth Fund Fidelity Freedom 2050 Fund Fidelity U.S. Bond Index Fund
Fidelity Emerging Markets Fund Fidelity Freedom 2055 Fund Fidelity Value Fund
Fidelity Extended Market Index Fund Fidelity Freedom 2060 Fund Goldman Sachs Inflation Protected Securities Fund Investor Shares
Fidelity Freedom 2015 Fund Fidelity Freedom 2065 Fund Janus Henderson Enterprise Fund Class T
Fidelity Freedom 2020 Fund Fidelity Freedom Income Fund
JP Morgan U.S. Value Fund Class R6
Fidelity Freedom 2025 Fund Fidelity Global ex U.S. Index Fund MassMutual Premier Small Cap Opportunities Fund Administrative Class
Fidelity Freedom 2030 Fund Fidelity Government Money Market Fund MFA Financial, Inc. Common Stock
Fidelity Freedom 2035 Fund Fidelity Overseas Fund MFA Financial, Inc. Preferred Stock
Fidelity Freedom 2040 Fund Fidelity Small Cap Growth Fund Allspring Special Small Cap Value Fund - Class Admin
4. Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements), and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2 – Inputs to the valuation methodology include: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in inactive markets; (3) inputs other than quoted prices that are observable for the asset or liability; or (4) inputs that are derived principally from or corroborated by
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Financial Statements
December 31, 2024

observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for investment assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2024 and 2023.
Mutual funds – Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Money market funds – Valued at one dollar per share held by the Plan at year end. Money market funds held by the Plan are mutual funds invested in highly liquid, near-term instruments and are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The money market funds held by the Plan are deemed to be actively traded.
Exchange Traded Funds (“ETFs”) – Valued at the daily closing price. ETFs are investment companies whose shares are traded intraday on stock exchanges at market-determined prices, which may be greater or less than NAV. Plans may buy or sell ETF shares through a broker or in a brokerage account just as they would the shares of any publicly traded company. ETFs are registered with the SEC, and generally, are structured as open-ended investment companies (open-ended funds) or unit investment trusts.
Stable value fund – Valued at the daily closing price as reported by the fund.
Self-directed brokerage accounts – Accounts primarily consist of mutual funds, common stocks, preferred stocks, ETFs, government bonds and cash that are valued on the basis of readily determinable market prices.
MFA Financial, Inc. common and preferred stock – Participants have the option to invest in common and preferred shares of MFA Financial, Inc. (MFA). Shares held in participant accounts are valued on the basis of readily determinable market prices.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables set forth, by level, within the fair value hierarchy, the Plan's investment assets at fair value:

Investment Assets at Fair Value as of December 31, 2024
Level 1
Level 2
Level 3
Total
Common and preferred stocks
 $ 6,860,951  $ —  $ —  $ 6,860,951 
Mutual funds
 25,643,451  —  —  25,643,451 
Other investments
 1,753,726  63,624  —  1,817,350 
Cash and cash equivalents
 1,111,169  —  —  1,111,169 
Total Assets at fair value
 $ 35,369,297  $ 63,624  $ —  $ 35,432,921 
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Financial Statements
December 31, 2024

Investment Assets at Fair Value as of December 31, 2023
Level 1
Level 2
Level 3
Total
Common and preferred stocks
 $ 4,861,263  $ —  $ —  $ 4,861,263 
Mutual funds and other investments
 21,300,889  —  —  21,300,889 
Government bond
 —  318,922  —  318,922 
Cash and cash equivalents
 1,194,359  —  —  1,194,359 
Total Assets at fair value
 $ 27,356,511  $ 318,922  $ —  $ 27,675,433 
5. Party-in-Interest and Related Party Transactions

The Trustee and the Company are parties-in-interest with respect to the Plan. The Plan’s investments are held by the Trustee, and certain of the investment options available to participants include investments managed by the Trustee and its affiliates. Transactions between the Plan, and the Trustee and its affiliates, are exempt from the prohibited transactions rules under ERISA.

Common and Preferred stock of MFA Financial, Inc.

As of December 31, 2024, participants in the Plan held 28,953 shares of MFA Financial, Inc. Common Stock valued at $296,212 and 5,347 shares of MFA Financial, Inc. 7.50% Series B Cumulative Redeemable Preferred Stock valued at $113,005. As of December 31, 2023, participants in the Plan held 29,914 shares of MFA Financial, Inc. Common Stock valued at $326,984 and 5,346 shares of MFA Financial, Inc. 7.50% Series B Cumulative Redeemable Preferred Stock valued at $115,230.

