Schwartz Harold E

SEC source: 0001104659-26-002926 · tm262826-5_4seq1.xml · derivative · entry 6

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 222,542

Underlying: Common Stock · 50,944 shares

Expires 2026-01-08

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.

F7 · derivative.exercise_price: 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.

F7 · kind: 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 · shares: 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 · shares: 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.

F7 · price: 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 · 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 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 · derivative.underlying_shares: 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.

SEC source: 0001104659-26-002926 · tm262826-5_4seq1.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 273,486

Underlying: Common Stock · 26,575 shares

Expires 2026-01-08

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: 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.

F6 · kind: 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.

F6 · price: 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.

SEC source: 0001104659-26-002926 · tm262826-5_4seq1.xml · nonDerivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 159,518

F5 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of previously vested phantom shares.

SEC source: 0001104659-26-002926 · tm262826-5_4seq1.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 165,100

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 6.

SEC source: 0001104659-26-002926 · tm262826-5_4seq1.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 180,565

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: 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.

F3 · shares: 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.

F2 · price: 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.

SEC source: 0001104659-26-002926 · tm262826-5_4seq1.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 89,744

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 ("TRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2023.

F2 · price: 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.

SEC source: 0001104659-26-000852 · tm261765-4_4seq1.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 300,061

Underlying: Common Stock · 50,369 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.

F4 · shares: The vesting of these phantom shares will generally occur on December 31, 2028 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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. 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 in January 2030.

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.

F4 · derivative.exercise_date: The vesting of these phantom shares will generally occur on December 31, 2028 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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. 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 in January 2030.

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.

F4 · derivative.expiration_date: The vesting of these phantom shares will generally occur on December 31, 2028 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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. 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 in January 2030.

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.

F4 · derivative.underlying_shares: The vesting of these phantom shares will generally occur on December 31, 2028 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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. 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 in January 2030.

SEC source: 0001104659-26-000852 · tm261765-4_4seq1.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 249,692

Underlying: Common Stock · 32,529 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, 2028, 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, 2028, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-25-002626 · tm252714-5_4seq1.xml · derivative · entry 6

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 217,162

Underlying: Common Stock · 14,028 shares

Expires 2025-01-07

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.

F7 · derivative.exercise_price: The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2022. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc.

F7 · kind: The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2022. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc.

F8 · shares: The number of PRSUs reported in Table II represents the "target" number of PRSUs that were granted to the reporting person in January 2022. 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, 2024.

F9 · shares: 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 2026.

F7 · price: The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2022. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc.

F8 · 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 2022. 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, 2024.

F9 · derivative.underlying_shares: 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 2026.

SEC source: 0001104659-25-002626 · tm252714-5_4seq1.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 231,190

Underlying: Common Stock · 8,170 shares

Expires 2025-01-07

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: The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2022. 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: The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2022. 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 · price: The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2022. 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: 0001104659-25-002626 · tm252714-5_4seq1.xml · nonDerivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,169

F5 · kind: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of previously vested phantom shares.

SEC source: 0001104659-25-002626 · tm252714-5_4seq1.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 78,056

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 6.

SEC source: 0001104659-25-002626 · tm252714-5_4seq1.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,224

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: 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 2022 as discussed in Notes 7, 8 and 9 below. The number of shares reported also includes 2,925 additional PRSUs representing the value of the dividend equivalents that accrued during the three-year performance period ended December 31, 2024, 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 2026 in the form of one share of common stock of MFA Financial, Inc. for each PRSU.

F3 · shares: 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 2022 as discussed in Notes 7, 8 and 9 below. The number of shares reported also includes 2,925 additional PRSUs representing the value of the dividend equivalents that accrued during the three-year performance period ended December 31, 2024, 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 2026 in the form of one share of common stock of MFA Financial, Inc. for each PRSU.

F2 · price: 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.

SEC source: 0001104659-25-002626 · tm252714-5_4seq1.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 72,634

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 ("TRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2022.

F2 · price: 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.

SEC source: 0001104659-25-000906 · tm251769-6_4seq1.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 239,360

Underlying: Common Stock · 47,354 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, 2027 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2029.

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, 2027 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2029.

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, 2027 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2029.

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, 2027 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2029.

