MFA FINANCIAL Business Summary

MFA Financial, Inc. (MFA) is a specialty finance company operating as a real estate investment trust (REIT) that generates revenue primarily through interest income and capital appreciation from a diversified portfolio of residential mortgage assets. The company’s business model is bifurcated into two primary segments: Mortgage-Related Assets, which includes investments in residential whole loans (performing and non-performing), mortgage-backed securities (MBS), and mortgage servicing rights (MSRs); and Lima One Capital, a wholly owned subsidiary that serves as a leading nationwide originator and servicer of business-purpose loans for real estate investors. MFA distinguishes itself in the market by focusing on credit-sensitive residential mortgage assets rather than purely interest-rate-sensitive agency securities, positioning it as a high-yield specialty player relative to direct competitors such as AGNC Investment Corp., ARMOUR Residential REIT, Inc., Chimera Investment Corp., and Dynex Capital, Inc. The current leadership team is headed by Chief Executive Officer Craig L. Knutson, who has led the firm since 2017 and brings over 40 years of experience from senior roles at Morgan Stanley and First Boston; he holds an MBA from Harvard University. Supporting him are Bryan Wulfsohn, President and Chief Investment Officer, a CFA charterholder with a deep background in mortgage credit analysis, and Michael C. Roper, who was appointed Chief Financial Officer in 2023 after serving as the company’s Chief Accounting Officer. The executive suite also includes John W. Elliott as Chief Technology Officer and Harold E. Schwartz as General Counsel. The company’s strategic direction is overseen by a board chaired by Laurie Goodman, a renowned housing policy expert and Fixed Income Analysts Hall of Fame inductee, with significant institutional backing from major investors including The Vanguard Group, BlackRock, and State Street Corporation.