GORIN WILLIAM S

SEC source: 0001104659-17-043545 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,081,108

F1 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the vesting of restricted stock that was previously granted to the Reporting Person.

SEC source: 0001104659-17-021288 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,082,947

F1 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the vesting of restricted stock that was previously granted to the Reporting Person.

SEC source: 0001104659-17-003957 · a4.xml · derivative · entry 3

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 534,900

Underlying: Common Stock · 67,054 shares

Expires 2017-01-24

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.

F4 · derivative.exercise_price: Settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person on January 24, 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.

F4 · kind: Settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person on January 24, 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.

F4 · price: Settlement of restricted stock units (i.e., phantom stock) granted to the Reporting Person on January 24, 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: 0001104659-17-003957 · a4.xml · nonDerivative · entry 2

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,084,786

F3 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Note 1 above.

SEC source: 0001104659-17-003957 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,120,640

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 on January 24, 2014.

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: 0001104659-17-002706 · a4.xml · derivative · entry 5

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 601,954

Underlying: Common Stock · 82,500 shares

Expires 2017-01-13

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 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.

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

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 2014. 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, 2016.

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 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.

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 2014. 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, 2016.

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: 0001104659-17-002706 · a4.xml · derivative · entry 4

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 684,454

Underlying: Common Stock · 82,500 shares

Expires 2017-01-13

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 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.

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

F5 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 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: 0001104659-17-002706 · a4.xml · nonDerivative · entry 3

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,053,586

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: 0001104659-17-002706 · a4.xml · nonDerivative · entry 2

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,204,001

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 2014 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 44,437 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, 2016 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: 0001104659-17-002706 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,017,038

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 2014.

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: 0001104659-17-002233 · a4.xml · derivative · entry 2

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 766,954

Underlying: Common Stock · 122,500 shares

Expires not disclosed

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

F3 · shares: These phantom shares are performance-based equity awards. The number of phantom shares reported represents the target number of phantom shares granted. The number of underlying shares of MFA common stock that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 200% of the target number of phantom shares granted, subject to the achievement of a pre-established performance metric. The vesting of these phantom shares will generally occur on December 31, 2019, based on MFA's absolute total stockholder return (TSR) and MFA's TSR as compared to the TSR of a designated peer group of companies, in each case for the three years then ended.

F4 · shares: The number of phantom shares to vest will be adjusted to reflect the value of any dividends paid on MFA's common stock during the vesting period in respect of the number of phantom shares that ultimately vest. The phantom shares will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

F3 · derivative.exercise_date: These phantom shares are performance-based equity awards. The number of phantom shares reported represents the target number of phantom shares granted. The number of underlying shares of MFA common stock that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 200% of the target number of phantom shares granted, subject to the achievement of a pre-established performance metric. The vesting of these phantom shares will generally occur on December 31, 2019, based on MFA's absolute total stockholder return (TSR) and MFA's TSR as compared to the TSR of a designated peer group of companies, in each case for the three years then ended.

F4 · derivative.exercise_date: The number of phantom shares to vest will be adjusted to reflect the value of any dividends paid on MFA's common stock during the vesting period in respect of the number of phantom shares that ultimately vest. The phantom shares will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

F3 · derivative.expiration_date: These phantom shares are performance-based equity awards. The number of phantom shares reported represents the target number of phantom shares granted. The number of underlying shares of MFA common stock that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 200% of the target number of phantom shares granted, subject to the achievement of a pre-established performance metric. The vesting of these phantom shares will generally occur on December 31, 2019, based on MFA's absolute total stockholder return (TSR) and MFA's TSR as compared to the TSR of a designated peer group of companies, in each case for the three years then ended.

F4 · derivative.expiration_date: The number of phantom shares to vest will be adjusted to reflect the value of any dividends paid on MFA's common stock during the vesting period in respect of the number of phantom shares that ultimately vest. The phantom shares will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

F3 · derivative.underlying_shares: These phantom shares are performance-based equity awards. The number of phantom shares reported represents the target number of phantom shares granted. The number of underlying shares of MFA common stock that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 200% of the target number of phantom shares granted, subject to the achievement of a pre-established performance metric. The vesting of these phantom shares will generally occur on December 31, 2019, based on MFA's absolute total stockholder return (TSR) and MFA's TSR as compared to the TSR of a designated peer group of companies, in each case for the three years then ended.

F4 · derivative.underlying_shares: The number of phantom shares to vest will be adjusted to reflect the value of any dividends paid on MFA's common stock during the vesting period in respect of the number of phantom shares that ultimately vest. The phantom shares will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-17-002233 · a4.xml · derivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 644,454

Underlying: Common Stock · 82,500 shares

Expires not disclosed

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

F2 · derivative.exercise_date: These phantom shares are scheduled to vest, subject to forfeiture, on December 31, 2019, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

F2 · derivative.expiration_date: These phantom shares are scheduled to vest, subject to forfeiture, on December 31, 2019, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-17-000679 · a4a.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 934,538

F1 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the vesting of restricted stock that was previously granted to the Reporting Person.

SEC source: 0001104659-17-000485 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 936,596

F1 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the vesting of restricted stock that was previously granted to the Reporting Person.

SEC source: 0001104659-16-162540 · a4.xml · nonDerivative · entry 2

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 938,435

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: 0001104659-16-162540 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,038,587

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 14, 2019.

SEC source: 0001104659-16-150064 · a4.xml · nonDerivative · entry 1

GORIN WILLIAM S · CIK 0001203597 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 859,169

F1 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the vesting of restricted stock that was previously granted to the Reporting Person.