Notes Receivable from Participants

Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered to be party-in-interest transactions and totaled $300,107 and $132,010 at December 31, 2024 and December 31, 2023, respectively.

Administrative expense credit

The trustee provides certain administrative services to the Plan and receives revenue from mutual fund providers for services the trustee provides to the funds. This revenue is used to offset certain amounts owed to the trustee for its administrative services to the Plan. If the revenue received by the trustee from such mutual fund service providers exceeds the amounts owed the trustee remits the excess to the Plan pursuant to the service agreement. Such amounts may be applied to pay Plan administrative expenses or allocated to the accounts of the participants, depending on the Plan’s provisions. During 2024, $17,566 was received from the trustee, which was used to pay Plan expenses.

Administrative expenses

During 2024, the Plan paid $11,014 in administrative expenses to the Trustee of the Plan.
6. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term, and that such changes could materially affect the participants’ account balances and the amounts reported in the statements of net assets available for benefits.
Volatility in the financial markets may significantly impact the subsequent valuation of the Plan's investments. Accordingly, the valuation of investments at December 31, 2024 and 2023 may not necessarily be indicative of amounts that could be realized in a current market exchange.
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Financial Statements
December 31, 2024

7. Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. Each participant’s interest in the Plan is 100% vested at all times, including the portion attributable to Company matching contributions. In the event of Plan termination, any unvested nonelective employer contributions will become 100% vested and the Plan assets will be distributed in accordance with the Plan document.

8. Tax Status

The Plan has adopted the Fidelity Management and Research Company Volume Submitter plan. On June 30, 2020, the Internal Revenue Service (“IRS”) stated in an advisory letter that the Volume Submitter plan adopted by the Plan, as then designed, was in compliance with applicable requirements of the Internal Revenue Code (“IRC”) and therefore, the related trust is exempt from taxation. The Plan has been amended since receiving the letter. However, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, the Plan administrator believes that the Plan is qualified and the related trust is tax-exempt.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by a government authority. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine examinations by taxing jurisdictions; however, there are currently no examinations for any tax periods in progress.
9. Plan Errors and Prohibited Transactions

During 2023, the Company inadvertently failed to make deposits of $234,132 of participant deferrals within the timeframe as required by the DOL. The DOL considers late deposits, without regard to materiality, to be prohibited transactions. The DOL considers these prohibited transactions as uncorrected until lost earnings have been calculated and remitted to the plan. The general rule for deposits of 401(k) withholding requires that the Company remit withheld employee 401(k) deferrals to the plan as of the earliest date on which such amounts can reasonably be segregated from the Company’s general assets, but in no event later than 15 business days after the end of the month in which the contributions were withheld. Participant accounts were credited with their late deferral amounts in 2023, but these accounts were not credited with the amount of investment income which would have been earned had participant contributions been remitted on a timely basis. In 2024, lost earnings of $8,387 were calculated and remitted to the Plan.

During 2024, the Company inadvertently failed to make deposits of $12,483 of participant deferrals within the timeframe as required by the DOL. Participant accounts were credited with their late deferral amounts in 2024, but these accounts were not credited with the amount of investment income which would have been earned had participant contributions been remitted on a timely basis. Lost earnings are in the process of being calculated and will be remitted to the Plan.

During 2023, it was discovered that certain of the Plan’s provisions were not properly applied in the daily operation of the Plan. The definition of compensation for participant and employer contributions as per the Plan document was not properly applied when calculating contribution amounts. During 2024, the Plan administrator determined the affected participants and made the Plan whole for any amounts due, including earnings as required under IRS guidelines.
10. Mutual Fund Fees (Applicable Only for Direct Investments in Mutual Funds)

Certain investments in mutual funds are subject to sales charges in the form of front-end loads, back-end loads or 12b-1 fees. 12b-1 fees are ongoing fees allowable under Section 12b-1 of the Investment Company Act of 1940. These annual fees are used to pay for marketing and distribution costs of the funds. These fees are deducted prior to the allocation of the Plan’s investment earnings activity, and thus not separately identifiable as an expense.



