Form: 11-K

Annual report of employee stock purchase, savings and similar plans

June 27, 2023




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, 2022

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,
2022 2021
Assets
Investments at fair value:
Investments, at fair value $ 13,292,520  $ 17,168,660 
Cash equivalents including money market funds 1,025,816  952,672 
Total Investments at fair value $ 14,318,336  $ 18,121,332 
Receivables:
Employer’s contributions $ 513,496  $ 467,117 
Notes receivable from participant loans 175,608  118,739 
Total Receivables $ 689,104  $ 585,856 
Total Assets $ 15,007,440  $ 18,707,188 
Net Assets Available for Benefits $ 15,007,440  $ 18,707,188 


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

For the year ended December 31, 2022
Additions to net assets:
Investment Loss:
Interest and dividends $ 752,366 
Net depreciation in fair value of investments (5,619,070)
Total investment loss (4,866,704)
Contributions:
Participant’s Contributions $ 941,013 
Employer’s Contributions 513,496 
Rollovers 32,806 
Total contributions 1,487,315 
Interest on notes receivable from participants $ 7,786 
Total reduction to net assets $ (3,371,603)
Deductions from net assets:
Benefits distributed to participants $ 324,766 
Administrative expenses 3,379 
Total deductions from net assets $ 328,145 
Decrease in net assets available for plan benefits $ (3,699,748)
Net assets available for benefits:
Beginning of year 18,707,188 
End of year $ 15,007,440 


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, 2022


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”).

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 2022, this limit was $20,500. 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 2022. 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 2022, the annual maximum employer matching contribution for each eligible participant was $12,200. Participants are immediately vested in their before-tax and Company matching contributions, as well as any investment earnings/losses thereon. During 2022, the Company made matching contributions of $467,117 with respect to eligible employee contributions made during 2021. 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 2021 and 2022.

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, 2022

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 of the loan of prime plus one percentage point. At December 31, 2022, 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.

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.

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.

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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Unaudited Financial Statements
December 31, 2022

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, 2022:

Name of Fund Name of Fund
Fidelity 500 Index Fund Fidelity Freedom 2060 Fund
Fidelity 500 Index Fund Premium 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 Extended Market Index Fund Premium Fidelity Overseas Fund
Fidelity Freedom 2005 Fund Fidelity Small Cap Growth Fund
Fidelity Freedom 2010 Fund Fidelity Total Bond Fund
Fidelity Freedom 2015 Fund Fidelity U.S. Bond Index Fund
Fidelity Freedom 2020 Fund Fidelity Value Fund
Fidelity Freedom 2025 Fund Goldman Sachs Inflation Protected Securities Fund Investor Shares
Fidelity Freedom 2030 Fund Invesco Diversified Dividend Fund R5 Class
Fidelity Freedom 2035 Fund Janus Henderson Enterprise Fund Class T
Fidelity Freedom 2040 Fund MassMutual Premier Small Cap Opportunities Fund Administrative Class
Fidelity Freedom 2045 Fund MFA Financial, Inc. Common Stock
Fidelity Freedom 2050 Fund MFA Financial, Inc. Preferred Stock
Fidelity Freedom 2055 Fund Allspring 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, 2022, participants in the Plan held 33,131 shares of MFA Financial, Inc. Common Stock valued at $327,420 and 6,784 shares of MFA Financial, Inc. 7.50% Series B Cumulative Redeemable Preferred Stock valued at $122,494. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered to be party-in-interest transactions and totaled $175,608 at December 31, 2022.
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MFA FINANCIAL, INC. 401(K) SAVINGS PLAN
Notes to the Unaudited Financial Statements
December 31, 2022


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, 2022 that would require recognition or disclosure in these financial statements through June 27, 2023, which is the date these financial statements were available to be issued. Other than the event disclosed below, no such transactions required recognition or disclosure in these financial statements.

