Here are 1-3 brief analogies to describe MFA Financial:

• A specialized Pimco, but focused exclusively on residential mortgage debt.
• Similar to a residential REIT like Equity Residential, but investing in home mortgages and mortgage-backed securities rather than owning physical properties.

• Residential Mortgage-Backed Securities (RMBS): MFA acquires these pooled debt obligations, backed by residential mortgages, to generate interest income.
• Residential Whole Loans: MFA directly purchases individual residential mortgage loans from originators, holding them on its balance sheet.

MFA Financial (MFA) is a residential mortgage real estate investment trust (REIT) that invests in residential mortgage assets, including residential mortgage-backed securities (RMBS), Mortgage Servicing Rights (MSRs), and residential whole loans. As an investment vehicle, MFA Financial does not have "customers" in the traditional sense of selling a product or service directly to individuals or companies.

However, its primary source of revenue is derived from the net interest income generated by its portfolio of mortgage assets, which ultimately originates from interest payments made by homeowners on their mortgage loans. Therefore, interpreting the question's premise broadly as identifying the categories of individuals whose financial behavior directly impacts MFA's revenue stream, the company's economic performance is primarily tied to categories of individuals who are mortgage borrowers.

Below are up to three categories of individuals whose financial behavior indirectly drives MFA's revenue:

1. Prime and Conforming Mortgage Borrowers: These are individuals who obtain mortgage loans that meet established credit standards and loan limits, often eligible for purchase by government-sponsored enterprises like Fannie Mae and Freddie Mac. MFA invests in securities backed by such loans, and their timely payments are crucial for MFA's revenue generation.
2. Non-Qualified Mortgage (Non-QM) Borrowers / Borrowers with Specific Credit Characteristics: MFA also invests in residential whole loans, which can include loans that do not conform to traditional agency guidelines. These borrowers might include self-employed individuals, those with alternative income documentation, or investors in rental properties. These loans often carry different risk/return profiles, and MFA's revenue is dependent on these borrowers fulfilling their obligations.
3. Homeowners Underlying Mortgage Servicing Rights (MSRs): MFA invests in Mortgage Servicing Rights (MSRs), which represent the contractual right to service a mortgage loan in exchange for fees. While a sub-servicer typically handles the direct interaction, MFA's revenue from MSRs is economically tied to the performance and payment behavior of the homeowners whose loans are being serviced.

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Craig L. Knutson Chief Executive Officer and Director

Craig L. Knutson has served as CEO of MFA Financial since August 2017 and as a director since the same time. He joined MFA in 2008, holding roles as President and Chief Operating Officer from January 2014 to July 2017, and Executive Vice President from 2008 to 2013. Before joining MFA, Mr. Knutson was the Senior Executive Vice President of CBA Commercial, LLC, an acquirer and securitizer of small balance commercial mortgages, from 2004 to 2007. From 2001 to 2004, he served as President and Chief Operating Officer of ARIASYS Inc., a software development company. His earlier career included various positions in mortgage trading and finance at First Boston Corporation (later Credit Suisse), Smith Barney, and Morgan Stanley from 1986 to 1999, and as an Analyst and Associate in Investment Banking at E.F. Hutton & Company Inc. from 1981 to 1984.

Michael C. Roper Chief Financial Officer

Michael C. Roper was appointed Chief Financial Officer of MFA Financial in 2023, effective September 15, 2023. Prior to this, he served as Chief Accounting Officer from 2021 to 2023 and has held various accounting and financial reporting roles since joining MFA in 2014. Before his tenure at MFA, Mr. Roper was the Assistant Controller for Apollo Residential Mortgage, Inc. He began his career at Ernst & Young LLP, primarily serving publicly traded mortgage REITs. Mr. Roper is a Certified Public Accountant.

Bryan Wulfsohn President and Chief Investment Officer

Bryan Wulfsohn serves as President and Chief Investment Officer, with his appointment as President effective September 3, 2024. He joined MFA in 2010. Previously, from 2008 to 2010, Mr. Wulfsohn was a Senior Financial Analyst at Inland Western Real Estate Trust, Inc. He also served as an associate in the capital markets group at CBA Commercial, LLC from 2005 to 2007. Mr. Wulfsohn is a CFA charterholder.

Harold E. Schwartz Senior Vice President, General Counsel and Secretary

Harold E. Schwartz is the Senior Vice President, General Counsel and Secretary at MFA Financial. He began his career at the law firm of Schulte Roth & Zabel LLP.

