MFA FINANCIAL, INC.

Office Leases

Our primary lease commitment relates to our corporate headquarters. For the year ended December 31, 2025, we recorded an expense of approximately $5.3 million in connection with this lease. The original term specified in this lease is approximately 15 years with a termination date of December 2036, and an option to renew for an additional five years.

Additionally, in December 2024, Lima One executed a new office lease for its headquarters in Greenville, South Carolina. Lima One moved into the new office space on July 15, 2025. For the year ended December 31, 2025, the Company recorded an expense in connection with this lease of approximately $2.1 million. The original term specified in this lease is approximately nine years with a termination date of December 2033 and two options to renew for an additional four years for the first extension and an additional five years for the second extension.

At December 31, 2025, we expected our approximate future rent expense, for all lease commitments, exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes, to be $7.5 million in 2026 through 2031, $8.0 million in 2032 and 2033 and $5.4 million in 2034 through 2036.

In February 2026, we entered into an agreement with the landlord for our current corporate headquarters to accelerate the contractual expiration of our lease to November 30, 2026. In addition, we have reached an agreement in principle to enter into a ten-year lease for new corporate headquarters space located in New York City. While we are still evaluating the financial statement impact of these agreements, we currently expect to modify the right-of-use assets and lease obligations, recognize a gain of approximately $1-2 million, and recognize accelerated depreciation expense in 2026 related to the remaining undepreciated tenant improvements at our current corporate headquarters totaling approximately $7 million. Additionally, we expect to recognize a new right-of-use asset and lease liability and recognize lower rental expense at the expected new corporate headquarters. We expect that in the aggregate, once complete, these actions will result in run-rate annual expense savings of approximately $4 million per year over the next ten years.