Effective as of January 1, 2023, the Lima One 401(k) Plan, which was sponsored by the Company’s wholly-owned subsidiary, Lima One Capital, LLC was merged with and into the Plan. As a result of the merger, the assets of the Lima One 401(k) Plan have become assets of the Plan and the participants in the Lima One 401(k) Plan have become participants in the Plan.






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Table of Contents
MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2022
(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: 6,362 $ 783,671 
*MFA Financial, Inc. Common Stock Common Stock, shares: 33,131 327,420 
Apple Inc. Common Stock, shares: 2,505 325,567 
Amazon.com, Inc. Common Stock, shares: 1,500 126,000 
Royal Bank of Canada Common Stock, shares: 964 90,694 
Facebook, Inc. Common Stock, shares: 545 65,585 
AT&T Inc. Common Stock, shares: 2,772 51,033 
Verizon Communications Common Stock, shares: 1,273 50,169 
Deere & Company Common Stock, shares: 109 46,915 
Netflix, Inc. Common Stock, shares: 159 46,886 
Microsoft Corporation Common Stock, shares: 191 45,870 
Square, Inc. Common Stock, shares: 615 38,647 
Shift4 Payments Common Stock, shares: 639 35,739 
Overstock.com, Inc. Common Stock, shares: 1,447 28,014 
Owens Corning Common Stock, shares: 300 25,590 
The Walt Disney Company Common Stock, shares: 278 24,237 
Union Pacific Corporation Common Stock, shares: 113 23,437 
Exxon Mobil Corporation Common Stock, shares: 211 23,378 
Walmart Inc. Common Stock, shares: 162 23,066 
Camping World Holdings, Inc. Common Stock, shares: 1,000 22,320 
Alexander’s Inc. Common Stock, shares: 100 22,006 
Callaway Golf Company Common Stock, shares: 1,000 19,750 
Advanced Micro Devices, Inc. Common Stock, shares: 292 18,913 
Royal Caribbean Cruises Ltd. Common Stock, shares: 361 17,844 
Spotify Technology S.A. Common Stock, shares: 200 15,790 
Mitek Systems, Inc Common Stock, shares: 1,587 15,378 
Qualcomm Common Stock, shares: 139 15,296 
Occidental Petroleum Corporation Common Stock, shares: 221 13,969 
Meg Energy Corp. Common Stock, shares: 1,000 13,912 
Alphabet Inc. Class A Common Stock, shares: 140 12,352 
IBM Common Stock, shares: 84 11,892 
Cenovus Energy Inc. Common Stock, shares: 600 11,646 
Target Corporation Common Stock, shares: 75 11,178 
Apollo Commercial Real Estate Common Stock, shares: 988 10,631 
Alibaba Group Holding Limited Common Stock, shares: 120 10,571 
APA Common Stock, shares: 222 10,379 
Liberty Global Common Stock, shares: 500 9,715 
Ellington Residential Mortgage Common Stock, shares: 1,000 6,860 
ON Semiconductor Corporation Common Stock, shares: 108 6,736 
Warner Bros. Discovery Common Stock, shares: 641 6,077 
Fulgent Genetics Common Stock, shares: 199 5,926 
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Table of Contents
MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2022
(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
Shopify Inc. Common Stock, shares: 170 5,901 
Cabot Oil & Gas Corporation Common Stock, shares: 238 5,848 
Dow Inc. Common Stock, shares: 108 5,480 
FedEx Corporation Common Stock, shares: 31 5,416 
Alphabet Inc. Common Stock, shares: 60 5,324 
DXC Technology Common Stock, shares: 200 5,300 
PubMatic, Inc. Common Stock, shares: 369 4,727 
