MFA Financial, Inc., formerly MFA Mortgage Investments, Inc. is a real estate investment trust primarily engaged in the business of investing, on a leveraged basis, in mortgage-backed securities (MBS). The Company’s ARM-MBS portfolio consists primarily of Agency MBS and Senior MBS. The Company’s investment securities consists of hybrid MBS and adjustable-rate MBS (collectively, ARM-MBS) issued or guaranteed as by a federally chartered corporation, such as Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or an agency of the United States Government, such as the Government National Mortgage Association (collectively, Agency MBS). The Company, through its wholly owned subsidiary, provides investment advisory services to third-party institutions with respect to its Agency MBS portfolio investments. In November 2008, the Company formed MFResidential Assets I, LLC (MFR LLC) as a wholly owned subsidiary to invest in senior MBS.