SEC source: 0001104659-25-000906 · tm251769-6_4seq1.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 192,006

Underlying: Common Stock · 29,355 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, 2027, 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, 2027, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-24-003074 · tm241620-14_4seq1.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 162,651

Underlying: Common Stock · 19,279 shares

Expires 2024-01-08

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: The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2021. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc.

F6 · kind: The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2021. Each phantom share is the economic equivalent of 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 2021. 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, 2023.

F8 · shares: 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 2025.

F6 · price: The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2021. Each phantom share is the economic equivalent of 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 2021. 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, 2023.

F8 · derivative.underlying_shares: 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 2025.

SEC source: 0001104659-24-003074 · tm241620-14_4seq1.xml · derivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 181,930

Underlying: Common Stock · 9,974 shares

Expires 2024-01-08

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: The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2021. 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: The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2021. 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: The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2021. 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: 0001104659-24-003074 · tm241620-14_4seq1.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,464

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 5.

SEC source: 0001104659-24-003074 · tm241620-14_4seq1.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,406

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: 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 2021 as discussed in Notes 6, 7 and 8 below. The number of shares reported also includes 7,405 additional PRSUs representing the value of the dividend equivalents that accrued during the three-year performance period ended December 31, 2023, 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 2025 in the form of one share of common stock of MFA Financial, Inc. for each PRSU.

F3 · shares: 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 2021 as discussed in Notes 6, 7 and 8 below. The number of shares reported also includes 7,405 additional PRSUs representing the value of the dividend equivalents that accrued during the three-year performance period ended December 31, 2023, 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 2025 in the form of one share of common stock of MFA Financial, Inc. for each PRSU.

F2 · price: 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.

SEC source: 0001104659-24-003074 · tm241620-14_4seq1.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,899

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 ("TRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2021.

F2 · price: 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.

SEC source: 0001104659-24-001390 · tm241620-6_4seq1.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 191,904

Underlying: Common Stock · 38,935 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, 2026 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2028.

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, 2026 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2028.

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, 2026 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2028.

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, 2026 (or such later date that the Compensation Committee of MFA's Board of Directors shall certify the achievement of the pre-established performance metric), 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 in January 2028.

SEC source: 0001104659-24-001390 · tm241620-6_4seq1.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 152,969

Underlying: Common Stock · 24,000 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, 2026, 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, 2026, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-23-003116 · tm231643-16_4seq1.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 128,969

Underlying: Common Stock · 7,500 shares

Expires 2023-01-09

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.

F9 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in February 2020. 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.

F9 · kind: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in February 2020. 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.

F8 · shares: Number of securities has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

F10 · shares: The number of PRSUs reported in Table II represents the "target" number of PRSUs that were granted to the reporting person in February 2020. 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, 2022.

F11 · shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level below target, as reflected in Table I above (see Note 5). 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.

F9 · price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in February 2020. 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.

F8 · derivative.underlying_shares: Number of securities has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

F10 · 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 February 2020. 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, 2022.

F11 · 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 below target, as reflected in Table I above (see Note 5). 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.

F8 · balance_after: Number of securities has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

SEC source: 0001104659-23-003116 · tm231643-16_4seq1.xml · derivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 136,469

Underlying: Common Stock · 5,000 shares

Expires 2023-01-09

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.

F7 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in February 2020. 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 · kind: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in February 2020. 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.

F8 · shares: Number of securities has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

F7 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in February 2020. 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.

F8 · derivative.underlying_shares: Number of securities has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

F8 · balance_after: Number of securities has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

SEC source: 0001104659-23-003116 · tm231643-16_4seq1.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,925

F6 · 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 5 above.

SEC source: 0001104659-23-003116 · tm231643-16_4seq1.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,177

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 · 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 February 2020 as discussed in Notes 9, 10 and11 below. The number of shares reported includes 201 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, 2022, in respect of the PRSUs that vested and whose settlement is reported herein.

F2 · shares: Number of shares acquired upon settlement has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

F3 · 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: 0001104659-23-003116 · tm231643-16_4seq1.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,440

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 February 2020.

F2 · shares: Number of shares acquired upon settlement has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

F3 · 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.

F4 · balance_after: Number of securities beneficially owned has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

SEC source: 0001104659-23-001564 · tm231643-6_4seq1.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 141,469

Underlying: Common Stock · 50,944 shares

Expires not disclosed

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

F4 · 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, 2025, 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. 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.

