Form: 11-K

Annual report of employee stock purchase, savings and similar plans

June 23, 2021




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, 2020

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





MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Financial Statements and Supplemental Schedule
(Unaudited)




TABLE OF CONTENTS

Page
Financial Statements
Supplemental Schedule*
                                                







* Other supplemental schedules required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable or not required.

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

December 31,
2020 2019
Assets
Investments at fair value:
Investments, at fair value $ 14,884,950  $ 11,217,931 
Cash equivalents including money market funds 1,279,570  1,050,284 
Total Investments at fair value $ 16,164,520  $ 12,268,215 
Receivables:
Employer’s contributions $ 464,925  $ 462,231 
Notes receivable from participant loans 185,146  170,373 
Total Receivables $ 650,071  $ 632,604 
Total Assets $ 16,814,591  $ 12,900,819 
Net Assets Available for Benefits $ 16,814,591  $ 12,900,819 


See accompanying notes to the financial statements.
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Table of Contents
MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(Unaudited)

For the year ended December 31, 2020
Additions to net assets:
Investment Income:
Interest and dividends $ 524,267 
Net appreciation in fair value of investments 2,349,241 
Total investment income 2,873,508 
Contributions:
Participant’s Contributions $ 836,334 
Employer’s Contributions 464,925 
Rollovers 1,366 
Total contributions 1,302,625 
Interest on notes receivable from participants $ 7,382 
Total additions to net assets $ 4,183,515 
Deductions from net assets:
Benefits distributed to participants $ 265,519 
Administrative expenses 4,224 
Total deductions from net assets $ 269,743 
Increase in net assets available for plan benefits $ 3,913,772 
Net assets available for benefits:
Beginning of year 12,900,819 
End of year $ 16,814,591 


See accompanying notes to the financial statements.

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Table of Contents
MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Unaudited Financial Statements
December 31, 2020


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”). In February 2017, the Company transferred the recordkeeping, trustee services and investment options for the Plan to the Trustee. Prior to that date, the Plan’s investments were self-directed and were held in a trust for which Morgan Stanley Smith Barney, LLC served as 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 basis, up to the maximum deferral permitted under the Internal Revenue Code of 1986, as amended (the “Code”). For 2020, this limit was $19,500. Participants who are age 50 or older can make before-tax catch-up contributions to the Plan, the amount of which was limited to $6,500 per participant in 2020. 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.

On an annual basis, 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 2020, the annual maximum employer matching contribution for each eligible participant was $11,400. Participants are immediately vested in their before-tax and Company matching contributions, as well as any investment earnings/losses thereon. During 2020, the Company made matching contributions of $462,231 with respect to eligible employee contributions made during 2019. 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 2019 and 2020.

Participants are permitted to transfer eligible amounts from certain other tax qualified plans to the Plan (“Rollovers”), subject to Plan requirements. Rollovers are not subject to Company matching contributions.

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.

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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Unaudited Financial Statements
December 31, 2020

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 the loan of prime plus one percentage point. At December 31, 2020, loans outstanding to participants had interest rates ranging from 4.25% to 6.50% and will mature at various dates through January, 2031.

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.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law.  Among other provisions, this wide-ranging law permits qualified individuals impacted by coronavirus or COVID-19 to take a distribution of up to $100,000 from all eligible retirement plans and IRAs, beginning on or after January 1, 2020 and before December 31, 2020.

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.

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. 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 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.

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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Unaudited Financial Statements
December 31, 2020

The net appreciation or depreciation in the fair value of investments, which includes any unrealized appreciation or depreciation on those investments plus realized gains or losses on any investments sold, are reported in Investment Income on the Plan’s Statement of Changes in Net Assets Available for Benefits. Interest and dividend income is recorded when received.