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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held as of December 31, 2024
Identity of Issue, Borrower, Lessor or Similar Party Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value Current Value
Tesla, Inc. Common Stock, 6,523 shares $ 2,634,276 
Apple Inc. Common Stock, 2,659 shares 665,858 
Meta Platforms, Inc. Common Stock, 580 shares 339,640 
Amazon.com, Inc. Common Stock, 1,389 shares 304,733 
*MFA Financial, Inc. Common Stock, 28,953 shares 296,212 
Target Corporation Common Stock, 1,095 shares 148,022 
Netflix, Inc. Common Stock, 159 shares 141,720 
Royal Bank of Canada Common Stock, 1,045 shares 125,905 
NVIDIA Corporation Common Stock, 786 shares 105,499 
Spotify Technology S.A. Common Stock, 200 shares 89,476 
Royal Caribbean Cruises Ltd. Common Stock, 361 shares 83,326 
Microsoft Corporation Common Stock, 190 shares 79,932 
Verizon Communications Common Stock, 1,457 shares 58,268 
AT&T Inc. Common Stock, 2,512 shares 57,204 
Alphabet Inc. Class A Common Stock, 290 shares 54,989 
Owens Corning Common Stock, 300 shares 51,096 
Deere & Company Common Stock, 113 shares 47,673 
International Business Machines Corporation Common Stock, 191 shares 42,089 
Fannie Mae Common Stock, 12,000 shares 39,360 
The Walt Disney Company Common Stock, 293 shares 32,615 
JPMorgan Chase & Co. Common Stock, 126 shares 30,095 
The Home Depot, Inc. Common Stock, 75 shares 29,174 
Alphabet Inc. Common Stock, 143 shares 27,233 
Union Pacific Corporation Common Stock, 119 shares 27,052 
Exxon Mobil Corporation Common Stock, 227 shares 24,402 
Camping World Holdings, Inc. Common Stock, 1,000 shares 21,080 
Alexander's, Inc. Common Stock, 100 shares 20,006 
Vertiv Holdings Co Common Stock, 170 shares 19,324 
Chevron Corporation Common Stock, 129 shares 18,657 
Oracle Corporation Common Stock, 111 shares 18,532 
Blackstone Group Inc. Common Stock, 82 shares 14,143 
Enbridge Inc. Common Stock, 311 shares 13,205 
New York Mortgage Trust Inc Common Stock, 2,127 shares 12,892 
TTEC Holdings, Inc. Common Stock, 2,500 shares 12,475 
Coinbase Global, Inc. Common Stock, 50 shares 12,415 
Occidental Petroleum Corporation Common Stock, 227 shares 11,229 
Lemonade, Inc. Common Stock, 300 shares 11,004 
The Bank of Nova Scotia Common Stock, 203 shares 10,901 
Alibaba Group Holding Limited Common Stock, 124 shares 10,538 
Bank of Montreal Common Stock, 103 shares 9,956 
The PNC Financial Services Group, Inc. Common Stock, 50 shares 9,725 
Salesforce, Inc. Common Stock, 29 shares 9,696 
FedEx Corporation Common Stock, 33 shares 9,159 
Apollo Commercial Real Estate Finance, Inc. Common Stock, 988 shares 8,556 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held as of December 31, 2024
Identity of Issue, Borrower, Lessor or Similar Party Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value Current Value
Amprius Technologies, Inc. Common Stock, 3,000 shares $ 8,400 
TC Energy Corporation Common Stock, 178 shares 8,263 
The Toronto-Dominion Bank Common Stock, 150 shares 7,986 
Callaway Golf Company Common Stock, 1,000 shares 7,860 
Super Micro Computer, Inc. Common Stock, 250 shares 7,620 
IRSA Inversiones y Representaciones Sociedad Anónima Common Stock, 504 shares 7,521 
U.S. Bancorp Common Stock, 152 shares 7,251 
Overstock.com, Inc. Common Stock, 1,447 shares 7,134 
ASML Holding N.V Common Stock, 10 shares 6,931 
Crowdstrike Holdings, Inc. Common Stock, 20 shares 6,843 
Ellington Credit Company Common Stock, 1,000 shares 6,620 
Liberty Global Ltd. Common Stock, 500 shares 6,570 
Dow Inc. Common Stock, 155 shares 6,204 
APA Common Stock, 237 shares 5,465 
Warner Bros. Discovery Common Stock, 513 shares 5,422 
UnitedHealth Group Incorporated Common Stock, 10 shares 5,059 
HSBC Holdings plc Common Stock, 101 shares 5,011 
Citigroup Inc. Common Stock, 62 shares 4,359 