Axos Financial Common Stock, shares: 123 4,701 
Fannie Mae Common Stock, shares: 12,000 4,241 
Innovative Industrial Properties, Inc. Common Stock, shares: 40 4,054 
NVIDIA Corp. Common Stock, shares: 27 3,949 
Biomerica, inc. Common Stock, shares: 1,000 3,350 
Joyy, Inc. Common Stock, shares: 100 3,159 
Mastercard Inc. Common Stock, shares: 9 3,143 
Visa Inc. Common Stock, shares: 15 3,140 
Live Oak Bancshares, Inc. Common Stock, shares: 100 3,037 
Gap Inc. Common Stock, shares: 265 2,994 
Kohls Corp Nfs Llc Is A Special Common Stock, shares: 115 2,917 
Roblox Corporation Common Stock, shares: 100 2,846 
American Express Company Common Stock, shares: 19 2,835 
New Residential Investment Corp Common Stock, shares: 335 2,737 
AG Mortgage Investment Trust, Inc. Common Stock, shares: 510 2,708 
PennyMac Mortgage Investment Trust Common Stock, shares: 215 2,664 
Citigroup Inc. Common Stock, shares: 57 2,583 
Rocket Companies, Inc. Common Stock, shares: 354 2,478 
PulteGroup, Inc. Common Stock, shares: 50 2,315 
Wix.com Ltd. Common Stock, shares: 30 2,305 
DraftKings Common Stock, shares: 200 2,278 
Zillow Group, Inc. Common Stock, shares: 71 2,216 
Green Dot Corporation Common Stock, shares: 139 2,199 
Hudson Pacific Properties Common Stock, shares: 225 2,196 
Annaly Capital Management Inc. Common Stock, shares: 104 2,192 
Snowflake Inc. Common Stock, shares: 15 2,153 
Crowdstrike Holdings, Inc. Common Stock, shares: 20 2,106 
DigitalBridge Group, Inc. Common Stock, shares: 181 1,980 
Transocean Ltd. Common Stock, shares: 392 1,788 
Coinbase Global, Inc. Common Stock, shares: 50 1,769 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2022
(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 1,683 
AGNC Investment Corporation Common Stock, shares: 160 1,656 
Two Harbors Investment Corp. Common Stock, shares: 98 1,545 
Datadog, Inc. Common Stock, shares: 20 1,470 
NXP Semiconductors N.V. Common Stock, shares: 9 1,442 
Lemonade, Inc. Common Stock, shares: 100 1,368 
New York Mortgage Trust Inc. Common Stock, shares: 525 1,344 
IRSA Common Stock, shares: 279 1,337 
Fastly Common Stock, shares: 155 1,269 
Norwegian Cruise Lines Holdings Common Stock, shares: 100 1,224 
Desktop Metal, Inc. Common Stock, shares: 856 1,164 
Redfin Common Stock, shares: 269 1,141 
Chimera Investment Corporation Common Stock, shares: 200 1,100 
The Honest Company, Inc. Common Stock, shares: 250 753 
Cherry Hill Mortgage Investment Common Stock, shares: 117 679 
Invesco Mortgage Capital Common Stock, shares: 49 624 
Boston Omaha Corporation Common Stock, shares: 23 610 
Blackstone Group Inc. Common Stock, shares: 6 445 
Arlington Asset Investment Corp. Common Stock, shares: 125 366 
Compass Pathways PLC Common Stock, shares: 33 265 
Upstart Holdings, Inc. Common Stock, shares: 20 264 
AppHarvest, Inc. Common Stock, shares: 400 227 
Virgin Galatic Common Stock, shares: 58 201 
Kyndryl Holdings, Inc. Common Stock, shares: 16 178 
Logan Ridge Finance Corporation Common Stock, shares: 6 134 
VTV Therapeutics, Inc. Common Stock, shares: 200 133 
Curiosity Stream, Inc. Common Stock, shares: 100 113 
D-Market Electronic Services Trading Common Stock, shares: 150 98 
Impac Mortgage Holdings, Inc. Common Stock, shares: 10 2 
