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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, 2020
 
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)
__________________________________________________________________ 
Maryland13-3974868
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
350 Park Avenue, 20th Floor
New YorkNew York10022
(Address of principal executive offices)(Zip Code)
 (212) 207-6400
(Registrant’s telephone number, including area code)
_____________________________________________

Not Applicable 
(Former name, former address and former fiscal year, if changed since last period)
____________________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareMFANew York Stock Exchange
7.50% Series B Cumulative Redeemable
Preferred Stock, par value $0.01 per share
MFA/PBNew York Stock Exchange
6.50% Series C Cumulative Redeemable
Preferred Stock, par value $0.01 per share
MFA/PCNew York Stock Exchange
8.00% Senior Notes due 2042MFONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No x

453,333,220 shares of the registrant’s common stock, $0.01 par value, were outstanding as of October 29, 2020.



Table of Contents
MFA FINANCIAL, INC.

TABLE OF CONTENTS
 
 Page
PART I
FINANCIAL INFORMATION
 
 
 
 
 
 
 
 


Table of Contents



MFA FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
 (In Thousands Except Per Share Amounts)September 30,
2020
December 31,
2019
 (Unaudited) 
Assets: 
Residential whole loans:
Residential whole loans, at carrying value ($3,843,153 and $4,847,782 pledged as collateral, respectively) (1)
$4,493,805 $6,069,370 
Residential whole loans, at fair value ($705,666 and $794,684 pledged as collateral, respectively) (1)
1,229,664 1,381,583 
Allowance for credit losses on residential whole loans held at carrying value(106,246)(3,025)
Total residential whole loans, net5,617,223 7,447,928 
Residential mortgage securities, at fair value ($152,765 and $3,966,591 pledged as collateral, respectively)
152,765 3,983,519 
Mortgage servicing rights (“MSR”) related assets ($252,183 and $1,217,002 pledged as collateral, respectively)
252,183 1,217,002 
Cash and cash equivalents884,171 70,629 
Restricted cash5,303 64,035 
Other assets571,614 784,251 
Total Assets$7,483,259 $13,567,364 
Liabilities:  
Financing agreements ($4,080,461 and $0 held at fair value, respectively)
$4,851,121 $10,031,606 
Other liabilities66,482 151,806 
Total Liabilities$4,917,603 $10,183,412 
Commitments and contingencies (See Note 10)
Stockholders’ Equity:  
Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)
$80 $80 
Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding ($275,000 aggregate liquidation preference)
110  
Common stock, $0.01 par value; 874,300 and 886,950 shares authorized; 453,333 and 452,369 shares issued
  and outstanding, respectively
4,533 4,524 
Additional paid-in capital, in excess of par3,924,584 3,640,341 
Accumulated deficit(1,408,910)(631,040)
Accumulated other comprehensive income45,259 370,047 
Total Stockholders’ Equity$2,565,656 $3,383,952 
Total Liabilities and Stockholders’ Equity$7,483,259 $13,567,364 

(1)Includes approximately $568.6 million and $186.4 million of Residential whole loans, at carrying value and $521.2 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at September 30, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE.



The accompanying notes are an integral part of the consolidated financial statements.
1

Table of Contents

MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In Thousands, Except Per Share Amounts)2020 20192020 2019
Interest Income: 
Residential whole loans held at carrying value$54,393 $64,226 $207,306 $171,725 
Residential mortgage securities2,329 60,639 51,678 211,676 
MSR-related assets6,241 15,274 30,189 38,232 
Other interest-earning assets3,017 1,679 9,089 4,272 
Cash and cash equivalent investments100 903 646 2,703 
Interest Income$66,080 $142,721 $298,908 $428,608 
Interest Expense:  
Asset-backed and other collateralized financing arrangements$50,054 $79,932 $209,998 $238,773 
Other interest expense5,910 5,891 17,716 11,120 
Interest Expense$55,964 $85,823 $227,714 $249,893 
Net Interest Income$10,116 $56,898 $71,194 $178,715 
Reversal/(Provision) for credit and valuation losses on residential whole loans and other financial instruments$27,244 $(347)$(38,090)$(1,538)
Net Interest Income after Provision for Credit and Valuation Losses$37,360 $56,551 $33,104 $177,177 
Other Income, net:
Impairment and other losses on securities available-for-sale and other assets$(221)$ $(424,966)$ 
Net realized gain/(loss) on sales of residential mortgage securities and residential whole loans48 17,708 (188,847)50,027 
Net unrealized gain/(loss) on residential mortgage securities measured at fair value through earnings91 (695)(13,432)7,977 
Net gain on residential whole loans measured at fair value through earnings76,871 40,175 44,431 116,915 
Loss on terminated swaps previously designated as hedges for accounting purposes(7,177) (57,034) 
Other, net7,498 5,241 2,370 (4,459)
Other Income/(Loss), net$77,110 $62,429 $(637,478)$170,460 
Operating and Other Expense:
Compensation and benefits$11,657 $7,920 $29,134 $24,315 
Other general and administrative expense6,611 5,022 18,656 15,601 
Loan servicing, financing and other related costs8,992 10,439 28,609 30,225 
Costs associated with restructuring/forbearance agreement  44,434 $ 
Operating and Other Expense$27,260 $23,381 $120,833 $70,141 
Net Income/(Loss)$87,210 $95,599 $(725,207)$277,496 
Less Preferred Stock Dividend Requirement$8,219 $3,750 $21,578 11,250 
Net Income/(Loss) Available to Common Stock and Participating Securities$78,991 $91,849 $(746,785)$266,246 
Basic Earnings/(Loss) per Common Share$0.17 $0.20 $(1.65)$0.59 
Diluted Earnings/(Loss) per Common Share$0.17 $0.20 $(1.65)$0.58 