Sunrise Communications AG Common Stock, 100 shares 4,308 
Joyy, Inc. Common Stock, 100 shares 4,185 
Kinder Morgan, Inc. Common Stock, 152 shares 4,154 
DXC Technology Common Stock, 200 shares 3,996 
BXP, Inc. Common Stock, 51 shares 3,814 
Rithm Capital Corp Common Stock, 335 shares 3,628 
Advanced Micro Devices, Inc. Common Stock, 30 shares 3,624 
AG Mortgage Investment Trust, Inc. Common Stock, 510 shares 3,392 
AutoZone, Inc. Common Stock, 1 shares 3,202 
Canadian Imperial Bank of Commerce Common Stock, 51 shares 3,194 
Orange S.A. Common Stock, 300 shares 2,952 
McDonald's Corporation Common Stock, 10 shares 2,899 
PennyMac Mortgage Investment Trust Common Stock, 215 shares 2,707 
Innovative Industrial Properties Inc Common Stock, 40 shares 2,666 
Norwegian Cruise Lines Holdings Common Stock, 100 shares 2,573 
Snowflake Inc. Common Stock, 15 shares 2,316 
Panasonic Holdings Corporation Common Stock, 200 shares 2,050 
Annaly Capital Management, Inc. Common Stock, 104 shares 1,903 
KOHLS Corp Common Stock, 130 shares 1,831 
The Honest Company, Inc. Common Stock, 250 shares 1,733 
AGNC Investment Corp. Common Stock, 160 shares 1,474 
Transocean Ltd. Common Stock, 392 shares 1,470 
Two Harbors Investment Corporation Common Stock, 98 shares 1,159 
Intel Corporation Common Stock, 50 shares 1,003 
CHIMERA INVESTMENT CORPORATION Common Stock, 66 shares 924 
Celsius Holdings, Inc. Common Stock, 35 shares 922 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held as of December 31, 2024
Identity of Issue, Borrower, Lessor or Similar Party Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value Current Value
South Bow Corporation Common Stock, 35 shares $ 825 
Hudson Pacific Properties, Inc. Common Stock, 247 shares 747 
Kyndryl Holdings, Inc. Common Stock, 16 shares 554 
ELLINGTON FINANCIAL INC. Common Stock, 45 shares 545 
D-Market Electronic Services Trading Common Stock, 150 shares 455 
Invesco Mortgage Capital Inc Common Stock, 49 shares 394 
Cherry Hill Mortgage Investment Corporation Common Stock, 117 shares 309 
Biomerica, inc. Common Stock, 1,000 shares 300 
Desktop Metal, Inc. Common Stock, 85 shares 199 
Logan Ridge Finance Corporation Common Stock, 6 shares 150 
SoundHound AI, Inc. Common Stock, 5 shares 99 
vTv Therapeutics Inc. Common Stock, 5 shares 69 
Impac Mortgage Holdings, Inc. Common Stock, 10 shares — 
Sub-Total $ 5,982,586 
*MFA Financial, Inc. Preferred Stock Series B Preferred Stock, 5,347 shares $ 113,005 
Chimera Investment Corp Series C Preferred Stock, 4,000 shares 92,600 
Rithm Capital Corp. Series C Preferred Stock, 3,600 shares 88,632 
New York Mortgage Trust Series E Preferred Stock, 3,000 shares 74,280 
Two Harbors Investment Corp Series A Preferred Stock, 3,000 shares 74,100 
Redwood Trust, Inc. Preferred Series A Preferred Stock, 2,200 shares 56,430 
Annaly Capital Management, Inc. Preferred Series F Preferred Stock, 2,000 shares 51,460 
Chimera Investment Corp Series B Preferred Stock, 2,000 shares 49,600 
Pennymac Mortgage Investment Series A Preferred Stock, 2,000 shares 46,520 
AG Mortgage Investment Trust Preferred Stock, 2,000 shares 43,180 
New York Mortgage Trust Preferred Series G Preferred Stock, 2,000 shares 37,541 
Dynex Capital, Inc. Series C Preferred Stock, 1,400 shares 35,840 
Rithm Capital Corp. Series A Preferred Stock, 1,000 shares 25,480 
Rithm Capital Corp. Series B Preferred Stock, 900 shares 22,806 
New York Mortgage Trust Preferred Series D Preferred Stock, 1,000 shares 22,720 
Capstead Mortgage Corporation Preferred Series E Preferred Stock, 900 shares 18,261 
Chimera Investment Corp Series A Preferred Stock, 700 shares 16,030 
Two Harbors Investment Corp Series C Preferred Stock, 400 shares 9,880 
Sub-Total $ 878,365 
*Fidelity 500 Index Fund Mutual Funds $ 3,720,302 
*Fidelity Freedom 2055 Fund Mutual Funds 2,803,575 
