MFA Financial Inc 2025年度报告

FORM10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025 or☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Commission File Number: 1-13991 (Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b)of the Act: Securities registered pursuant to Section12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Exchange Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 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 suchfiling requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule12b-2 of the Exchange Act. (Check one): Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No On June30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $966 million based on theclosing sales price of our common stock on such date as reported on the New York Stock Exchange. On February17, 2026, the registrant had a total of 102,093,862 shares of Common Stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting ofStockholders scheduled to be held on or about June 3, 2026, are incorporated by reference into PartIII of this Annual Report on Form10-K. MFA FINANCIAL, INC. TABLE OF CONTENTS PARTI PARTII (continued)Note 4. Securities, at Fair Value Item 1.Business588Item 1A.Risk Factors8Note 5. Other Assets91Item 1B.Unresolved Staff Comments34Note 6. Financing Agreements95Item 1C.Cybersecurity35Note 7. Other Liabilities99Item 2.Properties36Note 8. Income Taxes100Item 3.Legal Proceedings36Note 9. Commitments and Contingencies102Item 4.Mine Safety Disclosures36Note 10. Stockholders’ Equity103PARTIINote 11. EPS Calculation108Item 5.Market for Registrant’s Common Equity,Related Stockholder Matters and IssuerPurchases of Equity Securities37Note 12. Equity Compensation and OtherBenefit Plans108Note 13. Fair Value of Financial Instruments112Item 6.[Reserved]39Note 14. Use of Special Purpose Entities andVariable Interest Entities118Item 7.Management’s Discussion and Analysis ofFinancial Condition and Results of Operations40Note 15. Segment Reporting119Item 7A.Quantitative and Qualitative Disclosures AboutMarket Risk61Note 16. Subsequent Events123Schedule IV - Mortgage Loans on Real Estate124Item 8.Financial Statements and Supplementary Data66Item 9.Changes in and Disagreements WithAccountants on Accounting and FinancialDisclosure125Report of Independent Registered PublicAccounting Firm66Consolidated Balance Sheets at December31,2025and December31, 202468Item 9A.Controls and Procedures125Item 9B.Other Information127Consolidated Statements of Operations for theyears ended December31, 2025, 2024 and 202369Item 9C.Disclosure Regarding Foreign Jurisdictions thatPreventInspect