Sub-Total $ 2,614,923 
*MFA Financial, Inc. Preferred Stock Series B  Preferred Stock, shares: 6,784 $ 122,494 
Chimera Investment Corp Series C  Preferred Stock, shares: 4,000 68,600 
Two Harbors Investment Corp Series A  Preferred Stock, shares: 3,000 60,870 
Chimera Investment Corp Series B  Preferred Stock, shares: 3,000 59,430 
New York Mortgage Trust Series E  Preferred Stock, shares: 3,000 54,930 
Pennymac Mortgage Investment Series A  Preferred Stock, shares: 2,000 44,000 
AG Mortgage Investment Trust  Preferred Stock, shares: 2,000 31,280 
New York Mortgage Trust Preferred Series G  Preferred Stock, shares: 2,000 30,500 
Chimera Investment Corp Series D  Preferred Stock, shares: 1,000 18,830 
New York Mortgage Trust Preferred Series D  Preferred Stock, shares: 1,000 17,600 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2022
(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
Chimera Investment Corp Series A  Preferred Stock, shares: 700 12,887 
New Residential Investment Corp Series C  Preferred Stock, shares: 250 4,300 
Pennymac Mortgage Investment Series C  Preferred Stock, shares: 11 205 
Sub-Total $ 525,926 
*Fidelity 500 Index Fund Mutual Funds $ 1,115,657 
*Fidelity Freedom 2040 Fund Mutual Funds 742,625 
*Fidelity Freedom 2030 Fund Mutual Funds 710,102 
*Fidelity Freedom 2045 Fund Mutual Funds 608,417 
*Fidelity Freedom 2050 Fund Mutual Funds 396,248 
*Fidelity Blue Chip Growth Fund Mutual Funds 393,095 
American New Perspective Class F Mutual Funds 349,530 
American Growth Fund of America Class F Mutual Funds 342,590 
*Fidelity Freedom 2060 Fund Mutual Funds 312,930 
American Europacific Growth Class F Mutual Funds 305,909 
*Fidelity Freedom 2020 Fund Mutual Funds 299,174 
*Fidelity Freedom 2055 Fund Mutual Funds 264,100 
*Fidelity 500 Index Fund Premium Mutual Funds 248,624 
*Fidelity Small Cap Growth Fund Mutual Funds 244,585 
Virtus NFJ Mid Cap Value A Mutual Funds 205,367 
*Fidelity Freedom 2035 Fund Mutual Funds 180,053 
*Fidelity Mid Cap Stock Fund Mutual Funds 146,993 
Smead Value Fund Investor Cl Shares Mutual Funds 145,399 
*Fidelity Real Estate Income Mutual Funds 123,205 
*Fidelity Emerging Markets Fund Mutual Funds 118,661 
*Fidelity Freedom 2020 Fund Mutual Funds 116,755 
*Fidelity Total Bond Fund Mutual Funds 116,559 
*Fidelity U.S. Bond Index Fund Mutual Funds 112,928 
*Fidelity Extended Market Index Fund Mutual Funds 108,974 
*Fidelity Value Fund Mutual Funds 108,104 
*Fidelity Global Ex U.S. Index Fund Mutual Funds 107,934 
*Fidelity Equity Income Fund Mutual Funds 98,735 
*Fidelity Contrafund Mutual Funds 98,043 
*Fidelity Low Priced Stock Fund Mutual Funds 95,376 
*Fidelity Freedom 2015 Fund Mutual Funds 92,717 
Blackrock Commodity Strategies Fund Class A Mutual Funds 85,246 
*Fidelity Aggressive Growth Fund Mutual Funds 81,163 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2022
(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
*Janus Henderson Enterprise Fund Class T Mutual Funds 72,163 
*Invesco Diversified Dividend Fund R5 Class Mutual Funds 57,571 
*Fidelity Large Cap Value Enhanced Index Fund Mutual Funds 49,804 
*Goldman Sachs Inflation Protected Securities Fund Investor Shares Mutual Funds 46,377 
*Fidelity Small Cap Value Fund Mutual Funds 45,164 
