Michael C. Roper - 08 Jan 2026 Form 4 Insider Report for MFA FINANCIAL, INC. (MFA)

Role: Sr. VP & Chief Financial Ofcr
Signature: /s/ Michael C. Roper
Issuer symbol: MFA
Transactions as of: 08 Jan 2026
Net transactions value: -$115,098
Form type: 4
Filing time: 12 Jan 2026, 17:17:48 UTC
Previous filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Roper Michael Charles	Sr. VP & Chief Financial Ofcr	C/O MFA FINANCIAL, INC., ONE VANDERBILT AVENUE, 48TH FLOOR, NEW YORK	/s/ Michael C. Roper	12 Jan 2026	0001903409

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MFA	Common Stock	Options Exercise	$0	+15,749	+51%	$0.000000	46,338	08 Jan 2026	Direct	F1, F2, F3
transaction	MFA	Common Stock	Options Exercise	$0	+53,827	+116%	$0.000000	100,165	08 Jan 2026	Direct	F2, F4
transaction	MFA	Common Stock	Tax liability	$84,312	-8,810	-8.8%	$9.57	91,355	08 Jan 2026	Direct	F5
transaction	MFA	Common Stock	Tax liability	$30,787	-3,217	-3.5%	$9.57	88,138	08 Jan 2026	Direct	F6

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	Options Exercise		-15,749	-5.6%		264,224	08 Jan 2026	Common Stock	15,749		Direct	F7
transaction	MFA	Phantom Shares	Options Exercise		-30,189	-11%		234,035	08 Jan 2026	Common Stock	30,189		Direct	F8, F9, F10

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

Explanation of Responses:

Id	Content
F1	Shares acquired pursuant to the settlement of time-based restricted stock units ("TRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2023.
F2	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.
F3	Effective December 1, 2025, MFA Financial, Inc. ("MFA") eliminated MFA common stock as an investment alternative available under MFA's 401(k) plan, and shares of MFA common stock owned by participants through the 401(k) plan were liquidated. The number of shares beneficially owned by the Reporting Person has been reduced to reflect the liquidation of 1,000 shares of MFA common stock previously owned by him under the MFA 401(k) plan.
F4	Reflects shares to be acquired in connection with the vesting of performance-based restricted stock units ("PRSUs") (i.e., phantom stock) granted to the Reporting Person in January 2023 as discussed in Notes 8, 9 and 10 below. The number of shares reported also includes 16,848 additional PRSUs representing the value of the dividend equivalents that accrued during the three-year performance period ended December 31, 2025, in respect of the underlying PRSUs that vested. Per the terms and conditions of the PRSU awards, the vested PRSUs and the additional PRSUs in respect of dividend equivalents will settle in January 2027 in the form of one share of common stock of MFA Financial, Inc. for each PRSU.
F5	The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of phantom shares described in Notes 1 and 7.
F6	The reported disposition represents the surrender of shares to satisfy tax obligations arising from the settlement of previously vested phantom shares.
F7	The reported disposition reflects the settlement of TRSUs (i.e., phantom stock) granted to the Reporting Person in January 2023. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc. Each phantom share was settled in one share of common stock of MFA Financial, Inc.
F8	The reported disposition reflects the vesting of PRSUs (i.e., phantom stock) granted to the Reporting Person in January 2023. Each phantom share is the economic equivalent of one share of common stock of MFA Financial, Inc.
F9	The number of PRSUs reported in Table II represents the "target" number of PRSUs that were granted to the reporting person in January 2023. Per the terms of the award agreement governing the PRSUs, the number of underlying shares of MFA common stock that the recipient ultimately became entitled to receive at the time of vesting ranged from 0% to 200% of the target number of PRSUs granted, subject to the achievement of a pre-established performance metric. The vesting of these PRSUs was based on MFA's total stockholder return for the three years ended December 31, 2025.
F10	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 4). Per the terms and conditions of the PRSU awards, the vested PRSUs will settle in the form of one share of common stock of MFA Financial, Inc. for each vested phantom share in January 2027.