The accompanying notes are an integral part of the consolidated financial statements.
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MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In Thousands)2020201920202019
Net income/(loss)$87,210 $95,599 $(725,207)$277,496 
Other Comprehensive Income/(Loss):  
Unrealized gains on securities available-for-sale15,082 5,483 408,585 50,085 
Reclassification adjustment for MBS sales included in net income(60)(14,499)(389,127)(36,370)
Reclassification adjustment for impairments included in net income  (344,269) 
  Derivative hedging instrument fair value changes, net (233)(50,127)(30,384)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk(22,652) (22,652) 
  Reclassification adjustment for losses/(gains) related to hedging instruments included in net income7,176 (685)72,802 (1,769)
Other Comprehensive Income/(Loss)(454)(9,934)(324,788)(18,438)
Comprehensive income before preferred stock dividends$86,756 $85,665 $(1,049,995)$259,058 
Dividends required on preferred stock(8,219)(3,750)(21,578)(11,250)
Comprehensive Income/(Loss) Available to Common Stock and Participating Securities$78,537 $81,915 $(1,071,573)$247,808 
 
The accompanying notes are an integral part of the consolidated financial statements.
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MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Nine Months Ended September 30, 2020
(In Thousands, 
Except Per Share Amounts)
Preferred Stock
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable - Liquidation Preference $25.00 per Share
Preferred Stock
7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share
Common StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated Other Comprehensive IncomeTotal
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2019 $ 8,000 $80 452,369 $4,524 $3,640,341 $(631,040)$370,047 $3,383,952 
Cumulative effect adjustment on adoption of new accounting standard ASU 2016-13
— — — — — — — (8,326)— (8,326)
Net loss
— — — — — — — (908,995)— (908,995)
Issuance of Series C Preferred Stock, net of expenses
11,000 110 — — — — 265,919 — — 266,029 
Issuance of common stock, net of expenses
— — — — 1,106 7 680 — — 687 
Repurchase of shares of common stock (1)
— — — — (337)— (2,652)— — (2,652)
Equity based compensation expense— — — — — — 1,266 — — 1,266 
Accrued dividends attributable to stock-based awards
— — — — — — 1,059 — — 1,059 
Change in unrealized gains on MBS, net— — — — — — — — (243,812)(243,812)
Derivative hedging instrument fair value changes and amortization, net
— — — — — — — — (48,533)(48,533)
Balance at March 31, 202011,000 $110 8,000 $80 453,138 $4,531 $3,906,613 $(1,548,361)$77,702 $2,440,675 
Net income— — — — — — — 96,578 — 96,578 
Issuance of common stock, net of expenses
— — — — 106 1 36 — — 37 
Equity based compensation expense— — — — — — 1,709 — — 1,709 
Change in unrealized gains on MBS, net— — — — — — — — (96,021)(96,021)
Derivative hedging instrument fair value changes and amortization, net
— — — — — — — — 64,032 64,032 
Warrants Issued— — — — — — 14,041 — — 14,041 
Balance at June 30, 202011,000 $110 8,000 $80 453,244 $4,532 $3,922,399 $(1,451,783)$45,713 $2,521,051 
Net income— — — — — — — 87,210 — 87,210 
Issuance of common stock, net of expenses
— — — — 89 1 — — — 1 
Repurchase of shares of common stock (1)
— — — — — — — — — — 
Equity based compensation expense— — — — — — 2,266 — — 2,266 
Accrued dividends attributable to stock-based awards
— — — — — — (81)— — (81)
Dividends declared on common stock ($0.05 per share)
— — — — — — — (22,667)— (22,667)
Dividends declared on Series B Preferred Stock ($1.40625 per share) (2)
— — — — — — — (11,250)— (11,250)
Dividends declared on Series C Preferred Stock ($0.93889 per share) (2)
— — — — — — — (10,328)— (10,328)
Dividends attributable to dividend equivalents— — — — — — — (92)— (92)
Change in unrealized gains on MBS, net— — — — — — — — 15,022 15,022 
Derivative hedging instrument fair value changes and amortization, net
— — — — — — — — 7,176 7,176 
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk— — — — — — — — (22,652)(22,652)
Balance at September 30, 202011,000 $110 8,000 $80 453,333 $4,533 $3,924,584 $(1,408,910)$45,259 $2,565,656 

(1)  For the nine months ended September 30, 2020 includes approximately $2.7 million (337,026 shares) surrendered for tax purposes related to equity-based compensation awards.
(2) Includes reinstated dividends that were unpaid through June 30, 2020, and were paid during the three months ended September 30, 2020 (see Note11(a)).


The accompanying notes are an integral part of the consolidated financial statements.

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MFA FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Nine Months Ended September 30, 2019
(In Thousands, 
Except Per Share Amounts)
Preferred Stock
7.50% Series B Cumulative Redeemable - Liquidation Preference $25.00 per Share