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, set out below are the investment options made available under the Plan as of December 31, 2020:

Name of Fund Name of Fund
Fidelity 500 Index Fund Fidelity Freedom 2065 Fund
Fidelity Blue Chip Growth Fund Fidelity Freedom Income Fund
Fidelity Emerging Markets Fund Fidelity Global ex U.S. Index Fund
Fidelity Extended Market Index Fund Fidelity Government Money Market Fund
Fidelity Freedom 2005 Fund Fidelity Overseas Fund
Fidelity Freedom 2010 Fund Fidelity Small Cap Growth Fund
Fidelity Freedom 2015 Fund Fidelity Total Bond Fund
Fidelity Freedom 2020 Fund Fidelity U.S. Bond Index Fund
Fidelity Freedom 2025 Fund Fidelity Value Fund
Fidelity Freedom 2030 Fund Goldman Sachs Inflation Protected Securities Fund Investor Shares
Fidelity Freedom 2035 Fund Invesco Diversified Dividend Fund R5 Class
Fidelity Freedom 2040 Fund Janus Henderson Enterprise Fund Class T
Fidelity Freedom 2045 Fund MassMutual Premier Small Cap Opportunities Fund Administrative Class
Fidelity Freedom 2050 Fund MFA Financial, Inc. Common Stock
Fidelity Freedom 2055 Fund MFA Financial, Inc. Preferred Stock
Fidelity Freedom 2060 Fund Wells Fargo Special Small Cap Value Fund - Class Admin


4. Party-in-Interest 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. As of December 31, 2020, participants in the Plan held 117,934 shares of MFA Financial, Inc. Common Stock valued at $459,812 and 6,784 shares of MFA Financial, Inc. 7.50% Series B Cumulative Redeemable Preferred Stock valued at
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Unaudited Financial Statements
December 31, 2020

$165,150. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered to be party-in-interest transactions and totaled $185,146 at December 31, 2020.

5. 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.

6. Tax Status

The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated March 31, 2014, stating that the Plan is qualified under section 401(a) of the Code, and therefore, the related trust is exempt from taxation.

7. Subsequent Events

The Company has evaluated whether events or transactions have occurred after December 31, 2020 that would require recognition or disclosure in these financial statements through June 23, 2021, which is the date these financial statements were available to be issued. No such transactions required recognition or disclosure in these financial statements.




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Table of Contents
MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2020
(Unaudited)


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, shares: 2,104 $ 1,484,730 
*MFA Financial, Inc. Common Stock  Common Stock, shares: 117,934 459,812 
Apple Inc.  Common Stock, shares: 2,062 273,652 
Facebook, Inc.  Common Stock, shares: 945 258,136 
Amazon.com, Inc.  Common Stock, shares: 75 244,270 
Square, Inc.  Common Stock, shares: 615 133,849 
Penn National Gaming, Inc.  Common Stock, shares: 1,500 129,555 
Cloudflare, Inc.  Common Stock, shares: 1,500 113,985 
Cree, Inc.  Common Stock, shares: 1,000 105,900 
Snowflake Inc.  Common Stock, shares: 350 98,490 
Duck Creek Technologies  Common Stock, shares: 2,000 86,600 
Verizon Communications Inc.  Common Stock, shares: 1,350 79,316 
Royal Bank of Canada  Common Stock, shares: 897 73,652 
Spotify Technology S.A.  Common Stock, shares: 200 62,932 
Alibaba Group Holding Limited  Common Stock, shares: 220 51,201 
PepsiCo, Inc.  Common Stock, shares: 335 49,758 
Shift4 Payments  Common Stock, shares: 639 48,181 
Annaly Capital Management Inc.  Common Stock, shares: 4,757 40,202 
The Walt Disney Company  Common Stock, shares: 208 37,809 
Microsoft Corporation  Common Stock, shares: 150 33,493 
Deere & Company  Common Stock, shares: 107 28,799 
Fannie Mae  Common Stock, shares: 12,000 28,680 
Mitek Systems, Inc  Common Stock, shares: 1,587 28,217 
Alexander’s Inc.  Common Stock, shares: 100 27,735 
Advanced Micro Devices, Inc.  Common Stock, shares: 262 24,028 
Callaway Golf Company  Common Stock, shares: 1,000 24,010 
Owens Corning  Common Stock, shares: 300 22,728 
Walmart Inc.  Common Stock, shares: 157 22,723 
Union Pacific Corporation  Common Stock, shares: 108 22,594 
Qualcomm  Common Stock, shares: 133 20,342 
Royal Caribbean Cruises Ltd.  Common Stock, shares: 261 19,494 
Redfin  Common Stock, shares: 269 18,461 
HDFC Bank Limited  Common Stock, shares: 250 18,065 
Fastly  Common Stock, shares: 155 13,542 
Target Corporation  Common Stock, shares: 75 13,240 
Ellington Residential Mortgage  Common Stock, shares: 1,000 13,040 
Netflix, Inc.  Common Stock, shares: 24 12,978 
Liberty Global  Common Stock, shares: 500 11,825 
Apollo Commercial Real Estate  Common Stock, shares: 988 11,036 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2020
(Unaudited)


