Kristjansson Gudmundur

SEC source: 0001104659-24-003069 · tm241620-10_4seq1.xml · derivative · entry 5

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 418,125

Underlying: Common Stock · 41,127 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: 0001104659-24-003069 · tm241620-10_4seq1.xml · derivative · entry 4

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 459,252

Underlying: Common Stock · 21,277 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: 0001104659-24-003069 · tm241620-10_4seq1.xml · nonDerivative · entry 3

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 161,806

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: 0001104659-24-003069 · tm241620-10_4seq1.xml · nonDerivative · entry 2

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 174,356

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 15,796 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 15,796 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: 0001104659-24-003069 · tm241620-10_4seq1.xml · nonDerivative · entry 1

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 119,945

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: 0001104659-24-001388 · tm241620-3_4seq1.xml · derivative · entry 2

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 480,529

Underlying: Common Stock · 99,499 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: 0001104659-24-001388 · tm241620-3_4seq1.xml · derivative · entry 1

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 381,030

Underlying: Common Stock · 61,334 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: 0001104659-23-003107 · tm231643-12_4seq1.xml · derivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 319,696

Underlying: Common Stock · 21,502 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: 0001104659-23-003107 · tm231643-12_4seq1.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 341,198

Underlying: Common Stock · 12,184 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: 0001104659-23-003107 · tm231643-12_4seq1.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,668

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: 0001104659-23-003107 · tm231643-12_4seq1.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 107,372

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 578 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: 0001104659-23-003107 · tm231643-12_4seq1.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,258

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: 0001104659-23-001558 · tm231643-2_4seq1.xml · derivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 353,382

Underlying: Common Stock · 130,187 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.

F5 · 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 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.

F5 · 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 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.

F5 · 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 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.

F5 · 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 2027.

SEC source: 0001104659-23-001558 · tm231643-2_4seq1.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 223,195

Underlying: Common Stock · 67,914 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: 0001104659-22-005957 · tm223971-2_4seq1.xml · derivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 621,122

Underlying: Common Stock · 45,000 shares

Expires 2021-01-18

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: 0001104659-22-005957 · tm223971-2_4seq1.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 666,122

Underlying: Common Stock · 30,000 shares

Expires 2021-01-18

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: 0001104659-22-005957 · tm223971-2_4seq1.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 372,298.504

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

SEC source: 0001104659-22-005957 · tm223971-2_4seq1.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 400,328.504

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

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in February 2019 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 4,617 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: 0001104659-22-005957 · tm223971-2_4seq1.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 379,641.504

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

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in 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: 0001104659-22-001562 · tm221651-2_4seq1.xml · derivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Senior VP and Co-CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 696,122

Underlying: Common Stock · 149,626 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: 0001104659-22-001562 · tm221651-2_4seq1.xml · derivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · Senior VP and Co-CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 546,496

Underlying: Common Stock · 87,146 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: 0001104659-21-005861 · tm213614-5_4seq1.xml · derivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 459,350

Underlying: Common Stock · 45,000 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: 0001104659-21-005861 · tm213614-5_4seq1.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 504,350

Underlying: Common Stock · 30,000 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: 0001104659-21-005861 · tm213614-5_4seq1.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 349,641.504

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

SEC source: 0001104659-21-005861 · tm213614-5_4seq1.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 378,571.504

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

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in March 2018 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 7,484 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: 0001104659-21-005861 · tm213614-5_4seq1.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 354,212.504

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

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in 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: 0001104659-21-001713 · tm211910d2_4.xml · derivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Sr.VP&Co-Chief Invstmt Officr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 534,350

Underlying: Common Stock · 164,507 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: 0001104659-21-001713 · tm211910d2_4.xml · derivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · Sr.VP&Co-Chief Invstmt Officr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 369,843

Underlying: Common Stock · 85,107 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: 0001104659-20-019266 · a4.xml · derivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP and Co-CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 284,736

Underlying: Common Stock · 86,002 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, 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. 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.

F4 · derivative.exercise_date: 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. 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.

F4 · derivative.expiration_date: 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. 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.

F4 · derivative.underlying_shares: 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. 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: 0001104659-20-019266 · a4.xml · derivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP and Co-CIO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 198,734

Underlying: Common Stock · 48,734 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: 0001104659-20-005118 · a4.xml · derivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 150,000

Underlying: Common Stock · 27,500 shares

Expires 2020-01-15

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

F6 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

F6 · kind: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

F7 · shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. Per the terms of the award agreement governing the PRSUs, the number of underlying shares of MFA common stock that the recipient ultimately became entitled to receive at the time of vesting ranged from 0% to 200% of the target number of PRSUs granted, subject to the achievement of a pre-established performance metric. The vesting of these PRSUs was based on MFA's total stockholder return for the three years ended December 31, 2019.

F8 · shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, per the terms of the award agreement governing the PRSUs, the number of PRSUs that vested was adjusted to reflect the value of any dividends paid on MFA's common stock during the performance period in respect of the number of PRSUs that ultimately vested.

