Operating

MFA Financial·Cash Flow Statement·15 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Net cash from operating activities	$46.5M	$0	$111.4M	-$14.6M	$38.5M	$14.7M	$37.6M	$71.1M
Impairment and other net (gain)/loss on securities and other portfolio investments, net	$2M	-$22.7M	$25.8M	-$21.2M	-$6.6M	-$18M	-$15.7M	$38.3M
Residential Whole Loans, Gain (Loss)	$16.8M	$147M	—	$55.8M	$34.4M	$42.9M	$5.8M	-$32.1M
Gain (Loss) on Sale of Derivatives	—	-$57.1M	$46.6M	-$44.8M	-$15.4M	-$6M	$0	$26.8M
Change in other assets	—	$27.6M	-$39.4M	-$30.7M	—	—	—	-$23.6M
Increase (Decrease) in Other Operating Assets	—	$27.6M	-$39.4M	-$30.7M	—	—	—	-$23.6M
Unrealized Gain (Loss) On Securitized Debt At Fair Value	-$7.6M	-$71.5M	—	-$18.6M	-$3.7M	-$21.3M	$0	$22.9M
Net Gain (Loss) on Derivatives	-$4.2M	$30.4M	-$31.9M	$83.1M	$12.3M	$724K	$0	-$13.5M
Other working capital changes	—	—	-$57.3M	$62.6M	—	$25.3M	$40.1M	-$7.8M
Net other non-cash (gains)/losses included in net income	$8.1M	$37.9M	$9.2M	$12.1M	$30.6M	$17M	$7.7M	$7.3M
Accretion and Amortization of Purchase Discounts	$3.5M	—	—	-$741K	$1.9M	-$505K	-$1.9M	-$3.2M
Net Gain (Loss) On Real Estate Owned	$1.8M	$199K	$14K	-$1.5M	-$2.9M	$0	-$2.7M	-$3M
Change in other liabilities	—	—	-$6.4M	-$4.3M	$7.8M	$4.3M	$0	$1.1M
Net income	$41.9M	$48.2M	$5.9M	$41.2M	$33.2M	$48.1M	$54.3M	-$984K
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	-$1.1M	-$1.9M	—	$145K	$791K	$276K	—	-$241K