Identity of Issue, Borrower, Lessor or Similar Party Description of
Investment Including
Maturity Date, Rate
of Interest, Collateral,
Par or Maturity Value		 Current Value
Twitter  Common Stock, shares: 200 10,830 
Fulgent Genetics  Common Stock, shares: 199 10,368 
Dupont de Nemours, Inc.  Common Stock, shares: 120 8,533 
New York Mortgage Trust Inc.  Common Stock, shares: 2,195 8,100 
Joyy, Inc.  Common Stock, shares: 100 7,998 
Shopify Inc.  Common Stock, shares: 7 7,924 
FedEx Corporation  Common Stock, shares: 30 7,901 
Green Dot Corporation  Common Stock, shares: 139 7,756 
Wix.com Ltd  Common Stock, shares: 30 7,499 
NeoPhotonics Corporation  Common Stock, shares: 800 7,272 
Dow Inc.  Common Stock, shares: 120 6,660 
DraftKings  Common Stock, shares: 140 6,518 
Rocket Companies  Common Stock, shares: 309 6,248 
AGNC Investment Corporation  Common Stock, shares: 360 5,616 
The Boeing Company  Common Stock, shares: 25 5,352 
Alphabet Inc. Class A  Common Stock, shares: 3 5,258 
Alphabet Inc. Class C  Common Stock, shares: 3 5,256 
DXC Technology  Common Stock, shares: 200 5,150 
Exxon Mobil Corporation  Common Stock, shares: 118 4,903 
Hudson Pacific Properties  Common Stock, shares: 202 4,854 
Live Oak Bancshares, Inc.  Common Stock, shares: 100 4,749 
Corteva, Inc.  Common Stock, shares: 120 4,646 
Axos Financial  Common Stock, shares: 123 4,616 
AG Mortgage Investment Trust  Common Stock, shares: 1,530 4,514 
Kohls Corp Nfs Llc Is A Special  Common Stock, shares: 107 4,355 
Carnival Corporation & plc.  Common Stock, shares: 200 4,332 
Chimera Investment Corporation  Common Stock, shares: 400 4,100 
CenturyLink, Inc.  Common Stock, shares: 417 4,066 
Occidental Petroleum Corporation  Common Stock, shares: 219 3,808 
Two Harbors Investment Corp  Common Stock, shares: 596 3,797 
ExOne Co.  Common Stock, shares: 400 3,796 
PennyMac Mortgage Investment Trust  Common Stock, shares: 215 3,782 
IBM  Common Stock, shares: 30 3,776 
Colony Capital Inc.  Common Stock, shares: 725 3,487 
Cabot Oil & Gas Corporation  Common Stock, shares: 205 3,351 
New Residential Investment Corp  Common Stock, shares: 335 3,330 
Citigroup Inc.  Common Stock, shares: 53 3,295 
Apache Corporation  Common Stock, shares: 217 3,086 
Norwegian Cruise Line Holdings  Common Stock, shares: 100 2,543 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2020
(Unaudited)


