Harold E. Schwartz - 08 Jan 2026 Form 4 Insider Report for MFA FINANCIAL, INC. (MFA)

Role: Senior Vice President
Signature: /s/ Harold E. Schwartz
Issuer symbol: MFA
Transactions as of: 08 Jan 2026
Net transactions value: -$201,420
Form type: 4
Filing time: 12 Jan 2026, 17:19:55 UTC
Previous filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Schwartz Harold E	Senior Vice President	C/O MFA FINANCIAL, INC., ONE VANDERBILT AVENUE, 48TH FLOOR, NEW YORK	/s/ Harold E. Schwartz	12 Jan 2026	0001527449

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MFA	Common Stock	Options Exercise	$0	+26,575	+42%	$0.000000	89,744	08 Jan 2026	Direct	F1, F2
transaction	MFA	Common Stock	Options Exercise	$0	+90,821	+101%	$0.000000	180,565	08 Jan 2026	Direct	F2, F3
transaction	MFA	Common Stock	Tax liability	$148,000	-15,465	-8.6%	$9.57	165,100	08 Jan 2026	Direct	F4
transaction	MFA	Common Stock	Tax liability	$53,420	-5,582	-3.4%	$9.57	159,518	08 Jan 2026	Direct	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MFA	Phantom Shares	Options Exercise		-26,575	-8.9%		273,486	08 Jan 2026	Common Stock	26,575		Direct	F6
transaction	MFA	Phantom Shares	Options Exercise		-50,944	-19%		222,542	08 Jan 2026	Common Stock	50,944		Direct	F7, F8, F9

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares acquired pursuant to the settlement of time-based restricted stock units ("TRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2023.
F2	Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was or will be settled in one share of common stock of MFA Financial, Inc.
F3	Reflects shares to be acquired in connection with the vesting of performance-based restricted stock units ("PRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2023 as discussed in Notes 7, 8 and 9 below. The number of shares reported also includes 28,420 additional PRSUs representing the value of the dividend equivalents that accrued during the three-year performance period ended December 31, 2025, in respect of the underlying PRSUs that vested. Per the terms and conditions of the PRSU awards, the vested PRSUs and the additional PRSUs in respect of dividend equivalents will settle in January 2027 in the form of one share of common stock of MFA Financial, Inc. for each PRSU.
F4	The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 6.
F5	The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of previously vested phantom shares.
F6	The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2023. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.
F7	The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2023. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc.
F8	The number of PRSUs reported in Table II represents the "target" number of PRSUs that were granted to the reporting person in January 2023. Per the terms of the award agreement governing the PRSUs, the number of underlying shares of MFA common stock that the recipient ultimately became entitled to receive at the time of vesting ranged from 0% to 200% of the target number of PRSUs granted, subject to the achievement of a pre-established performance metric. The vesting of these PRSUs was based on MFA's total stockholder return for the three years ended December 31, 2025.
F9	The Compensation Committee of the Board of Directors of MFA has confirmed and certified the vesting level of the PRSUs as reflected in Table I. Per the terms of the award agreement governing the PRSUs, the number of PRSUs that vested was adjusted to reflect the value of any dividends paid on MFA's common stock during the performance period in respect of the number of underlying PRSUs that ultimately vested (see Note 3). Per the terms and conditions of the PRSU awards, the vested PRSUs will settle in the form of one share of common stock of MFA Financial, Inc. for each vested phantom share in January 2027.