*Fidelity Freedom 2060 Fund Mutual Funds 2,454,708 
*Fidelity Freedom 2040 Fund Mutual Funds 2,415,939 
*Fidelity Freedom 2050 Fund Mutual Funds 2,133,397 
*Fidelity Freedom 2045 Fund Mutual Funds 1,535,065 
*Fidelity Blue Chip Growth Fund Mutual Funds 1,522,483 
*Fidelity Freedom 2035 Fund Mutual Funds 931,000 
*Fidelity Freedom 2030 Fund Mutual Funds 864,217 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held as of December 31, 2024
Identity of Issue, Borrower, Lessor or Similar Party Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value Current Value
*Fidelity Small Cap Growth Fund Mutual Funds $ 594,959 
*Fidelity Emerging Markets Fund Mutual Funds 407,705 
*Fidelity 500 Index Fund Premium Mutual Funds 396,519 
*Fidelity Equity Income Fund Mutual Funds 355,535 
*Fidelity Freedom 2065 Fund Mutual Funds 329,860 
JPMorgan US Value R6 Mutual Funds 324,359 
American Growth Fund of America Class F Mutual Funds 317,992 
*Fidelity Total Bond Fund Mutual Funds 317,296 
*Fidelity Global Ex U.S. Index Fund Mutual Funds 295,722 
*Fidelity Value Fund Mutual Funds 284,863 
*Fidelity U.S. Bond Index Fund Mutual Funds 266,457 
New Perspective Class A Mutual Funds 260,850 
*Fidelity Blue Chip Growth Fund Mutual Funds 260,557 
*Fidelity Extended Market Index Fund Mutual Funds 249,228 
Virtus NFJ Mid Cap Value A Mutual Funds 247,254 
American Europacific Growth Class F Mutual Funds 244,506 
*Janus Henderson Enterprise Fund Class T Mutual Funds 217,105 
*Fidelity Growth Discovery Fund Mutual Funds 209,946 
*Fidelity New Millennium Fund Mutual Funds 198,191 
Smead Value Fund Investor Cl Shares Mutual Funds 177,965 
*Fidelity Overseas Fund Mutual Funds 161,191 
*Fidelity Real Estate Income Mutual Funds 145,362 
*Fidelity Freedom 2020 Mutual Funds 141,411 
*Allspring Special Small Cap Value Fund - Class Admin Mutual Funds 127,769 
*Fidelity Utilities fund Mutual Funds 119,286 
*Fidelity Freedom 2020 Fund Mutual Funds 111,313 
*Massmutual Premier Small Cap Opportunities Fund Administrative Class Mutual Funds 86,438 
Blackrock Commodity Strategies Fund Class A Mutual Funds 84,705 
*Goldman Sachs Inflation Protected Securities Fund Investor Shares Mutual Funds 76,800 
*Fidelity Freedom 2025 Fund Mutual Funds 71,087 
*Fidelity Small Cap Value Fund Mutual Funds 58,115 
Growth Fund Of America Class A Mutual Funds 42,815 
*Fidelity Freedom 2015 Fund Mutual Funds 42,064 
Europacific Growth Class A Mutual Funds 17,967 
*Fidelity Total International Index Mutual Funds 5,399 
*Fidelity Freedom Income Fund Mutual Funds 3,781 
Wasatch Small Cap Value Mutual Funds 3,353 
Wasatch Micro-Cap Value Fund Mutual Funds 2,919 
Wasatch Microcap Mutual Funds 1,099 
Morgan Stanley Global Opportunity A Mutual Funds 1,046 
Morgan Stanley Institutional Fund Us Lge Cap Grwth Por B Mutual Funds 741 
Morgan Stanley Institutional Fund Trust Mid Cap Grwth Adv Cl Mutual Funds 662 
Morgan Stanley Institutional Fund, Inc. Small Co Grwth Class P Mutual Funds 573 
Sub-Total $ 25,643,451 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held as of December 31, 2024
Identity of Issue, Borrower, Lessor or Similar Party Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value Current Value
SPDR Portfolio Total Stock Market Other Investments $ 277,073 
SPDR S&P 500 ETF Trust Other Investments 236,708 
WisdomTree India Earnings Fund Other Investments 194,661 
Vanguard S&P 500 ETF Other Investments 188,451 
Vanguard Extended Market ETF Other Investments 135,232 
Invesco QQQ Trust Series 1 Other Investments 119,687 
iShares MSCI India Small-Cap ETF Other Investments 96,327 
Vanguard Total Stock Market ETF Other Investments 69,832 
*Fidelity Enhanced Large Cap Value ETF Other Investments 63,981 
BlackRock Corporate High Yield Fund, Inc. Other Investments 44,194 
iShares Russell 2000 Index fund Other Investments 44,192 