Identity of Issue, Borrower, Lessor or Similar Party Description of
Investment Including
Maturity Date, Rate
of Interest, Collateral,
Par or Maturity Value		 Current Value
Panasonic Corporation  Common Stock, shares: 200 2,306 
Invesco Mortgage Capital  Common Stock, shares: 499 1,687 
Virgin Galactic  Common Stock, shares: 58 1,376 
Cherry Hill Mortgage Investment  Common Stock, shares: 117 1,069 
Transocean Ltd.  Common Stock, shares: 392 906 
Boston Omaha Corporation  Common Stock, shares: 23 636 
Arlington Asset Investment Corp.  Common Stock, shares: 125 473 
Blackstone Group Inc.  Common Stock, shares: 6 389 
Capitala Finance Corporation  Common Stock, shares: 6 85 
Drive Shack  Common Stock, shares: 27 63 
Impac Mortgage Holdings, Inc.  Common Stock, shares: 10 29 
Seadrill  Common Stock, shares: 3 1 
Frontier Communications Corporation  Common Stock, shares: 6 1 
Sub-Total $ 4,469,506 
Chimera Investment Corp Series A  Preferred Stock, shares: 8,027 193,451 
*MFA Financial, Inc. Preferred Stock Series B  Preferred Stock, shares: 6,784 165,150 
Two Harbors Investment Corp Series A  Preferred Stock, shares: 3,000 74,700 
Two Harbors Investment Corp Series E  Preferred Stock, shares: 3,000 72,000 
Chimera Investment Corp Series B  Preferred Stock, shares: 3,000 68,370 
New York Mortgage Trust Series E  Preferred Stock, shares: 3,000 66,390 
Pennymac Mortgage Investment  Preferred Stock, shares: 2,000 50,500 
AG Mortgage Investment Trust  Preferred Stock, shares: 2,000 39,880 
Dynex Capital Inc.  Preferred Stock, shares: 1,242 31,361 
New York Mortgage Trust Series D  Preferred Stock, shares: 1,000 22,730 
Chimera Investment Corp Series D  Preferred Stock, shares: 1,000 22,170 
Two Harbors Investment Corp Series D  Preferred Stock, shares: 641 15,615 
Sub-Total $ 822,317 
*Fidelity 500 Index Fund Mutual Funds 1,047,407 
*Fidelity Freedom 2030 Fund Mutual Funds 1,038,752 
*Fidelity Freedom 2040 Fund Mutual Funds 786,844 
*Fidelity Freedom 2045 Fund Mutual Funds 654,736 
*Fidelity Freedom 2050 Fund Mutual Funds 574,160 
*Fidelity Blue Chip Growth Fund Mutual Funds 510,332 
American - The Growth Fund of America Class F Mutual Funds 398,962 
American New Perspective Fund Class F Mutual Funds 384,739 
*Fidelity Freedom 2020 Fund Mutual Funds 378,618 
American Funds EuroPacific Growth Class F Mutual Funds 340,964 
*Fidelity Freedom 2055 Fund Mutual Funds 244,053 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2020
(Unaudited)


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 Contrafund Mutual Funds 242,671 
*Fidelity Small Cap Growth Fund Mutual Funds 233,300 
Allianz Occ Renaissance Cl A Mutual Funds 187,560 
*Fidelity Freedom 2060 Fund Mutual Funds 177,299 
*Fidelity Total Bond Fund Mutual Funds 126,169 
*Fidelity Real Estate Income Fund Mutual Funds 121,245 
*Fidelity Emerging Markets Fund Mutual Funds 118,642 
*Fidelity Freedom 2035 Fund Mutual Funds 107,825 
Smead Value Fund Mutual Funds 104,952 
*Fidelity U.S. Bond Index Fund Mutual Funds 98,497 
*Fidelity Extended Market Index Fund Mutual Funds 84,006 
*Fidelity Value Fund Mutual Funds 67,482 
*Fidelity Mid Cap Growth Index Fund Mutual Funds 59,320 
*Fidelity Aggressive International Mutual Funds 57,146 
*Fidelity Low Priced Stock Mutual Funds 56,418 
*Fidelity Freedom 2025 Fund Mutual Funds 50,905 
*Fidelity Overseas Fund Mutual Funds 48,478 
Invesco Equally-Weighted S&P 500 Mutual Funds 43,676 
*Janus Henderson Enterprise Fund Class T Mutual Funds 41,744 
*Fidelity Global ex U.S. Index Fund Mutual Funds 37,494 
American - The Growth Fund of America Class A Mutual Funds 29,391 
*Fidelity Southeast Asia Mutual Funds 27,419 
*Fidelity Freedom 2015 Fund Mutual Funds 27,055 
*Goldman Sachs Inflation Protected Securities Fund Investor Shares Mutual Funds 26,651 
American New Perspective Fund Class A Mutual Funds 25,660 
*Wells Fargo Special Small Cap Value Fund - Class Admin Mutual Funds 25,491 
*Invesco Diversified Dividend Fund R5 Class Mutual Funds 23,907 
American Funds EuroPacific Growth Class A Mutual Funds 18,820 
*MassMutual Premier Small Cap Opportunities Fund Administrative Class Mutual Funds 13,806 
Matthews Asian Technology Fund Mutual Funds 11,079 
Morgan Stan Institutional Tr Mid-Cap Growth Adv Cl Mutual Funds 10,509 
*Fidelity Select Medical Equipment & System Mutual Funds 10,373 
Baron Discovery Fund Institutional Shares Mutual Funds 10,320 
Virtus Kar Mid Cap Growth Fund Cl I Mutual Funds 10,041 
Baron Global Advantage Fund Retail Mutual Funds 7,957 
*Fidelity Total International Index Fund Institutional Prem Mutual Funds 6,548 
Artisan Developing World Fund Investor Cl Mutual Funds 5,653 
Columbia Small Cap Growth Fund I Cl A Mutual Funds 5,022 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2020
(Unaudited)