Lori Samuels Chief Loan Operations Officer

Lori Samuels serves as Chief Loan Operations Officer, a role she was promoted to with an effective date of September 3, 2024. She joined MFA in 2010 and has held various asset management and loan operations positions, serving as a Senior Vice President since 2016. Ms. Samuels started her career at Fitch Ratings, Inc., focusing on residential credit, and also has experience working at BNY Mellon.

MFA Financial (NYSE: MFA) operates primarily by investing in residential mortgage-backed securities (MBS) and residential whole loans, and through its subsidiary, Lima One Capital, by originating and servicing business purpose loans. The addressable markets for its main products and services in the U.S. are sized as follows:

• Residential Mortgage-Backed Securities (MBS): The U.S. MBS market is estimated to be USD 15.55 trillion in 2025 and is projected to grow to USD 22.43 trillion by 2030.
• Residential Whole Loans: While a specific market size solely for "residential whole loans" held by investors is not explicitly provided, the broader U.S. outstanding residential mortgage debt, which serves as the underlying asset pool, was approximately USD 13.07 trillion at the end of September 2025.
• Business Purpose Loans: Null

MFA Financial (NYSE: MFA) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Increased Capital Deployment: MFA Financial plans to deploy its excess liquidity into target asset classes to enhance earnings and return on equity (ROE). This strategy involves actively investing cash that has previously been a drag on earnings.
2. Expansion of Business Purpose Loan (BPL) Originations: The company is focused on growing its business purpose loan originations through its subsidiary, Lima One Capital. In Q3 2025, Lima One originated $260 million of business purpose loans, marking a 20% increase from the prior quarter. Further initiatives include launching a wholesale origination channel and implementing technology upgrades to boost volume, with expectations for continued growth in Lima One originations.
3. Increased Allocation to Agency MBS: MFA Financial is expanding its investment in Agency Mortgage-Backed Securities (MBS). This increased allocation to Agency MBS is part of the company's strategy to deploy capital and enhance earnings, benefiting from favorable ROEs in this asset class.
4. Resumption of Multifamily Lending: Following a comprehensive review and new leadership hires, MFA Financial intends to resume multifamily lending through Lima One Capital in early 2026. This re-entry into the multifamily lending market is expected to contribute to future revenue growth.
5. Accelerated Resolution of Non-Performing Loans: Management is focused on accelerating the resolution of non-performing assets across its loan portfolio, including business purpose loans. This initiative, coupled with ongoing expense reductions, is expected to support growth and lead to a reconvergence of distributable earnings and the common dividend by mid-2026. Improved delinquency trends have already been observed, with 60-day delinquencies declining.

Share Repurchases

• MFA Financial authorized a new $200 million common stock repurchase program in February 2024, which will remain in effect through the end of 2025. This program superseded a previous authorization of up to $250 million from March 2022, which expired on December 31, 2023, with approximately $202.5 million remaining available.
• As of September 30, 2024, $200 million remained available under the current Board authorization for common stock repurchases.
• The company repurchased approximately 500,000 shares of its common stock during the third quarter of 2025.
• For the trailing twelve months (TTM) ended June 2025, the repurchase of stock amounted to approximately $-5.3 million.
• During the first quarter of 2024, MFA Financial repurchased $39.9 million principal amount of its Convertible Senior Notes for $39.8 million.

Share Issuance

• In February 2024, MFA Financial filed a Form 8-K to implement a new "at the market" (ATM) stock offering program, allowing for the offering and sale of up to $300 million of common stock from time to time.
• During the third quarter of 2025, the company issued additional shares of both its Series B and Series C preferred stock through its Preferred Stock ATM program, generating aggregate proceeds of approximately $4.5 million.
• Annual common equity issuance was $36 million in 2024, $1.22 million in 2023, $4.66 million in 2022, $197 million in 2021, and $392 million in 2020.

Outbound Investments

• MFA Financial made over $3.5 billion of investments in 2024, including $470.1 million in Non-QM residential loans in Q4 2024, bringing the Non-QM portfolio to $4.4 billion by year-end 2024.
• In 2024, Lima One Capital, a wholly-owned subsidiary, funded $236 million of new business purpose loans, with $151.1 million funded in Q4 2024.
• The company added $932.2 million of Agency MBS throughout 2024, increasing its Agency MBS portfolio to $1.4 billion by December 31, 2024.
• During 2023, loan acquisitions totaled $3.0 billion, comprising $2.1 billion in funded originations of business purpose loans and $0.9 billion in Non-QM loan acquisitions.