SPDR Dow Jones Industrial Average ETF Other Investments 42,550 
iShares MSCI India ETF Other Investments 38,613 
iShares Russel 2000 - OPTION Other Investments 26,190 
The Financial Select Sector SPDR Fund Other Investments 24,892 
The Technology Select Sector SPDR Fund Other Investments 23,509 
The Healthcare Select Sector SPDR Fund Other Investments 20,874 
Redwood Trust, Inc. 9.00% Senior Notes Due 2029 Other Investments 20,240 
JPMorgan Nasdaq Equity Premium Income ETF Other Investments 19,202 
iShares S&P 500 ETF Other Investments 17,218 
Global X Robotics & Artificial Intelligence ETF Other Investments 15,975 
iShares Bitcoin Trust ETF Other Investments 15,915 
VanEck Vectors Oil Services ETF Other Investments 13,562 
Vanguard Energy ETF Other Investments 12,131 
Datadog Inc. - OPTION Other Investments 9,900 
Graniteshares ETF Trust 1.5X Long NVDA Other Investments 8,564 
Vaneck Vectors Vietnam ETF Other Investments 6,888 
VanEck Vectors Semiconductor ETF Other Investments 4,843 
Franklin Templeton ETF Other Investments 4,333 
Vanguard Value Index Fund Admiral Shares Other Investments 4,257 
Advanced Microdevices - OPTION Other Investments 4,050 
Vanguard Intermediate-Term Bond ETF Other Investments 3,007 
iShares Gold fund Other Investments 2,617 
ARK Autonomous Technology & Robotics ETF Other Investments 1,947 
Uber Technologies - OPTION Other Investments 1,700 
ARK Space Exploration and Innovation ETF Other Investments 976 
Wolfspeed Inc - OPTION Other Investments 800 
Occidental Petroleum Corporation - WARRANTS Other Investments 744 
ARK Innovation ETF Other Investments 572 
ARK Fintech Innovation ETF Other Investments 371 
Vanguard Russell 2000 ETF Other Investments 269 
ARK Genomic Revolution ETF Other Investments 237 
Graniteshares ETF Trust 1.5X Long META Other Investments 66 
Sub-Total $ 1,817,350 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held as of December 31, 2024
Identity of Issue, Borrower, Lessor or Similar Party Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value Current Value
*Fidelity Cash Reserves Cash and cash equivalents $ 704,635 
*Fidelity Government Money Market Fund Cash and cash equivalents 403,980 
*Fidelity Brokerage account non-interest bearing cash
 Cash and cash equivalents 2,554 
Sub-Total $ 1,111,169 
* Participant Loans
Interest Rate 4.25% - 9.50%
Maturity Dates through December 2034
 $ 300,107 
Grand Total $ 35,733,028 
* Indicates party-in-interest to the Plan.





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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN

Schedule of Delinquent Participant Contributions
For the year ended December 31, 2024
Participant contributions transferred late to the Plan
Totals that constitute nonexempt prohibited transactions
Check here if late participant loan repayments are included: x
Contributions not corrected (1)
Contributions corrected outside VFCP (2)
Contributions pending correction in VFCP
Total fully corrected under VFCP and PTE 2002-51
$ —  $ 12,483  $ 234,132  $ —  $ — 

(1)All contributions were remitted to the Plan. Lost earnings are in the process of being calculated and will be remitted to the Plan once finalized.
(2)Contributions of $234,132 were remitted to the Plan in 2023 and lost earnings of $8,387 have been remitted to the Plan in 2024.
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
EXHIBIT INDEX

Exhibit No.    Description
23.1        Consent of Independent Registered Public Accounting Firm


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the MFA Financial, Inc. 401(k) Savings Plan) have duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
Date: May 30, 2025
 MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
 
By: /s/ Michael Roper
    Michael Roper
    Member
    MFA Financial, Inc. 401(k) Administration Committee

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