F6 · price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2017. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

F7 · derivative.underlying_shares: The number of PRSUs reported in Table II represents the target number of PRSUs that were granted to the reporting person in January 2017. Per the terms of the award agreement governing the PRSUs, the number of underlying shares of MFA common stock that the recipient ultimately became entitled to receive at the time of vesting ranged from 0% to 200% of the target number of PRSUs granted, subject to the achievement of a pre-established performance metric. The vesting of these PRSUs was based on MFA's total stockholder return for the three years ended December 31, 2019.

F8 · derivative.underlying_shares: The Compensation Committee of the Board of Directors of MFA Financial, Inc. has confirmed and certified that the PRSUs vested at a level above target, as reflected in Table I above (see Note 3). In addition, per the terms of the award agreement governing the PRSUs, the number of PRSUs that vested was adjusted to reflect the value of any dividends paid on MFA's common stock during the performance period in respect of the number of PRSUs that ultimately vested.

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

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 177,500

Underlying: Common Stock · 17,500 shares

Expires 2020-01-15

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

F5 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

F5 · kind: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

F5 · price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2017. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

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

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 324,212.504

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

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

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 356,901.504

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

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

F2 · price: Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

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

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 312,980.504

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

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

F2 · price: Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

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

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 295,480.504

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

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

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 327,458.504

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

SEC source: 0001104659-19-005539 · a4.xml · derivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 195,000

Underlying: Common Stock · 45,000 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, 2021, 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, 2021, 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, 2021, 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, 2021, 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: 0001104659-19-005539 · a4.xml · derivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 150,000

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.

F2 · derivative.exercise_date: These phantom shares are scheduled to vest, subject to forfeiture, on December 31, 2021, 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, 2021, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-19-002302 · a4.xml · derivative · entry 5

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,000

Underlying: Common Stock · 17,500 shares

Expires 2019-01-15

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 2016. 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 2016. 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 2016. 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, 2018.

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 2016. 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 2016. 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, 2018.

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: 0001104659-19-002302 · a4.xml · derivative · entry 4

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 137,500

Underlying: Common Stock · 17,500 shares

Expires 2019-01-15

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 2016. 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 2016. 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 2016. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.

SEC source: 0001104659-19-002302 · a4.xml · nonDerivative · entry 3

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 267,372.504

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

SEC source: 0001104659-19-002302 · a4.xml · nonDerivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 301,838.504

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

F3 · kind: Shares acquired in connection with the settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2016 as discussed in Notes 6, 7 and 8 below. The number of shares reported includes 12,492 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, 2018 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: 0001104659-19-002302 · a4.xml · nonDerivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · Sr. VP & Co-Chief Invest Off.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 254,577.504

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

F1 · kind: Shares acquired pursuant to the settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2016.

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: 0001104659-18-074679 · a4.xml · nonDerivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 237,077.504

F3 · shares: The reported disposition represents the surrender of shares to satisfy tax obligations arising from the receipt by the Reporting Person of the shares described in Note 1 above.

SEC source: 0001104659-18-074679 · a4.xml · nonDerivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 271,929.504

F1 · shares: The shares acquired by the Reporting Person were received as a portion of the Reporting Person's annual incentive compensation and are fully vested as of the date of grant. The net shares acquired (i.e., net of the surrender of a portion of the shares acquired in order to satisfy tax obligations (as described in Note 3 below)) are subject to a three-year holding period and may not be sold or otherwise transferred prior to December 21, 2021.

F2 · balance_after: Includes 118.504 shares acquired under the dividend reinvestment feature of the MFA Financial, Inc. Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan.

SEC source: 0001104659-18-021209 · a4.xml · derivative · entry 2

Kristjansson Gudmundur · CIK 0001596207 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 155,000

Underlying: Common Stock · 45,000 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, 2020, 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, 2020, 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, 2020, 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, 2020, 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: 0001104659-18-021209 · a4.xml · derivative · entry 1

Kristjansson Gudmundur · CIK 0001596207 · 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.

F2 · derivative.exercise_date: These phantom shares are scheduled to vest, subject to forfeiture, on December 31, 2020, 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, 2020, and thereafter will be settled in an equivalent number of shares of MFA common stock within 30 days following the vesting date.

SEC source: 0001104659-18-002598 · a4.xml · derivative · entry 5

Kristjansson Gudmundur · CIK 0001596207 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 80,000

Underlying: Common Stock · 17,500 shares

Expires 2018-01-12

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

F6 · derivative.exercise_price: Settlement of performance-based restricted stock units (i.e., phantom stock) ("PRSUs") granted to the Reporting Person in January 2015. 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 2015. 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 2015. 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, 2017.

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 2015. 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 2015. 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, 2017.

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: 0001104659-18-002598 · a4.xml · derivative · entry 4

Kristjansson Gudmundur · CIK 0001596207 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 97,500

Underlying: Common Stock · 17,500 shares

Expires 2018-01-12

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

F5 · derivative.exercise_price: Settlement of time-based restricted stock units (i.e., phantom stock) granted to the Reporting Person in January 2015. 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 2015. 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 2015. 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.