Identity of Issue, Borrower, Lessor or Similar Party Description of
Investment Including
Maturity Date, Rate
of Interest, Collateral,
Par or Maturity Value		 Current Value
Morgan Stanley Global Advantage A Mutual Funds 2,737 
*Fidelity Select Technology Mutual Funds 2,664 
*Fidelity Select Software & Computer Mutual Funds 2,641 
Morgan Stanley Inst US Large Cap Growth Portfolio Mutual Funds 2,626 
Morgan Stanley Global Opportunity A Mutual Funds 2,590 
*Fidelity Freedom Income Fund Mutual Funds 135 
JPMorgan Income Builder Fund Mutual Funds 22 
Sub-Total $ 8,733,513 
SPDR S&P 500 ETF Trust Other Investments 172,053 
SPDR Portfolio Total Stock Market Other Investments 168,309 
WisdomTree India Earnings Fund Other Investments 125,603 
Vanguard Extended Market ETF Other Investments 82,340 
Vanguard S&P 500 ETF Other Investments 77,330 
iShares MSCI India Small-Cap ETF Other Investments 53,323 
SPDR Dow Jones Industrial Average ETF Other Investments 30,579 
iShares MSCI India ETF Other Investments 20,811 
iShares Global Energy ETF Other Investments 20,310 
The Energy Select Sector SPDR Fund Other Investments 17,434 
Global X Robotics & Artificial Intelligence ETF Other Investments 16,568 
VanEck Vectors Semiconductor ETF Other Investments 10,921 
VanEck Vectors Vietnam ETF Other Investments 10,494 
iShares S&P 500 ETF Other Investments 10,351 
VanEck Vectors Oil Services ETF Other Investments 7,700 
SPDR S&P Semiconductor ETF Other Investments 7,685 
ARK Genomic Revolution ETF Other Investments 6,062 
Invesco DWA Healthcare Momentum ETF Other Investments 5,602 
Vanguard Energy ETF Other Investments 5,186 
iPath S&P GSCI Crude Oil Total Return Index ETN Other Investments 3,350 
ARK Innovation ETF Other Investments 2,490 
ARK Next Generation Internet ETF Other Investments 2,195 
ARK Fintech Innovation ETF Other Investments 1,988 
iShares MSCI Mexico ETF Other Investments 747 
Occidental Petroleum Corporation - WRTS Other Investments 183 
Sub-Total $ 859,614 
*Fidelity Cash Reserves Cash and cash equivalents 886,848 
*Fidelity Government Money Market Fund Cash and cash equivalents 392,722 
Sub-Total $ 1,279,570 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2020
(Unaudited)


Identity of Issue, Borrower, Lessor or Similar Party Description of
Investment Including
Maturity Date, Rate
of Interest, Collateral,
Par or Maturity Value		 Current Value
* Participant Loans Interest Rate 4.25% - 6.50%
Maturity Dates through January, 2031		 $ 185,146 
Grand Total $ 16,349,666 
* Indicates party-in-interest to the Plan.
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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: June 23, 2021 MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
 
By: /s/ Stephen D. Yarad
    Stephen D. Yarad
    Member
    MFA Financial, Inc. 401(k) Administration Committee

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