F5 · shares: The phantom shares will be settled in an equivalent number of shares of MFA common stock in January 2027.

F4 · 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, 2025, 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. 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.

F5 · derivative.exercise_date: The phantom shares will be settled in an equivalent number of shares of MFA common stock in January 2027.

F4 · 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, 2025, 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. 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.

F5 · derivative.expiration_date: The phantom shares will be settled in an equivalent number of shares of MFA common stock in January 2027.

F4 · 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, 2025, 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. 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.

F5 · derivative.underlying_shares: The phantom shares will be settled in an equivalent number of shares of MFA common stock in January 2027.

SEC source: 0001104659-23-001564 · tm231643-6_4seq1.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,525

Underlying: Common Stock · 26,575 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, 2025, 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, 2025, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

F3 · balance_after: Number of securities beneficially owned has been adjusted to reflect the issuer's 1-for-4 reverse stock split effected on April 4, 2022.

SEC source: 0001104659-22-005962 · tm223971-6_4seq1.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 255,797

Underlying: Common Stock · 18,000 shares

Expires 2022-01-18

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 February 2019. 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 February 2019. 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 February 2019. 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, 2021.

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 below 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 February 2019. 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 February 2019. 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, 2021.

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 below 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: 0001104659-22-005962 · tm223971-6_4seq1.xml · derivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 273,797

Underlying: Common Stock · 12,000 shares

Expires 2022-01-18

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 February 2019. 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 February 2019. 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 February 2019. 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: 0001104659-22-005962 · tm223971-6_4seq1.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 129,762

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: 0001104659-22-005962 · tm223971-6_4seq1.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 140,703

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 February 2019 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 1,847 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, 2021, 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: 0001104659-22-005962 · tm223971-6_4seq1.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 132,428

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 February 2019.

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: 0001104659-22-001566 · tm221651-4_4seq1.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 285,797

Underlying: Common Stock · 56,110 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, 2024, 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, 2024, 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, 2024, 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, 2024, 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: 0001104659-22-001566 · tm221651-4_4seq1.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 229,687

Underlying: Common Stock · 32,680 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, 2024, 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, 2024, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-21-005857 · tm213614-3_4seq1.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 197,007

Underlying: Common Stock · 18,000 shares

Expires 2021-01-15

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 March 2018. 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 March 2018. 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 March 2018. 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, 2020.

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 below 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 March 2018. 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 March 2018. 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, 2020.

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 below 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: 0001104659-21-005857 · tm213614-3_4seq1.xml · derivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 215,007

Underlying: Common Stock · 12,000 shares

Expires 2021-01-15

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 March 2018. 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 March 2018. 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 March 2018. 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: 0001104659-21-005857 · tm213614-3_4seq1.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,428

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: 0001104659-21-005857 · tm213614-3_4seq1.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 131,520

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 March 2018 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 2,994 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, 2020, 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: 0001104659-21-005857 · tm213614-3_4seq1.xml · nonDerivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 121,776

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 March 2018.

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: 0001104659-21-001715 · tm211910d4_4.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 227,007

Underlying: Common Stock · 77,113 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, 2023, 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, 2023, 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, 2023, 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, 2023, 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: 0001104659-21-001715 · tm211910d4_4.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,894

Underlying: Common Stock · 39,894 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, 2023, 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, 2023, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-20-019268 · a4.xml · derivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 110,000

Underlying: Common Stock · 30,000 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, 2022, 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. 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.

F4 · shares: 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, 2022, 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. 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.

F4 · derivative.exercise_date: 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, 2022, 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. 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.

F4 · derivative.expiration_date: 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, 2022, 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. 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.

F4 · derivative.underlying_shares: 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: 0001104659-20-019268 · a4.xml · derivative · entry 1

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 80,000

Underlying: Common Stock · 20,000 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, 2022, 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, 2022, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-20-005121 · a4.xml · derivative · entry 5

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,000

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: 0001104659-20-005121 · a4.xml · derivative · entry 4

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,000

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: 0001104659-20-005121 · a4.xml · nonDerivative · entry 3

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 109,776

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: 0001104659-20-005121 · a4.xml · nonDerivative · entry 2

Schwartz Harold E · CIK 0001527449 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 127,823

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.