Bryan Wulfsohn - Jan 3, 2022 Form 4 Insider Report for MFA FINANCIAL, INC. (MFA)

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MFA	Phantom Shares	Award	$0	+87.1K	+18.97%	$0.00	546K	Jan 3, 2022	Common Stock	87.1K		Direct	F1, F2
transaction	MFA	Phantom Shares	Award	$0	+150K	+27.38%	$0.00	696K	Jan 3, 2022	Common Stock	150K		Direct	F1, F3, F4

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

Id	Content
F1	Each phantom share represents the right to receive one share of MFA Financial, Inc. common stock.
F2	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.
F3	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	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. 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.