MFA

SEC source: 0001104659-20-005118 · a4.xml · derivative · entry 5

Kristjansson Gudmundur · CIK 0001596207 · SVP and Co-Chief Invest. Ofcr.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 150,000

Underlying: Common Stock · 27,500 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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.

F6 · kind: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

F6 · price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · derivative.underlying_shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · derivative.underlying_shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

SEC source: 0001104659-20-005118 · a4.xml · derivative · entry 4

Kristjansson Gudmundur · CIK 0001596207 · SVP and Co-Chief Invest. Ofcr.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 177,500

Underlying: Common Stock · 17,500 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · kind: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

SEC source: 0001104659-20-005118 · a4.xml · nonDerivative · entry 3

Kristjansson Gudmundur · CIK 0001596207 · SVP and Co-Chief Invest. Ofcr.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 324,212.504

F4 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 3 above.

SEC source: 0001104659-20-005118 · a4.xml · nonDerivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · SVP and Co-Chief Invest. Ofcr.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 356,901.504

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 10,489 shares representing the settlement (in the form of additional shares of common stock) of dividend equivalents that accrued during the three-year performance period ended December 31, 2019 in respect of the PRSUs that vested and whose settlement is reported herein.

F2 · price: 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.

SEC source: 0001104659-20-005118 · a4.xml · nonDerivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · SVP and Co-Chief Invest. Ofcr.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 312,980.504

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017.

F2 · price: 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.

SEC source: 0001104659-20-005117 · a4.xml · derivative · entry 5

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 410,000

Underlying: Common Stock · 105,000 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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.

F6 · kind: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

F6 · price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · derivative.underlying_shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · derivative.underlying_shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

SEC source: 0001104659-20-005117 · a4.xml · derivative · entry 4

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 515,000

Underlying: Common Stock · 70,000 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · kind: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

SEC source: 0001104659-20-005117 · a4.xml · nonDerivative · entry 3

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,245,034.036

F4 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 3 above.

SEC source: 0001104659-20-005117 · a4.xml · nonDerivative · entry 2

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,356,749.036

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 40,046 shares representing the settlement (in the form of additional shares of common stock) of dividend equivalents that accrued during the three-year performance period ended December 31, 2019 in respect of the PRSUs that vested and whose settlement is reported herein.

F2 · price: 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.

SEC source: 0001104659-20-005117 · a4.xml · nonDerivative · entry 1

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,189,058.036

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017.

F2 · price: 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.

SEC source: 0001104659-20-005115 · a4.xml · derivative · entry 5

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

Underlying: Common Stock · 15,000 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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.

F6 · kind: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

F6 · price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · derivative.underlying_shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · derivative.underlying_shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

SEC source: 0001104659-20-005115 · a4.xml · derivative · entry 4

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,000

Underlying: Common Stock · 10,000 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · kind: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

SEC source: 0001104659-20-005115 · a4.xml · nonDerivative · entry 3

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,601.504

F4 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 3 above.

SEC source: 0001104659-20-005115 · a4.xml · nonDerivative · entry 2

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 166,020.504

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 5,722 shares representing the settlement (in the form of additional shares of common stock) of dividend equivalents that accrued during the three-year performance period ended December 31, 2019 in respect of the PRSUs that vested and whose settlement is reported herein.

F2 · price: 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.

SEC source: 0001104659-20-005115 · a4.xml · nonDerivative · entry 1

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 142,062.504

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017.

F2 · price: 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.

SEC source: 0001104659-20-005114 · a4.xml · derivative · entry 5

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,000

Underlying: Common Stock · 7,500 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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.

F6 · kind: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

F6 · price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. 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 · derivative.underlying_shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. 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, 2019.

F8 · derivative.underlying_shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, 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 PRSUs that ultimately vested.

SEC source: 0001104659-20-005114 · a4.xml · derivative · entry 4

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,500

Underlying: Common Stock · 5,000 shares

Expires 2020-01-15

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · kind: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

F5 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. 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.

SEC source: 0001104659-20-005114 · a4.xml · nonDerivative · entry 3

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 628,440.616

F4 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 3 above.

SEC source: 0001104659-20-005114 · a4.xml · nonDerivative · entry 2

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 636,583.616

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 2,862 shares representing the settlement (in the form of additional shares of common stock) of dividend equivalents that accrued during the three-year performance period ended December 31, 2019 in respect of the PRSUs that vested and whose settlement is reported herein.

F2 · price: 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.

SEC source: 0001104659-20-005114 · a4.xml · nonDerivative · entry 1

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 624,602.616

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017.

F2 · price: 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.

SEC source: 0001104659-19-074995 · a4.xml · nonDerivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · SVP & Co-Chief Invest Ofcr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 295,480.504

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074995 · a4.xml · nonDerivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · SVP & Co-Chief Invest Ofcr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 327,458.504

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074999 · a4.xml · nonDerivative · entry 2

Yarad Stephen D. · CIK 0001501837 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 115,830.996

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074999 · a4.xml · nonDerivative · entry 1

Yarad Stephen D. · CIK 0001501837 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,396.996

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074998 · a4.xml · nonDerivative · entry 2

Wulfsohn Bryan · CIK 0001629935 · SVP & Co-Chief Invest Ofcr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,009.843

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074998 · a4.xml · nonDerivative · entry 1

Wulfsohn Bryan · CIK 0001629935 · SVP & Co-Chief Invest Ofcr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,434.843

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-075000 · a4.xml · nonDerivative · entry 2