*Allspring Special Small Cap Value Fund - Class Admin Mutual Funds 37,359 
*Fidelity Overseas Fund Mutual Funds 35,011 
*Fidelity Freedom 2025 Fund Mutual Funds 33,866 
Growth Fund Of America Class A Mutual Funds 24,299 
New Perspective Class A Mutual Funds 22,402 
*Massmutual Premier Small Cap Opportunities Fund Administrative Class Mutual Funds 22,100 
Europacific Growth Class A Mutual Funds 14,850 
*Fidelity Freedom Income Fund Mutual Funds 3,346 
Wasatch Small Cap Value Mutual Funds 2,278 
Wasatch Micro-Cap Value Fund Mutual Funds 2,074 
Wasatch Microcap Mutual Funds 742 
Morgan Stanley Global Opportunity A Mutual Funds 551 
Morgan Stanley Institutional Fund Us Large Cap Growth Por B Mutual Funds 338 
Morgan Stanley Institutional Fund Trust Mid Cap Growth Adv Cl Mutual Funds 318 
Morgan Stanley Institutional Fund, Inc. Small Co Growth Class P Mutual Funds 288 
JP Morgan Income Builder Fund Class A Mutual Funds 21 
Sub-Total $ 8,946,720 
SPDR Portfolio Total Stock Market Other Investments $ 177,954 
WisdomTree India Earnings Fund Other Investments 140,137 
Vanguard S&P 500 ETF Other Investments 101,858 
Vanguard Extended Market ETF Other Investments 88,189 
iShares MSCI India Small-Cap ETF Other Investments 65,218 
Invesco QQQ Trust, Series 1 Other Investments 61,405 
SPDR S&P 500 ETF Trust Other Investments 46,726 
Vanguard Total Stock Market ETF Other Investments 35,944 
SPDR Dow Jones Industrial Average ETF Other Investments 33,133 
iShares MSCI India ETF Other Investments 26,169 
VanEck Vectors Oil Services ETF Other Investments 15,203 
iPath S&P GSCI Crude Oil Total Return Index ETN Other Investments 13,802 
Vanguard Energy ETF Other Investments 12,128 
iShares S&P 500 ETF Other Investments 10,911 
Global X Robotics & Artificial Intelligence ETF Other Investments 10,275 
Vaneck Vectors Vietnam ETF Other Investments 7,104 
Direxion Daily S&P 500 Bear 3X Shares ETF Other Investments 6,913 
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MFA FINANCIAL, INC. 401(k) SAVINGS PLAN
Schedule of Assets Held For Investment Purposes
December 31, 2022
(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
ProShares Short QQQ ETF Other Investments 4,874 
VS Trust 2X Long VIX Futures ETF Other Investments 2,037 
ProShares TR UltraPro QQQ ETF Other Investments 1,392 
Occidental Petroleum Corporation - WRTS Other Investments 1,113 
ARK Autonomous Technology & Robotics ETF Other Investments 1,033 
iShares MSCI Mexico ETF Other Investments 914 
ARK Space Exploration and Innovation ETF Other Investments 620 
ARK Innovation ETF Other Investments 315 
ARK Genomic Revolution ETF Other Investments 284 
ARK Fintech Innovation ETF Other Investments 143 
Sub-Total $ 865,794 
United States Treasury Bills Zero Coupon Bond Government bond $ 339,157 
Sub-Total $ 339,157 
*Fidelity Cash Reserves Cash and cash equivalents $ 322,273 
*Fidelity Government Money Market Fund Cash and cash equivalents 703,543 
Sub-Total $ 1,025,816 
* Participant Loans Interest Rate 4.25% - 6.50%
Maturity Dates through January, 2031		 $ 175,608 
Grand Total $ 14,493,944 
* 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 27, 2023 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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