Yadav Sunil · CIK 0001537539 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 323,452.772

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-075000 · a4.xml · nonDerivative · entry 1

Yadav Sunil · CIK 0001537539 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 335,845.772

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074996 · a4.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,865

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074996 · a4.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,273

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074994 · a4.xml · nonDerivative · entry 2

Meyers Terence B · CIK 0001576362 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,057.46

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074994 · a4.xml · nonDerivative · entry 1

Meyers Terence B · CIK 0001576362 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,557.46

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074992 · a4.xml · nonDerivative · entry 2

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 132,062.504

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074992 · a4.xml · nonDerivative · entry 1

Hanrahan Kathleen A · CIK 0001436427 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 135,768.504

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074993 · a4.xml · nonDerivative · entry 2

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 619,602.616

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074993 · a4.xml · nonDerivative · entry 1

FREYDBERG RONALD A · CIK 0001203598 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 621,455.616

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-074990 · a4.xml · nonDerivative · entry 2

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,118,985.036

F2 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-19-074990 · a4.xml · nonDerivative · entry 1

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,193,338.036

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 2 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 18, 2022.

SEC source: 0001104659-19-070206 · a4.xml · nonDerivative · entry 1

JOSEPHS ROBIN · CIK 0001222801 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,186

SEC source: 0001104659-19-063320 · a4.xml · nonDerivative · entry 3

Wulfsohn Bryan · CIK 0001629935 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 89,348.843

F1 · kind: The sales of common stock by the Reporting Person were made for the purpose of providing liquidity to him in connection with the expected closing of the purchase of a primary residence.

F2 · balance_after: In addition to the shares of common stock of the Issuer that the Reporting Person continues to own, the Reporting Person also owns 195,000 time-based and performance-based restricted stock units that were granted to him by the Issuer, which have been previously disclosed by the Reporting Person.

SEC source: 0001104659-19-063320 · a4.xml · nonDerivative · entry 2

Wulfsohn Bryan · CIK 0001629935 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 117,848.843

F1 · kind: The sales of common stock by the Reporting Person were made for the purpose of providing liquidity to him in connection with the expected closing of the purchase of a primary residence.

SEC source: 0001104659-19-063320 · a4.xml · nonDerivative · entry 1

Wulfsohn Bryan · CIK 0001629935 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 139,848.843

F1 · kind: The sales of common stock by the Reporting Person were made for the purpose of providing liquidity to him in connection with the expected closing of the purchase of a primary residence.

SEC source: 0001104659-19-074990 · a4.xml · nonDerivative · entry 3

Knutson Craig L · CIK 0001431830 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,119,058.036

SEC source: 0001104659-19-035306 · a4.xml · derivative · entry 2

BLANK STEPHEN R · CIK 0001161919 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,636

Underlying: Common Stock · 9,260 shares

Expires 2019-06-12

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person in May 2014. 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.

F2 · kind: Settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person in May 2014. 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.

F2 · price: Settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person in May 2014. 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.

SEC source: 0001104659-19-035306 · a4.xml · nonDerivative · entry 1

BLANK STEPHEN R · CIK 0001161919 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,987

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Shares acquired pursuant to the settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person in May 2014.

SEC source: 0001104659-19-032012 · a4.xml · derivative · entry 1

Brodsky James A · CIK 0001292242 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,636

Underlying: Common Stock · 20,604 shares

Expires 2025-01-15

F1 · derivative.exercise_price: Each restricted stock unit represents the right to receive one share of MFA Financial, Inc. common stock.

F2 · derivative.exercise_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

F2 · derivative.expiration_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

SEC source: 0001104659-19-032017 · a4.xml · derivative · entry 1

Oelerich Francis J. III · CIK 0001777852 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,604

Underlying: Common Stock · 20,604 shares

Expires 2025-01-15

F1 · derivative.exercise_price: Each restricted stock unit represents the right to receive one share of MFA Financial, Inc. common stock.

F2 · derivative.exercise_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

F2 · derivative.expiration_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

SEC source: 0001104659-19-032016 · a4.xml · derivative · entry 1

KRAUSS GEORGE H · CIK 0001185544 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 155,897

Underlying: Common Stock · 36,401 shares

Expires 2025-01-15

F1 · derivative.exercise_price: Each restricted stock unit represents the right to receive one share of MFA Financial, Inc. common stock.

F2 · derivative.exercise_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

F2 · derivative.expiration_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

SEC source: 0001104659-19-032015 · a4.xml · derivative · entry 1

JOSEPHS ROBIN · CIK 0001222801 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,636

Underlying: Common Stock · 20,604 shares

Expires 2025-01-15

F1 · derivative.exercise_price: Each restricted stock unit represents the right to receive one share of MFA Financial, Inc. common stock.

F2 · derivative.exercise_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

F2 · derivative.expiration_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

SEC source: 0001104659-19-032014 · a4.xml · derivative · entry 1

Goodman Laurie · CIK 0001612789 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,636

Underlying: Common Stock · 20,604 shares

Expires 2025-01-15

F1 · derivative.exercise_price: Each restricted stock unit represents the right to receive one share of MFA Financial, Inc. common stock.

F2 · derivative.exercise_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.

F2 · derivative.expiration_date: The restricted stock units were fully vested as of the date of grant and will be settled in an equivalent number of shares of MFA common stock. Except in certain circumstances, the restricted stock units will be settled on the earlier of (i) the reporting person's termination of service as a director of MFA Financial, Inc. and (ii) on or about January 15, 2025.